2 Edgewood Rd

Ardsley, NY 10530

$599,000D+

3 bd · 1.0 ba · 1,851 sqft · Built 1953 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,020/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$1,797
• HOA: −$0
• Vac / Maint / Mgmt: −$1,264
• Net cashflow: $-183/mo
• Annual: $-2,191/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.31%
• DSCR: 0.94
• 1% rule: 1.00%
• Cash to close: $167,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $599k.
• At list price, monthly cash flow is $-183 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $567k (5.4% below list).
• Meets the 1% rule at list price ($6k rent vs $599k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $567k (5.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#267 in NY, #4,223 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Greenburgh Central School District (suburban): math 51% / reading 55% proficiency, ranked #267 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lee F Jackson School (261 students, 41% FRL); Woodlands Middle/High School (math 62% / reading 52%, grade C, #887 of 1,100 statewide, top 82%, 681 students, 66% FRL).
• Watch-outs: property tax is 3.1% of price; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 156 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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.
• 5 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.
• 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 5.9% vs local median 2.7% in Ardsley — 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?
• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.