679 Warburton Ave Unit 2R

Yonkers, NY 10471

$144,999D+

1 bd · 1.0 ba · 777 sqft · Built 1938 · Condo · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,334/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$1,030
• Vac / Maint / Mgmt: −$490
• Net cashflow: $-189/mo
• Annual: $-2,263/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• 1% rule: 1.61%
• Cash to close: $40,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (18.8% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 24 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (18.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#528 in NY) — a middle-class / working-renter tenant base. Strengths: employment A, commute B; Watch: amenities F, cost of living F.
• Yonkers City School District (suburban): math 41% / reading 54% proficiency, ranked #413 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 44% of rent; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 239 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• 16 sale attempts since 20y ago; this cycle's ask is 873% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; list at $145k implies a 81% gain — meaningful room to come down on a strong offer.
• 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.

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 1938 — 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.
• 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.