58 Whelan Ave

Croton-on-Hudson, NY 10520

$519,999C-

3 bd · 1.5 ba · 1,008 sqft · Built 1948 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,486/mo
• Mortgage (P&I): −$2,727
• Tax + insurance: −$697
• HOA: −$0
• Vac / Maint / Mgmt: −$942
• Net cashflow: $120/mo
• Annual: $1,438/yr
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• 1% rule: 0.86%
• Cash to close: $145,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $520k.
• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $449k (13.7% below list).
• It's been on market 16 days — a 2% lower offer ($512k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $449k (13.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Croton-Harmon Union Free School District (suburban): math 63% / reading 74% proficiency, ranked #100 of 590 in NY (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Carrie E Tompkins School (math 62% / reading 77%, grade A-, #447 of 2,108 statewide, top 24%, 567 students, 8% FRL); Pierre Van Cortlandt School (math 54% / reading 71%, grade B+, #133 of 729 statewide, top 18%, 472 students, 11% FRL); Croton-Harmon High School (math 98% / reading 84%, grade A+, #203 of 1,100 statewide, top 20%, 486 students, 13% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 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 wind risk, 26% 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 6.6% vs local median 2.6% in Croton-on-Hudson — 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.
• This rent runs 38% of the median local income ($143k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.