155 Charter Cir #155

Ossining, NY 10562

$285,000C+

3 bd · 1.5 ba · 1,250 sqft · Built 1962 · Condo · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,242/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$681
• Net cashflow: $591/mo
• Annual: $7,096/yr
• Cap rate: 8.78%
• Cash-on-cash: 8.89%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $79,800

Investor read

• This is a 3-bed/1.5-bath condo listed at $285k.
• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• It's been on market 31 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $276k (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 $9k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#116 in NY, #1,876 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A; Watch: cost of living F.
• Ossining Union Free School District (suburban): math 72% / reading 72% proficiency, ranked #104 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Park School (543 students, 46% FRL); Anne M Dorner Middle School (math 42% / reading 64%, grade C+, #231 of 729 statewide, top 32%, 1,033 students, 51% FRL); Ossining High School (math 86% / reading 82%, grade A, #404 of 1,100 statewide, top 37%, 1,552 students, 51% FRL).
• Market conditions: 135 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts since 18y 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 $240k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.8% vs local median 2.9% in Ossining — 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 34% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1962 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.