423 3rd St · Newburgh, NY 12550

$275,000

3 bd · 2.0 ba · 1,296 sqft · MultiFamily public records · 49 Days on market

Built 1920 3,570 sqft lot $212/sqft · 21% below area Est $348k · 21% under ↓ 10% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +7.7/10.0
• Schools +3.5/10.0
• Livability +3.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

New on the Market, this1920 two stories home is a perfect fixer upper and is in need of interior renovations to bring it back to its original charm. The Hardwood floors have been kept in fairly good shape throughout the home. The woodwork on all levels has been maintained throughout the home as well! The interior rooms have 3 bedrooms, 2 full baths, spacious Livingroom as well as the dining room, there is plenty of storage spaces throughout the home. there is also a spacious walk-up attic for additional storage and a full basement for plenty of storage or a workplace for the new homeowner. The property is located among several well-maintained homes and is an asset to the area. Take a look a

Key facts

• 3,570 sq ft lot
• 2 parking spots
• Built 1920

Property features AI

Finance

• Other: Property listed as a fixer

Exterior

• Parking: Off-street parking for 2 vehicles; No carport
• Security: Other security features
• Utilities: Central Hudson electricity; Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Private trash collection
• Home design: Single family residence; Two levels; Fixer condition
• Construction: Frame construction; Concrete perimeter foundation
• Exterior features: Back yard; City lot; Cleared lot; Corner lot; Back yard fencing

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; No cooling system
• Interior features: First-floor full bathroom; Full basement; Full attic; Porch; Mailbox
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.4% in Newburgh — 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.

Location & tenants

• Location reads 62/100 on livability (#878 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+, cost of living B; Watch: employment D+, crime F, amenities F.
• Newburgh City School District (suburban): math 33% / reading 48% proficiency, ranked #500 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Newburgh Free Academy (math 76% / reading 85%, grade A, #506 of 1,100 statewide, top 46%, 3,433 students, 56% FRL).
• Zoned-school proficiency averages 80% at this address vs 40% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Newburgh City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 383 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $3,482/mo this rent would consume 49% of the median local household income ($86k/yr) (locally 2412% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.66%
• DSCR: 1.39
• GRM: 6.6

CMA / ARV

• ARV (median comp): $347,864
• List price: $275,000
• Delta: -20.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
75 Wisner Ave	0.66mi	2/— (-1)	1,310 (+1%)	1mo	$200,000	$153	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-17,055
• Equity at exit: $41,003

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-79
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12550

• Home prices YoY: -33.3%
• Rents YoY: 0.6%
• Active inventory: 383
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,482 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$638 /mo · $7,662/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $556

Break-even live

Break-even rent $2,779

Max offer price $275,000

Occupancy floor 79%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,482
Total (2 units)			$3,482

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Arlington Pl Newburgh, NY	3.0	1.0	950	$2,300	$2.42	14d	1	0.11mi
457 1st St Newburgh, NY	3.0	1.0	1680	$2,950	$1.76	43d	1	0.12mi
171 West St Newburgh, NY	3.0	1.5	1299	$2,800	$2.16	23d	1	0.22mi
259 1st St Newburgh, NY	3.0	2.0	883	$2,000	$2.27	43d	1	0.55mi
177 W Parmenter St Unit 1 Newburgh, NY	2.0	1.0	1100	$1,700	$1.55	23d	1	0.65mi
268 Carpenter Ave Unit 1 Newburgh, NY	3.0	2.0	950	$2,600	$2.74	23d	1	0.68mi
20 Pierces Rd Unit 3 Newburgh, NY	2.0	1.5	1071	$1,900	$1.77	23d	1	0.71mi
42 Hasbrouck St Newburgh, NY	3.0	1.5	1008	$2,550	$2.53	43d	1	0.72mi
160 N Miller St #1 Newburgh, NY	4.0	1.0	1600	$2,500	$1.56	43d	1	0.73mi
193 South St Unit 2 Newburgh, NY	3.0	1.5	1200	$2,415	$2.01	14d	1	0.74mi
52 S Miller St Newburgh, NY	3.0	1.0	889	$1,900	$2.14	43d	1	0.75mi
28 Hasbrouck St Newburgh, NY	3.0	1.5	1188	$2,700	$2.27	43d	1	0.75mi
57 Lander St Unit B Newburgh, NY	2.0	1.5	1100	$1,900	$1.73	43d	1	0.83mi
51 Lander St Unit 1 Newburgh, NY	2.0	1.0	1000	$1,500	$1.50	23d	1	0.83mi
62 Poplar St Newburgh, NY	3.0	1.5	1272	$3,000	$2.36	23d	1	0.85mi
196 Carson Ave Newburgh, NY	2.0	1.0	1188	$2,200	$1.85	43d	1	0.86mi
276 Temple Hill Rd #2215 Newburgh, NY	2.0	1.0	1026	$2,100	$2.05	23d	1	0.92mi
167 Liberty St Newburgh, NY	2.0	1.0	900	$1,900	$2.11	43d	1	0.93mi
317 Grand St Unit 1-1 Newburgh, NY	2.0	2.0	1400	$2,200	$1.57	14d	1	1.03mi
22 Benkard Ave Unit 1 Newburgh, NY	3.0	1.0	1075	$1,750	$1.63	43d	1	1.05mi
4 Grand St Unit 1 Newburgh, NY	2.0	1.0	900	$2,400	$2.67	23d	1	1.05mi
4 Grand St Unit 3 Newburgh, NY	4.0	2.0	1560	$3,925	$2.52	23d	1	1.05mi
44 Johnes St Unit 108-J Newburgh, NY	2.0	1.0	909	$1,950	$2.15	14d	1	1.12mi
22 Overlook Pl Newburgh, NY	2.0	1.0	1013	$2,000	$1.97	21d	1	1.21mi
81 Liberty Street Washington Hts Unit 2 Newburgh, NY	3.0	1.0	1362	$2,950	$2.17	43d	1	1.27mi
109 Myrtle Ave New Windsor, NY	2.0	1.0	1079	$2,200	$2.04	43d	1	1.28mi
33 Bay View Ter Unit 1 Newburgh, NY	2.0	1.0	950	$2,200	$2.32	14d	1	1.32mi
1000 Copper Ct New Windsor, NY	2.0	2.0	1388	$2,600	$1.87	21d	1	1.42mi

Listing history 16 events

1. 2026-06-18
   days on market $275,000 Active 49 DOM
2. 2026-06-17
   days on market $275,000 Active 48 DOM
3. 2026-06-16
   days on market $275,000 Active 47 DOM
4. 2026-06-15
   days on market $275,000 Active 46 DOM
5. 2026-06-14
   days on market $275,000 Active 44 DOM
6. 2026-06-13
   days on market $275,000 Active 43 DOM
7. 2026-06-10
   days on market $275,000 Active 41 DOM
8. 2026-06-09
   days on market $275,000 Active 40 DOM
9. 2026-06-08
   days on market $275,000 Active 39 DOM
10. 2026-06-07
    days on market $275,000 Active 38 DOM
11. 2026-06-03
    days on market $275,000 Active 34 DOM
12. 2026-06-02
    pricedays on market $275,000 Active 33 DOM
13. 2026-06-01
    days on market $305,999 Active 32 DOM
14. 2026-05-31
    days on market $305,999 Active 31 DOM
15. 2026-05-30
    days on market $305,999 Active 30 DOM
16. 2026-05-01
    listed $305,999 Active 834-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $7,662 · $638/mo
• Projected year-2 tax: $7,662 · $638/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,784
• − Mortgage interest: −$15,404
• − Property taxes: −$7,662
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,343
• − Management: −$3,343
• − Depreciation: −$8,000
• Taxable income: $2,657
• Est. tax owed @ 24.0%: −$638
• After-tax cash flow: $6,029/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Newburgh City School District
• NCES district ID: 3620700
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 48% ▲ 10.00%
• Median HH income: $56,387
• Composite: 35.46/100
• National rank: #4927
• State rank: #500 of 590 in NY

Livability — Newburgh

• Score: 62/100
• State rank: #878
• US rank: #17021

Category grades

Amenities F Commute F Cost of living B Crime F Employment D+ Housing B+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newburgh, NY
• County: Orange County · 267,004 people
• City population: 55,152
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 55,152
• Household income: $85,697
• Rent vs Own: 44.2% rent · 55.8% own
• Severe rent burden: 2412.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 39% White 36% Black 20% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 14% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Hispanic 1% Lithuanian 1%
• Foreign-born: 18% · Canada, Dominican Republic
• Languages at home: 64% English-only · Spanish 30% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.93%
• Current HPI: 304.1046
• Rent YoY: ▲ 0.63%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-10.1% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $275,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $305,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+7.7%/yr

Latest (2025): $7,662 · -5.1% YoY. Source: county tax records.