9 Dove Ct Unit V

Croton-on-Hudson, NY 10520

$279,000C+

2 bd · 1.0 ba · 1,100 sqft · Built 1969 · Condo · Pending · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,341/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$465
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $711/mo
• Annual: $8,533/yr
• Cap rate: 9.35%
• Cash-on-cash: 10.92%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $78,120

Investor read

• This is a 2-bed/1.0-bath condo listed at $279k.
• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• It's been on market 57 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Hendrick Hudson Central School District (suburban): math 62% / reading 72% proficiency, ranked #143 of 590 in NY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Frank G Lindsey Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 359 students, 25% FRL); Blue Mountain Middle School (math 47% / reading 70%, grade B, #178 of 729 statewide, top 25%, 489 students, 31% FRL); Hendrick Hudson High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 727 students, 31% FRL).
• Market conditions: 70 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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 9.4% vs local median 2.6% in Croton-on-Hudson — 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 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.