505 Central Ave #308 · White Plains, NY 10606

$245,000

2 bd · 2.0 ba · 1,000 sqft · Condo · 28 Days on market

Built 1968 Average condition

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 2-bedroom corner unit with no neighbors to the left co-op offering a comfortable and convenient lifestyle for first-time buyers, downsizers, or commuters. The functional kitchen provides ample cabinet and counter space, while the spacious bathroom offers excellent storage. Natural light fills the apartment, creating a bright and welcoming atmosphere throughout. Enjoy peaceful treetop views from the oversized private balcony, perfect for relaxing or entertaining. The primary bedroom features custom closets, and the second bedroom provides flexible space for guests, a home office, or additional living needs. This residence also includes a dedicated outdoor park

Key facts

• Functional kitchen
• Spacious bathroom
• Renovated lobby

Tags

• FUNCTIONAL KITCHEN
• SPACIOUS BATHROOM
• OVERSIZED PRIVATE BALCONY
• CUSTOM CLOSETS
• RENOVATED LOBBY
• LANDSCAPED COURTYARD

Property features AI

Exterior

• Parking: Assigned parking (1 space)
• Utilities: Electric service by Con Edison; Public sewer; Cable available; Natural gas connected; Public trash collection
• Home design: Stock cooperative; 6-story building; Entry on 3rd level
• Construction: Brick construction
• Exterior features: Private balcony; Landscaped grounds; Near public transit; Near shops

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: Elevator; Common laundry area; No pets allowed
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $245k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 4.3% in White Plains — 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.

Location & tenants

• 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.
• White Plains City School District (urban): math 49% / reading 54% proficiency, ranked #313 of 590 in NY (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: White Plains Middle School (math 36% / reading 53%, grade D, #348 of 729 statewide, top 50%, 1,517 students, 50% FRL); White Plains Senior High School (math 89% / reading 67%, grade A-, #577 of 1,100 statewide, top 52%, 2,220 students, 53% FRL).
• Market conditions: Rents flat; 54 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 39% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $69k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.

Recommended offer $241,325 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 12.20%
• Cash-on-cash: 21.09%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.41% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.41×
• Total profit: $27,825
• Equity at exit: $36,530

10-year hold

• IRR: 17.4%
• Equity multiple: 2.27×
• Total profit: $87,019
• Equity at exit: $21,183

Cash invested: $68,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10606

• Rents YoY: 0.4%
• Active inventory: 54
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,669 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$771
• Net cashflow: $1,206

Break-even live

Break-even rent $2,143

Max offer price $245,000

Occupancy floor 62%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Ridgeview Ave White Plains, NY	3.0	1.0	1500	$3,500	$2.33	25d	1	0.21mi
57 Bank St Unit 1040035P White Plains, NY	2.0	1.0–2.0	726	$9,348	$12.88	3d	3	0.45mi
55 Bank St White Plains, NY	2.0	1.0–2.0	861	$5,420	$6.30	1d	23	0.47mi
4 Martine Ave White Plains, NY	1.0	1.0–1.5	773	$3,025	$3.91	19d	2	0.50mi
4 Martine Ave White Plains, NY	1.0	1.0–1.5	773	$2,850	$3.69	13d	2	0.50mi
4 Martine Ave White Plains, NY	1.0	1.0	707	$2,750	$3.89	2d	1	0.50mi
4 Martine Ave White Plains, NY	1.0	1.0–1.5	773	$2,900	$3.75	44d	2	0.50mi
1 Martine Ave White Plains, NY	1.0–2.0	1.0–2.0	827	$4,295	$5.19	2d	12	0.53mi
250 Mamaroneck Ave White Plains, NY	1.0–3.0	1.0–2.5	1298	$7,098	$5.47	1d	126	0.55mi
34 S Lexington Ave White Plains, NY	1.0–2.0	1.0–2.0	871	$4,195	$4.82	5d	6	0.56mi
15 Bank St White Plains, NY	1.0–2.0	1.0–2.0	934	$5,064	$5.42	1d	20	0.57mi
42 Waller Ave White Plains, NY	2.0	1.0	1150	$3,300	$2.87	44d	1	0.67mi
25 N Lexington Ave White Plains, NY	3.0	1.0–2.0	988	$6,146	$6.22	1d	28	0.69mi
131 Mamaroneck Ave White Plains, NY	3.0	1.0–2.0	974	$5,355	$5.50	1d	19	0.69mi
10 Lyon Pl White Plains, NY	2.0	1.0–2.0	870	$4,375	$5.03	44d	17	0.72mi
55 McKinley Ave Unit D2-3 White Plains, NY	1.0	1.0	809	$2,400	$2.97	44d	1	0.72mi
59 Old Mamaroneck Rd Unit 2E White Plains, NY	1.0	1.0	700	$1,912	$2.73	25d	1	0.72mi
1 Lyon Pl Unit 907 White Plains, NY	2.0	2.0	1120	$4,555	$4.07	3d	1	0.74mi
1 DeKalb Ave White Plains, NY	1.0	1.0	749	$3,390	$4.53	44d	1	0.74mi
1 Renaissance Sq Unit 7B White Plains, NY	1.0	1.5	1048	$5,500	$5.25	44d	1	0.76mi
234 Martine Ave White Plains, NY	3.0	2.0	1460	$4,195	$2.87	24d	1	0.78mi
240 Martine Ave Apt 4G White Plains, NY	3.0	2.0	1460	$4,195	$2.87	44d	1	0.79mi
50 Dekalb Ave Unit N4F White Plains, NY	1.0	1.0	1000	$3,100	$3.10	21d	1	0.79mi
51 S Broadway White Plains, NY	1.0	1.0	752	$3,342	$4.44	3d	2	0.79mi
10 City Pl Unit 2D White Plains, NY	1.0	1.5	1069	$3,895	$3.64	15d	1	0.80mi
100 Hale Ave White Plains, NY	2.0	1.0–2.0	908	$4,961	$5.46	1d	11	0.83mi
26 Hillside Ter Unit F White Plains, NY	1.0	1.0	782	$2,700	$3.45	44d	1	0.86mi
7-11 S Broadway White Plains, NY	1.0	1.0	746	$3,295	$4.42	13d	1	0.90mi
1 S Broadway Apt 1L White Plains, NY	2.0	1.0	1000	$2,950	$2.95	44d	1	0.90mi
42 Barker Ave Unit 4C White Plains, NY	1.0	1.0	800	$2,300	$2.88	44d	1	0.95mi
37 Lake St White Plains, NY	1.0–2.0	1.0	685	$3,240	$4.73	44d	1	0.99mi
440 Hamilton Ave White Plains, NY	2.0	1.0–2.0	880	$5,554	$6.31	1d	31	0.99mi
300 Main St White Plains, NY	1.0	1.0	956	$2,825	$2.95	22d	2	1.03mi
55 Fieldstone Dr Unit 69 Hartsdale, NY	1.0	1.0	800	$2,100	$2.62	12d	1	1.05mi
312 Main St Apt 2 E White Plains, NY	1.0	1.0	800	$2,450	$3.06	13d	1	1.05mi
26 Fairview Ave White Plains, NY	3.0	1.5	1100	$3,600	$3.27	44d	1	1.06mi
400 High Point Dr Unit 206 Hartsdale, NY	1.0	1.0	987	$3,300	$3.34	44d	1	1.07mi
55 N Broadway Unit 3-15H White Plains, NY	2.0	2.5	1310	$3,850	$2.94	44d	1	1.08mi
7 Lake St Unit 8k White Plains, NY	2.0	1.0	975	$3,150	$3.23	44d	1	1.10mi
21 Lake St Unit 6G White Plains, NY	1.0	1.0	806	$2,650	$3.29	44d	1	1.18mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $245,000 Active 28 DOM
2. 2026-06-17
   days on market $245,000 Active 27 DOM
3. 2026-06-16
   days on market $245,000 Active 26 DOM
4. 2026-06-15
   days on market $245,000 Active 25 DOM
5. 2026-06-13
   days on market $245,000 Active 23 DOM
6. 2026-06-13
   days on market $245,000 Active 22 DOM
7. 2026-06-09
   days on market $245,000 Active 19 DOM
8. 2026-06-08
   days on market $245,000 Active 18 DOM
9. 2026-06-07
   days on market $245,000 Active 17 DOM
10. 2026-06-04
    days on market $245,000 Active 14 DOM
11. 2026-06-03
    days on market $245,000 Active 13 DOM
12. 2026-06-02
    days on market $245,000 Active 12 DOM
13. 2026-06-01
    days on market $245,000 Active 11 DOM
14. 2026-05-31
    days on market $245,000 Active 10 DOM
15. 2026-05-19
    listed $245,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $44,033
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,523
• − Management: −$3,523
• − Depreciation: −$7,127
• Taxable income: $11,237
• Est. tax owed @ 24.0%: −$2,697
• After-tax cash flow: $11,772/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 10 photos

Average 55/100 Moderate rehab

This 2-bedroom apartment requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, paint, and landscaping.

Repairs flagged

• Moderate Kitchen cabinets — Dated and in need of updating
• Moderate Appliances — Older models in need of replacement
• Minor Paint — Some discoloration on walls
• Minor Flooring — Carpet in fair condition

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value
• Both Painting — Fresh paint can make the interior look more appealing
• Both Landscaping — Well-maintained landscaping can enhance curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and in need of updating	Moderate	$3,000–15,000
Appliances · Older models in need of replacement	Moderate	$3,000–15,000
Paint · Some discoloration on walls	Minor	$500–3,000
Flooring · Carpet in fair condition	Minor	$500–3,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value ↑
• Both Painting — Fresh paint can make the interior look more appealing ↑
• Both Landscaping — Well-maintained landscaping can enhance curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: White Plains City School District
• NCES district ID: 3631260
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $78,366
• Composite: 46.72/100
• National rank: #2397
• State rank: #313 of 590 in NY

Livability — White Plains

• Score: 71/100
• State rank: #410
• US rank: #6801

Category grades

Amenities F Commute A+ Cost of living F Crime A- Employment A+ Housing B- Health & safety A- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Plains, NY
• County: Westchester County · 709,332 people
• City population: 61,281
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 17,341
• Household income: $112,270
• Rent vs Own: 65.5% rent · 34.5% own
• Severe rent burden: 1191.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 30% Black 14% Two or more races 14% Asian 9%
• Hispanic origin (detail): Mexican 16% Puerto Rican 4% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 38% · Canada, Jamaica, China
• Languages at home: 49% English-only · Spanish 37% Other Indo-European 4% Chinese 2%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -474.05%
• Current HPI: 247.9311
• Rent YoY: ▲ 0.41%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2026-05-19 Listed $245,000 OneKey® MLS as Distributed by MLS Grid