68 Seneca Ave

White Plains, NY 10603

$725,000D

3 bd · 1.0 ba · 1,965 sqft · Built 1940 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,800/mo
• Mortgage (P&I): −$3,802
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$1,008
• Net cashflow: $-438/mo
• Annual: $-5,256/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• 1% rule: 0.66%
• Cash to close: $203,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $725k.
• At list price, monthly cash flow is $-438 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $648k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $480k (33.8% below list).
• It's been on market 46 days — a 3% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $480k (33.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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.
• 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).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 113 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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.
• 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.
• Cap rate 5.6% vs local median 4.3% in White Plains — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 46 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.