1155 Warburton Ave Unit 2S

Yonkers, NY 10701

$395,000F

1 bd · 1.0 ba · 833 sqft · Built 1979 · Condo · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,608/mo
• Mortgage (P&I): −$2,071
• Tax + insurance: −$658
• HOA: −$687
• Vac / Maint / Mgmt: −$548
• Net cashflow: $-1,357/mo
• Annual: $-16,281/yr
• Cap rate: 2.17%
• Cash-on-cash: -14.72%
• DSCR: 0.35
• 1% rule: 0.66%
• Cash to close: $110,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $395k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (49.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (34.0% below list).
• It's been on market 28 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (49.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• Yonkers City School District (suburban): math 41% / reading 54% proficiency, ranked #413 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Yonkers Early Childhood Academy (327 students, 72% FRL); Yonkers Middle School (math 17% / reading 37%, grade F, #587 of 729 statewide, top 81%, 601 students, 88% FRL); Yonkers High School (math 92% / reading 88%, grade A+, #238 of 1,100 statewide, top 23%, 1,060 students, 76% FRL) — zoned schools average 79% FRL vs 64% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents rising fast (+4.4%/yr); 271 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.2% vs local median 5.2% in Yonkers — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $2,608/mo this rent would consume 48% of the median local household income ($65k/yr) — 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?
• Built in 1979 — 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.
• 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.