615 Palmer #1004 · Yonkers, NY 10701

$240,000

1 bd · 1.0 ba · 950 sqft · Condo · 57 Days on market

Built 1965

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.1/10.0
• Rent growth +3.6/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

Key facts

• Garage
• Built 1965
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 5.3% in Yonkers — 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+4.4%/yr); 185 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 45% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $190k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.39% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.71×
• Total profit: $-19,159
• Equity at exit: $35,785

10-year hold

• IRR: 3.6%
• Equity multiple: 1.28×
• Total profit: $18,903
• Equity at exit: $20,751

Cash invested: $67,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 5 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City Yonkers: 5 Strongly Tenant-Friendly · D+20

Westchester rent guidelines board.

Methodology + full state rankings →

ZIP-level market 10701

• Rents YoY: 4.4%
• Active inventory: 185
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,423 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $255

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 84%

Sensitivity live

Price	-10% $421	-5% $338	+0% $255	+5% $172	+10% $89
Rent	-10% $64	-5% $160	+0% $255	+5% $351	+10% $447
Rate	-1.0pp $376	-0.5pp $316	base $255	+0.5pp $193	+1.0pp $130

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Kenilworth Rd Unit The Cottage Yonkers, NY	1.0	1.0	600	$1,950	$3.25	15d	1	0.20mi
42 Winchester Ave Unit 2A Yonkers, NY	1.0	1.0	700	$2,100	$3.00	15d	1	0.42mi
8 Wainwright Ave Unit 2A Yonkers, NY	—	1.0	700	$1,600	$2.29	8d	1	0.53mi
278 Mile Square Rd Yonkers, NY	2.0	1.0	1000	$2,650	$2.65	44d	1	0.54mi
12 Wainwright Ave Apt 1B Yonkers, NY	1.0	1.0	700	$1,950	$2.79	44d	1	0.56mi
1549 Central Park Ave Yonkers, NY	2.0	1.0	850	$2,400	$2.82	44d	1	0.62mi
717 Tuckahoe Rd Unit 16A Yonkers, NY	1.0	1.0	650	$2,495	$3.84	5d	1	0.76mi
28 Tunis Ave Unit 2 Yonkers, NY	2.0	1.0	900	$3,000	$3.33	44d	1	0.83mi
4 Sadore Ln Unit 2W Yonkers, NY	1.0	1.0	800	$2,000	$2.50	18d	1	0.93mi
51 Parkway Rd Apt 3 Bronxville, NY	1.0	1.0	1100	$3,100	$2.82	25d	1	0.95mi
64 Kensington Rd Apt 1A Bronxville, NY	1.0	1.0	800	$2,895	$3.62	12d	1	1.01mi
85 Bennett Ave Unit 2 Yonkers, NY	2.0	1.0	1000	$2,500	$2.50	44d	1	1.04mi
64 Sagamore Rd Unit A6 Bronxville, NY	1.0	1.0	850	$2,900	$3.41	5d	1	1.05mi
111 Kensington Rd Unit 8 Bronxville, NY	1.0	1.0	825	$2,650	$3.21	14d	1	1.11mi
23 Belknap Ave Yonkers, NY	1.0	1.0	700	$2,300	$3.29	25d	1	1.14mi
128 Colonial Pkwy Unit 3B Yonkers, NY	1.0	1.0	871	$2,750	$3.16	44d	1	1.16mi
1 Elm St Unit 3B Tuckahoe, NY	2.0	1.0	1100	$3,200	$2.91	8d	1	1.19mi
1 Elm St Unit 3B Tuckahoe, NY	2.0	1.0	1100	$3,200	$2.91	11d	1	1.19mi
601 Ridge Hill Blvd Yonkers, NY	2.0	1.0–2.0	819	$3,500	$4.27	8d	14	1.19mi
23 Colin St Yonkers, NY	2.0	1.0	750	$2,500	$3.33	16d	1	1.22mi
21 Scarsdale Rd Yonkers, NY	2.0	1.0	835	$3,795	$4.54	3d	21	1.25mi
103 Burhans Ave Yonkers, NY	2.0	1.0	894	$2,000	$2.24	44d	1	1.26mi
80 W Grand St Mount Vernon, NY	1.0	1.0	850	$1,942	$2.28	25d	1	1.46mi
50 Columbus Ave Unit 817 Tuckahoe, NY	1.0	1.0	750	$3,000	$4.00	23d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: securityparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-03-23
   status Pending
2. 2026-01-26
   listed $240,000 Active
3. 2026-01-24
   historical $240,000
4. 2014-03-15
   price $190,000 498-char remark

   Show marketing remark (498 chars)

   Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

5. 2009-04-15
   soldstatus $190,000 498-char remark

   Show marketing remark (498 chars)

   Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

6. 2009-04-15
   historical 498-char remark

   Show marketing remark (498 chars)

   Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

7. 2008-12-05
   price $195,000 498-char remark

   Show marketing remark (498 chars)

   Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

8. 2008-07-13
   listed $195,000 498-char remark

   Show marketing remark (498 chars)

   Large sunny spacious unit in gated park-like setting with 24/7 security and assigned parking. Location is within minutes walk to NYC Express bus and bus to Bronxville Village. There are numerous ample sized closets in this updated unit which includes a recently retiled bathroom floor, new crown molding, wall to wall carpeting, stove, and dishwasher! Concrete and brick building materials result in peace and quiet; you don't hear your neighbors. Bldg wired for FIOS. STAR reduction not reflected.

9. 2006-07-26
   soldstatus $178,500 289-char remark

   Show marketing remark (289 chars)

   Large Bright And Spacious 1 Bedroom L Shaped Living Room/Dining Room Area. Unit In Gated Complex With 24 Hour Security Guard And Assigned Parking. Bus To Bronxville Train And Express Bus To Nyc On Central Avenue. Lots Of Closets, Beautifully Maintained Building. Laundry Room In Building.

10. 2006-03-28
    price $182,000 289-char remark

    Show marketing remark (289 chars)

    Large Bright And Spacious 1 Bedroom L Shaped Living Room/Dining Room Area. Unit In Gated Complex With 24 Hour Security Guard And Assigned Parking. Bus To Bronxville Train And Express Bus To Nyc On Central Avenue. Lots Of Closets, Beautifully Maintained Building. Laundry Room In Building.

11. 2006-03-28
    historical 289-char remark

    Show marketing remark (289 chars)

    Large Bright And Spacious 1 Bedroom L Shaped Living Room/Dining Room Area. Unit In Gated Complex With 24 Hour Security Guard And Assigned Parking. Bus To Bronxville Train And Express Bus To Nyc On Central Avenue. Lots Of Closets, Beautifully Maintained Building. Laundry Room In Building.

12. 2006-01-20
    listed $178,500 289-char remark

    Show marketing remark (289 chars)

    Large Bright And Spacious 1 Bedroom L Shaped Living Room/Dining Room Area. Unit In Gated Complex With 24 Hour Security Guard And Assigned Parking. Bus To Bronxville Train And Express Bus To Nyc On Central Avenue. Lots Of Closets, Beautifully Maintained Building. Laundry Room In Building.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,072
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − Depreciation: −$6,982
• Taxable loss: −$805
• Est. tax savings @ 24.0%: +$193
• After-tax cash flow: $3,257/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Yonkers City School District
• NCES district ID: 3631920
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 54% ▲ 14.00%
• Median HH income: $58,042
• Composite: 41.43/100
• National rank: #3471
• State rank: #413 of 590 in NY

Livability — Yonkers

• Score: 68/100
• State rank: #528
• US rank: #9394

Category grades

Amenities F Commute B Cost of living F Crime B- Employment A Housing B- Health & safety B- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Yonkers, NY
• County: Westchester County · 709,332 people
• City population: 212,407
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 70,676
• Household income: $64,776
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6045.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 21% Black 21% Two or more races 18% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 9% Dominican 19%
• Common ancestry: Romanian 1% Russian 1% Subsaharan African 1%
• Foreign-born: 35% · Canada, Jamaica, South Korea
• Languages at home: 45% English-only · Spanish 42% Other Indo-European 3% Arabic 2%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -373.14%
• Current HPI: 332.0999
• Rent YoY: ▲ 4.39%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+34.5% since first listed

12 events — show timeline

• 2026-03-23 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-26 Listed $240,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-24 Coming Soon $240,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $190,000 HGMLS
• 2009-04-15 Delisted — HGMLS
• 2009-04-15 Sold (MLS) $190,000 HGMLS
• 2008-12-05 Price Changed $195,000 HGMLS
• 2008-07-13 Listed $195,000 HGMLS
• 2006-07-26 Sold (MLS) $178,500 HGMLS
• 2006-03-28 Delisted — HGMLS
• 2006-03-28 Price Changed $182,000 HGMLS
• 2006-01-20 Listed $178,500 HGMLS