9 Geneva Rd #9

Ossining, NY 10562

$245,000C+

2 bd · 1.0 ba · 900 sqft · Built 1961 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,723/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$572
• Net cashflow: $392/mo
• Annual: $4,703/yr
• Cap rate: 8.54%
• Cash-on-cash: 8.02%
• DSCR: 1.36
• 1% rule: 1.11%
• Cash to close: $68,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $245k.
• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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: Brookside School (727 students, 50% 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).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 134 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 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.
• 2 sale attempts since 2y 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 $195k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.5% 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.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.