You will probably not find a cheaper studio in the City - especially not in a decent hood with a unit that seems to be in good condition.
Pelham Parkway is more than a road. It serves as a miles long park that connects Pelham Bay and Bronx Parks. It's nice for walking, biking, or just playing.
You'd have shopping on White Plains Road and be only a quick walk over to Morris Park and its Italian cuisine. You'd also be relatively close to Arthur Avenue on the other side of the Zoo and a quick bus ride to Pelham Bay Park, Orchard Beach, and City Island. Obviously the Zoo and Botanical Garden are super close.
Transportation is good with the 2 and 5 trains stopping at White Plains Road and Pelham Parkway.
And clearly no Listing of the Day near Pelham Parkway is complete without mention of the yuletide spectacle of the Garabedian House located on Westervelt and Pelham Parkway. Just take the Bx12 heading east from White Plains Road to see it.