59 Clarewood Dr

Yonkers, NY 10706

$689,000C+

2 bd · 3.5 ba · 2,700 sqft · Built 1989 · Townhouse · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,455/mo
• Mortgage (P&I): −$3,613
• Tax + insurance: −$961
• HOA: −$708
• Vac / Maint / Mgmt: −$1,565
• Net cashflow: $607/mo
• Annual: $7,287/yr
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• 1% rule: 1.08%
• Cash to close: $192,920

Investor read

• This is a 2-bed/3.5-bath townhouse listed at $689k.
• At list price, monthly cash flow is $607 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $689k).
• It's been on market 38 days — a 3% lower offer ($668k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $668k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#528 in NY) — a middle-class / working-renter tenant base. Strengths: employment A, commute B; Watch: amenities F, cost of living F.
• Hastings-On-Hudson Union Free School District (suburban): math 79% / reading 88% proficiency, ranked #27 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Hillside Elementary School (math 89% / reading 87%, grade A+, #64 of 2,108 statewide, top 3%, 564 students, 0% FRL); Farragut Middle School (math 67% / reading 84%, grade A, #51 of 729 statewide, top 7%, 527 students, 0% FRL); Hastings High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 519 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 47 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 27y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $430k; list at $689k implies a 60% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 5.3% in Yonkers — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.