33 Fieldstone Dr Unit G4

White Plains, NY 10530

$429,000D-

3 bd · 2.0 ba · 1,350 sqft · Built 1959 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,917/mo
• Mortgage (P&I): −$2,250
• Tax + insurance: −$715
• HOA: −$1,444
• Vac / Maint / Mgmt: −$1,033
• Net cashflow: $-524/mo
• Annual: $-6,288/yr
• Cap rate: 4.83%
• Cash-on-cash: -5.24%
• DSCR: 0.77
• 1% rule: 1.15%
• Cash to close: $120,120

Investor read

• This is a 3-bed/2.0-bath condo listed at $429k.
• At list price, monthly cash flow is $-524 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $429k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#410 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: amenities F, cost of living F.
• Greenburgh Central School District (suburban): math 51% / reading 55% proficiency, ranked #267 of 590 in NY (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Early Childhood Program (128 students, 0% FRL); Woodlands Middle/High School (math 62% / reading 52%, grade C, #887 of 1,100 statewide, top 82%, 681 students, 66% FRL).
• Watch-outs: HOA is 29% of rent; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 156 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 8y ago 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.
• Current owner paid $260k; list at $429k implies a 65% gain — meaningful room to come down on a strong offer.
• 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.

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?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.
• 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.