77 Carpenter Ave Unit 4T

Mount Kisco, NY 10549

$150,000C-

1 bd · 1.0 ba · 700 sqft · Built 1970 · Condo · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,147/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$773
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-114/mo
• Annual: $-1,365/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.25%
• DSCR: 0.86
• 1% rule: 1.43%
• Cash to close: $42,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $150k. Condition is rated good.
• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 82 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#617 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime B+, housing B+; Watch: amenities F, commute F, cost of living F.
• Bedford Central School District (rural): math 54% / reading 60% proficiency, ranked #211 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Fox Lane Middle School (math 42% / reading 55%, grade C-, #300 of 729 statewide, top 41%, 765 students, 38% FRL); Fox Lane High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 1,241 students, 36% FRL) — zoned schools average 37% FRL vs 10% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 69% at this address vs 57% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Bedford Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 36% of rent.
• Market conditions: 111 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 2.5% in Mount Kisco — 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 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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?
• 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?