79 Lake Ridge Cv

Lake Mohegan, NY 10547

$399,900F

1 bd · 1.0 ba · — sqft · Built 1987 · Condo · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,394/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$533
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-739/mo
• Annual: $-8,865/yr
• Cap rate: 4.08%
• Cash-on-cash: -7.92%
• DSCR: 0.65
• 1% rule: 0.60%
• Cash to close: $111,972

Investor read

• This is a 1-bed/1.0-bath condo listed at $400k.
• At list price, monthly cash flow is $-739 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $269k (32.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (40.1% below list).
• It's been on market 24 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (40.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#417 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Lakeland Central School District (suburban): math 60% / reading 70% proficiency, ranked #149 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: George Washington Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 410 students, 31% FRL); Lakeland-Copper Beech Middle School (math 38% / reading 66%, grade C+, #241 of 729 statewide, top 35%, 1,247 students, 29% FRL); Lakeland High School (math 94% / reading 77%, grade A, #366 of 1,100 statewide, top 33%, 942 students, 0% FRL).
• Market conditions: 28 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 11y 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 $133k; list at $400k implies a 201% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 26% 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 4.1% vs local median 3.3% in Lake Mohegan — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• 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?
• 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.
• 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.