25 Stewart Pl #214

Mount Kisco, NY 10549

$75,000B

1 bd · 1.0 ba · 825 sqft · Built 1969 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,393/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$992
• Vac / Maint / Mgmt: −$503
• Net cashflow: $380/mo
• Annual: $4,562/yr
• Cap rate: 12.38%
• Cash-on-cash: 21.72%
• DSCR: 1.97
• 1% rule: 3.19%
• Cash to close: $21,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• It's been on market 16 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#617 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime B+, housing B+; Watch: amenities F, commute F, cost of living F.
• Bedford Central School District (rural): math 54% / reading 60% proficiency, ranked #211 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Mount Kisco Elementary School (math 31% / reading 42%, grade F, #1,560 of 2,108 statewide, top 74%, 521 students, 67% FRL); Fox Lane Middle School (math 42% / reading 55%, grade C-, #300 of 729 statewide, top 41%, 765 students, 38% FRL); Fox Lane High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 1,241 students, 36% FRL) — zoned schools average 47% FRL vs 10% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 109 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.4% vs local median 2.5% in Mount Kisco — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1969 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Paint appears faded in some areas
• Minor: Flooring — Carpet appears worn in some areas