Walters Plan

Thornwood, NY 10595

$1,209,995C

3 bd · 2.5 ba · 2,681 sqft · Built — · Townhouse · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,999/mo
• Mortgage (P&I): −$6,345
• Tax + insurance: −$2,017
• HOA: −$0
• Vac / Maint / Mgmt: −$2,730
• Net cashflow: $1,907/mo
• Annual: $22,886/yr
• Cap rate: 8.18%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• 1% rule: 1.07%
• Cash to close: $338,799

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $1.21M. Condition is rated poor.
• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.21M).
• It's been on market 15 days — a 2% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.19M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#389 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Mount Pleasant Central School District (suburban): math 62% / reading 65% proficiency, ranked #146 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: 29 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Cap rate 8.2% vs local median 5.7% in Thornwood — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant wear and tear.
• Major: exterior siding — Signs of significant wear and tear.
• Major: exterior paint — Signs of significant wear and tear.