356 Central Park Ave Unit E10

Greenville, NY 10583

$420,000B-

3 bd · 2.0 ba · 1,200 sqft · Built 1968 · Condo · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,130/mo
• Mortgage (P&I): −$2,203
• Tax + insurance: −$700
• HOA: −$0
• Vac / Maint / Mgmt: −$1,077
• Net cashflow: $1,150/mo
• Annual: $13,804/yr
• Cap rate: 9.58%
• Cash-on-cash: 11.74%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $117,600

Investor read

• This is a 3-bed/2.0-bath condo listed at $420k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• It's been on market 15 days — a 2% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $414k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#713 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Edgemont Union Free School District (suburban): math 85% / reading 91% proficiency, ranked #2 of 590 in NY (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Seely Place School (math 88% / reading 92%, grade A+, #33 of 2,108 statewide, top 2%, 431 students, 0% FRL); Edgemont Junior-Senior High School (math 85% / reading 86%, grade A, #366 of 1,100 statewide, top 33%, 949 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 292 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 12y 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 $325k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $118k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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.
• Cap rate 9.6% vs local median 3.1% in Greenville — 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

• Built in 1968 — 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.
• 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?
• 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.