15 Calvert Dr #202

Monsey, NY 10952

$1,149,000C-

5 bd · 3.5 ba · 3,022 sqft · Built 2026 · Condo · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,000/mo
• Mortgage (P&I): −$6,025
• Tax + insurance: −$1,915
• HOA: −$0
• Vac / Maint / Mgmt: −$2,520
• Net cashflow: $1,540/mo
• Annual: $18,474/yr
• Cap rate: 7.90%
• Cash-on-cash: 5.74%
• DSCR: 1.26
• 1% rule: 1.04%
• Cash to close: $321,720

Investor read

• This is a 5-bed/3.5-bath condo listed at $1.15M. Condition is rated excellent.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.15M).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#862 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A-, crime B; Watch: employment D+, amenities D, commute F.
• East Ramapo Central School District (Spring Valley) (suburban): math 22% / reading 34% proficiency, ranked #576 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: East Ramapo Early Childhood Center At Kakiat (386 students, 53% FRL); Pomona Middle School (math 6% / reading 19%, grade F, #713 of 729 statewide, top 98%, 574 students, 81% FRL); Ramapo High School (math 66% / reading 76%, grade B+, #699 of 1,100 statewide, top 64%, 1,603 students, 83% FRL) — zoned schools at 72% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 28% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the East Ramapo Central School District (Spring Valley) average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 153 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 1.7% in Monsey — 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

• 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.
• 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 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.