5 Peck Ave Unit 58B

Rye, NY 10580

$399,000D

2 bd · 1.0 ba · 1,000 sqft · Built 1948 · Condo · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,124/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$665
• HOA: −$1,416
• Vac / Maint / Mgmt: −$866
• Net cashflow: $-915/mo
• Annual: $-10,982/yr
• Cap rate: 3.54%
• Cash-on-cash: -9.83%
• DSCR: 0.56
• 1% rule: 1.03%
• Cash to close: $111,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $399k. Condition is rated fair.
• At list price, monthly cash flow is $-915 ($-11k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• It's been on market 18 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• In year one you build about $29k of equity ($3k loan paydown + $27k appreciation (6.6% local appreciation)).
• Location reads 70/100 on livability (#431 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• Rye City School District (suburban): math 89% / reading 93% proficiency, ranked #4 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Midland School (math 82% / reading 98%, grade A+, #37 of 2,108 statewide, top 2%, 460 students, 0% FRL); Rye Middle School (math 77% / reading 92%, grade A+, #13 of 729 statewide, top 2%, 685 students, 0% FRL); Rye High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 903 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: HOA is 34% of rent; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 121 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 3.5% vs local median 1.5% in Rye — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1948 — 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Interior walls appear to have some minor paint imperfections.
• Minor: Windows — No window photos provided, but windows are often a point of concern in condos.
• Unknown: HVAC/condensers — No photos of HVAC/condensers provided, but they are often a point of concern in condos.