136 Condit St

Harrison, NY 10528

$899,000D

4 bd · 2.0 ba · 1,511 sqft · Built 1962 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,586/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,301
• HOA: −$0
• Vac / Maint / Mgmt: −$1,383
• Net cashflow: $-813/mo
• Annual: $-9,754/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.87%
• DSCR: 0.83
• 1% rule: 0.73%
• Cash to close: $251,720

Investor read

• This is a 4-bed/2.0-bath single-family listed at $899k.
• At list price, monthly cash flow is $-813 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $755k (16.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $659k (26.7% below list).
• It's been on market 40 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $659k (26.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#355 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A; Watch: housing C-, amenities F, cost of living F.
• Harrison Central School District (suburban): math 69% / reading 72% proficiency, ranked #92 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Harrison Avenue Elementary School (math 83% / reading 85%, grade A+, #122 of 2,108 statewide, top 6%, 559 students, 8% FRL); Louis M Klein Middle School (math 51% / reading 71%, grade B+, #150 of 729 statewide, top 21%, 824 students, 22% FRL); Harrison High School (math 96%, 1,064 students, 21% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 63 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• Current owner paid $290k; list at $899k implies a 210% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 2.2% in Harrison — 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.
• At $6,586/mo this rent would consume 51% of the median local household income ($154k/yr) (locally 461% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.