2409 Villa At The Woods

Peekskill, NY 10566

$265,000F

None bd · 1.0 ba · 700 sqft · Built 1942 · Townhouse · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,284/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$360
• HOA: −$479
• Vac / Maint / Mgmt: −$480
• Net cashflow: $-425/mo
• Annual: $-5,095/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.87%
• DSCR: 0.69
• 1% rule: 0.86%
• Cash to close: $74,200

Investor read

• This is a ?-bed/1.0-bath townhouse listed at $265k.
• At list price, monthly cash flow is $-425 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (13.8% below list).
• It's been on market 148 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (28.3% below list) — sets the bar for cash-flow.
• 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 79/100 on livability (#132 in NY, #2,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, crime A-; Watch: schools C-, amenities F, cost of living F.
• Peekskill City School District (suburban): math 37% / reading 36% proficiency, ranked #670 of 755 in NY (top 89%) — 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.
• Watch-outs: HOA is 21% of rent; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 117 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 4y 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 $224k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.4% vs local median 3.2% in Peekskill — 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.
• This rent runs 32% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 148 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1942 — 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?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.