65 Bon Aire Cir #7508

Suffern, NY 10952

$207,000D

2 bd · 1.5 ba · 1,150 sqft · Built 1968 · Condo · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,899/mo
• Mortgage (P&I): −$1,086
• Tax + insurance: −$345
• HOA: −$1,277
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-417/mo
• Annual: $-5,007/yr
• Cap rate: 3.87%
• Cash-on-cash: -8.64%
• DSCR: 0.62
• 1% rule: 1.40%
• Cash to close: $57,960

Investor read

• This is a 2-bed/1.5-bath condo listed at $207k.
• At list price, monthly cash flow is $-417 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (29.2% below list).
• Meets the 1% rule at list price ($3k rent vs $207k).
• It's been on market 73 days — a 6% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $147k (29.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#546 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Suffern Central School District (suburban): math 53% / reading 59% proficiency, ranked #242 of 590 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Montebello Road School (math 32% / reading 62%, grade D-, #1,195 of 2,108 statewide, top 60%, 337 students, 0% FRL); Suffern Middle School (math 30% / reading 56%, grade D-, #370 of 729 statewide, top 51%, 836 students, 38% FRL); Suffern Senior High School (math 96% / reading 95%, grade A+, #76 of 1,100 statewide, top 7%, 1,486 students, 31% FRL).
• Watch-outs: HOA is 44% of rent.
• Market conditions: 154 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 22y 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 $123k; list at $207k implies a 68% gain — meaningful room to come down on a strong offer.
• Cap rate 3.9% vs local median 3.2% in Suffern — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 73 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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.
• Schools are B-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?