50 Popham Rd Unit LN

Scarsdale, NY 10583

$599,000D-

3 bd · 2.5 ba · 2,200 sqft · Built 1952 · Condo · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,768/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$998
• HOA: −$3,308
• Vac / Maint / Mgmt: −$1,421
• Net cashflow: $-2,101/mo
• Annual: $-25,214/yr
• Cap rate: 2.08%
• Cash-on-cash: -15.03%
• DSCR: 0.33
• 1% rule: 1.13%
• Cash to close: $167,720

Investor read

• This is a 3-bed/2.5-bath condo listed at $599k. Condition is rated poor.
• At list price, monthly cash flow is $-2k ($-25k/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (50.8% below list).
• Meets the 1% rule at list price ($7k rent vs $599k).
• It's been on market 70 days — a 6% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (50.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#496 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Scarsdale Union Free School District (suburban): math 87% / reading 92% proficiency, ranked #1 of 590 in NY (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 49% of rent; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 292 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts since 3y 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.
• 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 2.1% vs local median 0.6% in Scarsdale — 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.
• This rent runs 32% of the median local income ($250k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 70 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Major: Exposed plumbing — Exposed plumbing and electrical wiring
• Major: Exposed electrical wiring — Exposed plumbing and electrical wiring
• Major: Exposed structural elements — Exposed structural elements