604 Tompkins Ave Unit 1A

Mamaroneck, NY 10543

$215,000D

1 bd · 1.0 ba · 800 sqft · Built 1926 · Condo · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,194/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$1,444
• Vac / Maint / Mgmt: −$671
• Net cashflow: $-407/mo
• Annual: $-4,878/yr
• Cap rate: 4.02%
• Cash-on-cash: -8.10%
• DSCR: 0.64
• 1% rule: 1.49%
• Cash to close: $60,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $215k.
• At list price, monthly cash flow is $-407 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 52 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#491 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities C-, commute F, cost of living F.
• Rye Neck Union Free School District (suburban): math 78% / reading 84% proficiency, ranked #40 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: F E Bellows Elementary School (math 76% / reading 80%, grade A, #239 of 2,108 statewide, top 11%, 347 students, 13% FRL); Rye Neck Middle School (math 73% / reading 83%, grade A+, #37 of 729 statewide, top 5%, 351 students, 16% FRL); Rye Neck Senior High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 515 students, 16% FRL).
• Watch-outs: HOA is 45% of rent; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 124 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 15y 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.
• 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 4.0% vs local median 3.1% in Mamaroneck — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 30% of the median local income ($126k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1926 — 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.
• 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?