2 South Rd Unit 2P · Harrison, NY 10528

$275,000

1 bd · 1.0 ba · 825 sqft · Condo · 26 Days on market

Built 1952

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Rent growth +4.9/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful unit in the park-like Harrison Commons! The home features a large bedroom with generous closet space, entry hall, living room, separate kitchen & dining room/den (currently in use as a bedroom). This wonderful Junior 4 allows for the flexibility you are looking for! Short walk to the Harrison Metro North station, shopping, dining, post office, library, NY Preforming Arts Center and major highways. Easy commuting to New York City, Stamford and all of Westchester County. Additional Information: HeatingFuel:Oil Above Ground,

Key facts

• Parking
• Built 1952
• Listed 26 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $973 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.2% in Harrison — 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.

Location & tenants

• Location reads 72/100 on livability (#355 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A; Watch: housing C-, amenities F, cost of living F.
• Harrison Central School District (suburban): math 69% / reading 72% proficiency, ranked #92 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Harrison Avenue Elementary School (math 83% / reading 85%, grade A+, #122 of 2,108 statewide, top 6%, 559 students, 8% FRL); Louis M Klein Middle School (math 51% / reading 71%, grade B+, #150 of 729 statewide, top 21%, 824 students, 22% FRL); Harrison High School (math 96%, 1,064 students, 21% FRL).
• Market conditions: Rents rising fast (+9.7%/yr); 62 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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 + 8.0% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $215k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.17%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.48×
• Total profit: $36,716
• Equity at exit: $41,003

10-year hold

• IRR: 24.1%
• Equity multiple: 3.59×
• Total profit: $199,528
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10528

• Home prices YoY: -18.4%
• Rents YoY: 9.7%
• Active inventory: 62
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,638 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $973

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 68%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
332 Halstead Ave Harrison, NY	1.0–3.0	1.0–3.0	1116	$5,000	$4.48	1d	1	0.12mi
550 Halstead Ave Harrison, NY	—	1.0	550	$2,400	$4.36	3d	1	0.18mi
560 Halstead Ave Unit 3L Harrison, NY	1.0	1.0	691	$2,950	$4.27	15d	1	0.24mi
48 Oakland Ave Harrison, NY	2.0	1.0	1000	$3,000	$3.00	24d	1	0.29mi
74 Nelson Ave Apt 4 Harrison, NY	2.0	1.0	914	$4,500	$4.92	43d	1	0.39mi
74 Nelson Ave Apt 1 Harrison, NY	2.0	1.0	900	$4,000	$4.44	43d	1	0.39mi
118 Maple Ave Unit 1 Rye, NY	2.0	1.0	750	$2,600	$3.47	20d	1	0.88mi
127 Maple Ave Unit 2 Rye, NY	2.0	1.0	850	$4,600	$5.41	43d	1	0.88mi
57 West St Unit 1 Harrison, NY	1.0	1.0	826	$2,835	$3.43	24d	1	0.89mi
99 Maple Ave Unit 3 Rye, NY	2.0	1.0	800	$3,300	$4.12	4d	1	0.94mi
1408 Henry Ave #1 Mamaroneck, NY	2.0	1.0	850	$3,200	$3.76	43d	1	1.06mi
150 Theodore Fremd Ave Rye, NY	2.0–4.0	1.0–2.5	1320	$3,395	$2.57	1d	1	1.23mi
501 N Barry Ave Unit 2F Mamaroneck, NY	1.0	1.0	600	$2,150	$3.58	43d	1	1.42mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-04-06
   status Pending
2. 2026-03-12
   listed $275,000 Active
3. 2026-03-12
   historical $275,000
4. 2018-12-27
   soldstatus $215,000 Sold 541-char remark

   Show marketing remark (541 chars)

   Beautiful unit in the park-like Harrison Commons! The home features a large bedroom with generous closet space, entry hall, living room, separate kitchen & dining room/den (currently in use as a bedroom). This wonderful Junior 4 allows for the flexibility you are looking for! Short walk to the Harrison Metro North station, shopping, dining, post office, library, NY Preforming Arts Center and major highways. Easy commuting to New York City, Stamford and all of Westchester County. Additional Information: HeatingFuel:Oil Above Ground,

5. 2018-09-13
   historical Pending 541-char remark

   Show marketing remark (541 chars)

   Beautiful unit in the park-like Harrison Commons! The home features a large bedroom with generous closet space, entry hall, living room, separate kitchen & dining room/den (currently in use as a bedroom). This wonderful Junior 4 allows for the flexibility you are looking for! Short walk to the Harrison Metro North station, shopping, dining, post office, library, NY Preforming Arts Center and major highways. Easy commuting to New York City, Stamford and all of Westchester County. Additional Information: HeatingFuel:Oil Above Ground,

6. 2018-06-19
   price $229,000 541-char remark

   Show marketing remark (541 chars)

   Beautiful unit in the park-like Harrison Commons! The home features a large bedroom with generous closet space, entry hall, living room, separate kitchen & dining room/den (currently in use as a bedroom). This wonderful Junior 4 allows for the flexibility you are looking for! Short walk to the Harrison Metro North station, shopping, dining, post office, library, NY Preforming Arts Center and major highways. Easy commuting to New York City, Stamford and all of Westchester County. Additional Information: HeatingFuel:Oil Above Ground,

7. 2018-05-16
   listed $249,000 Active 541-char remark

   Show marketing remark (541 chars)

   Beautiful unit in the park-like Harrison Commons! The home features a large bedroom with generous closet space, entry hall, living room, separate kitchen & dining room/den (currently in use as a bedroom). This wonderful Junior 4 allows for the flexibility you are looking for! Short walk to the Harrison Metro North station, shopping, dining, post office, library, NY Preforming Arts Center and major highways. Easy commuting to New York City, Stamford and all of Westchester County. Additional Information: HeatingFuel:Oil Above Ground,

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,654
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,492
• − Management: −$3,492
• − Depreciation: −$8,000
• Taxable income: $7,765
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $9,817/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Harrison Central School District
• NCES district ID: 3613740
• Math proficiency: 69% ▼ -6.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $105,919
• Composite: 65.12/100
• National rank: #497
• State rank: #92 of 590 in NY

Livability — Harrison

• Score: 72/100
• State rank: #355
• US rank: #5963

Category grades

Amenities F Commute A+ Cost of living F Crime A Employment A+ Housing C- Health & safety D- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrison, NY
• County: Westchester County · 709,332 people
• City population: 14,091
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 14,091
• Household income: $154,416
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 461.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 16% Asian 10% Two or more races 5% Black 3%
• Hispanic origin (detail): Puerto Rican 4% Salvadoran 1%
• Common ancestry: Lithuanian 3% Romanian 2% Scotch-Irish 2%
• Foreign-born: 23% · Canada, Dominican Republic, China
• Languages at home: 70% English-only · Spanish 11% Other Indo-European 8% Other Asian/Pacific 7%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.61%
• Current HPI: 296.3824
• Rent YoY: ▲ 9.65%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+10.4% since first listed

7 events — show timeline

• 2026-04-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Listed $275,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Coming Soon $275,000 OneKey® MLS as Distributed by MLS Grid
• 2018-12-27 Sold (MLS) $215,000 OneKey® MLS as Distributed by MLS Grid
• 2018-09-13 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2018-06-19 Price Changed $229,000 OneKey® MLS as Distributed by MLS Grid
• 2018-05-16 Listed $249,000 OneKey® MLS as Distributed by MLS Grid