128 Vineyard Ave #104

Highland, NY 12528

$268,999F

1 bd · 1.0 ba · 803 sqft · Built 2019 · Condo · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,976/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$448
• HOA: −$414
• Vac / Maint / Mgmt: −$415
• Net cashflow: $-712/mo
• Annual: $-8,543/yr
• Cap rate: 3.12%
• Cash-on-cash: -11.34%
• DSCR: 0.50
• 1% rule: 0.73%
• Cash to close: $75,320

Investor read

• This is a 1-bed/1.0-bath condo listed at $269k. Condition is rated good.
• At list price, monthly cash flow is $-712 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (38.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (26.5% below list).
• It's been on market 123 days — a 12% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (38.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#251 in NY, #3,941 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living D-.
• Highland Central School District (suburban): math 50% / reading 69% proficiency, ranked #227 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Highland Elementary School (math 46% / reading 67%, grade C+, #899 of 2,108 statewide, top 43%, 638 students, 38% FRL); Highland Middle School (math 27% / reading 57%, grade D-, #379 of 729 statewide, top 54%, 376 students, 42% FRL); Highland High School (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 512 students, 41% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: 161 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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.

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 123 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.