124 Pelhamdale Ave Unit 9A

Pelham, NY 10803

$259,995C-

1 bd · 1.0 ba · 900 sqft · Built 1900 · Condo · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,616/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$489
• HOA: −$0
• Vac / Maint / Mgmt: −$549
• Net cashflow: $214/mo
• Annual: $2,570/yr
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $72,799

Investor read

• This is a 1-bed/1.0-bath condo listed at $260k.
• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• It's been on market 59 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $252k (3.0% 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 85/100 on livability (#27 in NY, #480 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Pelham Union Free School District (suburban): math 80% / reading 81% proficiency, ranked #29 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Colonial School (math 82% / reading 87%, grade A+, #93 of 2,108 statewide, top 6%, 276 students, 0% FRL); Pelham Middle School (math 72% / reading 82%, grade A, #41 of 729 statewide, top 6%, 649 students, 0% FRL); Pelham Memorial High School (math 96% / reading 77%, grade A, #336 of 1,100 statewide, top 31%, 875 students, 14% FRL) — zoned schools at 5% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 39 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.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; 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 7.5% vs local median 0.4% in Pelham — 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 is only 15% of the median local income ($215k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 A-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?
• 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.