187 Watkins Ave

Washington Heights, NY 10940

$283,000C-

3 bd · 2.0 ba · 1,545 sqft · Built 1925 · SingleFamily · Active · 167 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,653/mo
• Mortgage (P&I): −$1,484
• Tax + insurance: −$521
• HOA: −$0
• Vac / Maint / Mgmt: −$557
• Net cashflow: $91/mo
• Annual: $1,089/yr
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• 1% rule: 0.94%
• Cash to close: $79,240

Investor read

• This is a 3-bed/2.0-bath single-family listed at $283k.
• At list price, monthly cash flow is $91 ($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 $265k (6.3% below list).
• It's been on market 167 days — a 12% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (12.0% 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 $8k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#230 in NY, #3,610 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D-, amenities F, commute F.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 4 sale attempts since 26y ago; this cycle's ask has dropped $70k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $283k implies a 213% gain — meaningful room to come down on a strong offer.
• This rent runs 37% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.