100 E Hartsdale Ave Unit 4JE

Greenville, NY 10530

$288,000D-

1 bd · 1.0 ba · 950 sqft · Built 1969 · Condo · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,287/mo
• Mortgage (P&I): −$1,510
• Tax + insurance: −$546
• HOA: −$852
• Vac / Maint / Mgmt: −$690
• Net cashflow: $-312/mo
• Annual: $-3,741/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• 1% rule: 1.14%
• Cash to close: $80,640

Investor read

• This is a 1-bed/1.0-bath condo listed at $288k.
• At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $288k).
• It's been on market 31 days — a 3% lower offer ($279k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $279k (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 $9k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#713 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute 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: Highview School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 246 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: flood insurance adds $66/mo; HOA is 26% of rent.
• Market conditions: 156 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 20y 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 $238k; 21% 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 5.3% vs local median 3.1% in Greenville — 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 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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?