29 South Eckar Street, Irvington, NY
Case Study: When Vision Meets Reality in a Tight Market
When 29 South Eckar Street hit the market, I saw what it could be—charming, flexible, and ideally located in the heart of Irvington. It had character, a sweet barn in back, and income potential. But it was also tired. The property needed real work, and the numbers didn’t line up easily.
So I started low. The house wasn’t well maintained, the layout was awkward, and the top-floor apartment was especially tight. I could see the potential, but I also saw the cost.
Property Details & First Impressions
The building was legally a two-family:
Top Floor: A small 1-bedroom, 1-bath unit with dated finishes and an inefficient layout. It needed a full gut renovation—including rethinking the footprint and adding a sleeping loft to make the space functional for guests or short-term rentals.
Lower Unit: A spacious duplex apartment with 2 bedrooms and 1.5 baths, renting at $3,200/month. It had more character and natural light, but also showed signs of wear.
Taxes were exceptionally high, which made the math tight from the start. A realistic mortgage would land above $7,000/month, making this a real stretch—one I could maybe justify if I renovated, raised the rent, and made the top unit profitable.
But what really pulled me in was the detached barn and small backyard. I imagined converting part of the barn into a she-shed, guest suite, or creative workspace. The yard offered just enough space to soften the compact interior footprint and gave the property a soul that most small multifamilies don’t have.
The Offer Strategy
At first, I offered below asking, confident that the needed renovations and steep taxes would make a strong case. But the seller’s agent quickly told me they had an offer at asking price already. So I adjusted and came back with my highest and best: $820,000, along with a $120,000 renovation budget.
Then came the open house. Traffic was light. I was hopeful.
But a competing offer came in—also $820,000, but with $365,000 down. That kind of cash cushion was hard to beat. There was nothing more I could do.
The Emotional Rollercoaster
I walked away—disappointed, deflated. I’d already made plans in my head. Visualized the layout, the barn conversion, the income plan, the lifestyle. It’s always hard to let go of a property once you’ve imagined yourself living in it.
But the real estate journey continued.
A few weeks later, the seller came back. Their deal had fallen through. They asked if I’d still be interested in moving forward with my $820K offer.
And here’s the twist: I said no.
By then, I’d had time to step back and really think about it. The price was still too high for the size and risk. The numbers just didn’t work. I thanked them and walked away for good.
The Final Outcome
The seller moved on to the next offer… and that fell through, too.
In a surprising move, they then raised the listing price to $850,000, likely hoping to reset buyer perception after receiving lower offers. But as of now, the house is still on the market.
Sometimes, sellers wait too long. They should have taken me when I was impulse-buying with a vision—but walking away taught me to be clearer about my limits.
Key Project Facts
Property: 29 South Eckar Street, Irvington, NY
Original Asking Price: $799,000
My Offer: $820,000
Planned Renovation Budget: $120,000
Top Unit: 1 bed / 1 bath — full gut needed
Lower Unit Rent: $3,200/month (2 bed / 1.5 bath duplex)
Taxes: Very high for property size and condition
Creative Potential: Barn conversion, yard for outdoor living
Competing Offer: $820K with $365K down
Final Decision: Walked away after seller returned post-fallthrough
Current Status: Still on market — now listed at $850,000
Takeaway:
This property taught me that falling in love with potential isn’t the same as making a sound investment. I walked away disappointed—but also relieved. The deal had too much risk, and I now know that a great idea needs to be backed by smart numbers. I’m proud I stuck to my limits, and I’ll take that clarity with me to the next one.