9 Manchester Rd Unit 2R

Eastchester, NY 10709

$320,000D

1 bd · 1.0 ba · 720 sqft · Built 1940 · Condo · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,699/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$533
• HOA: −$0
• Vac / Maint / Mgmt: −$567
• Net cashflow: $-79/mo
• Annual: $-947/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $89,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $320k. Condition is rated good.
• At list price, monthly cash flow is $-79 ($-947/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (15.6% below list).
• It's been on market 36 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $270k (15.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#159 in NY, #2,451 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities D-, cost of living F, health & safety D-.
• Eastchester Union Free School District (suburban): math 79% / reading 80% proficiency, ranked #42 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Anne Hutchinson School (math 77% / reading 77%, grade A, #244 of 2,108 statewide, top 13%, 432 students, 0% FRL); Eastchester Middle School (math 56% / reading 76%, grade A-, #118 of 729 statewide, top 16%, 694 students, 0% FRL); Eastchester Senior High School (math 100% / reading 84%, grade A+, #171 of 1,100 statewide, top 18%, 976 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 54 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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 6.0% vs local median 4.2% in Eastchester — 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

• 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 36 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 A-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?
• 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.