140 S Conger Ave

Congers, NY 10920

$649,500D

4 bd · 2.0 ba · 1,974 sqft · Built 1956 · SingleFamily · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,000/mo
• Mortgage (P&I): −$3,406
• Tax + insurance: −$1,146
• HOA: −$0
• Vac / Maint / Mgmt: −$1,050
• Net cashflow: $-602/mo
• Annual: $-7,219/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.97%
• DSCR: 0.82
• 1% rule: 0.77%
• Cash to close: $181,860

Investor read

• This is a 4-bed/2.0-bath single-family listed at $650k.
• At list price, monthly cash flow is $-602 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $543k (16.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $500k (23.0% below list).
• It's been on market 138 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $500k (23.0% 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 $19k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#479 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Clarkstown Central School District (suburban): math 72% / reading 75% proficiency, ranked #66 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: New City Elementary School (math 67% / reading 72%, grade A-, #447 of 2,108 statewide, top 24%, 435 students, 0% FRL); Felix Festa Achievement Middle School (math 57% / reading 77%, grade A-, #101 of 729 statewide, top 15%, 640 students, 19% FRL); Clarkstown North Senior High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,234 students, 21% FRL) — zoned schools at 13% FRL track the district average.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 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.
• 3 sale attempts 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 2.3% in Congers — 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 138 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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 B-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.