231 Cherry Rd

Jefferson Valley-Yorktown, NY 10598

$310,000C-

2 bd · 1.0 ba · 900 sqft · Built 1930 · Other · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,784/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$484
• HOA: −$0
• Vac / Maint / Mgmt: −$585
• Net cashflow: $89/mo
• Annual: $1,071/yr
• Cap rate: 6.64%
• Cash-on-cash: 1.23%
• DSCR: 1.05
• 1% rule: 0.90%
• Cash to close: $86,800

Investor read

• This is a 2-bed/1.0-bath other listed at $310k.
• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (10.2% below list).
• It's been on market 48 days — a 3% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $278k (10.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Yorktown Central School District (rural): math 67% / reading 73% proficiency, ranked #83 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Brookside School (math 77% / reading 92%, grade A+, #93 of 2,108 statewide, top 6%, 519 students, 10% FRL); Mildred E Strang Middle School (math 52% / reading 73%, grade B+, #133 of 729 statewide, top 18%, 794 students, 14% FRL); Yorktown High School (math 100% / reading 84%, grade A+, #171 of 1,100 statewide, top 18%, 1,104 students, 14% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 160 active listings in the ZIP; 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.
• 4 sale attempts since 2y 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: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 2.8% in Jefferson Valley-Yorktown — 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

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.