480 Halstead Ave Unit 4O

Harrison, NY 10528

$299,000D+

2 bd · 1.0 ba · 900 sqft · Built 1968 · Condo · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,717/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$498
• HOA: −$1,040
• Vac / Maint / Mgmt: −$781
• Net cashflow: $-170/mo
• Annual: $-2,037/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.43%
• DSCR: 0.89
• 1% rule: 1.24%
• Cash to close: $83,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $299k. Condition is rated fair.
• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 64 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: Parsons Memorial School (math 71% / reading 62%, grade B+, #575 of 2,108 statewide, top 27%, 488 students, 24% 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).
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising fast (+9.7%/yr); 63 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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.
• Climate carrying-cost: moderate flood risk; 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.
• Cap rate 5.6% 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.

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?
• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1968 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and worn
• Major: bathroom fixtures — dated and worn
• Minor: HVAC units — basic units