323 Warren St

Hudson, NY 12534

$895,000C-

3 bd · 2.0 ba · 2,640 sqft · Built 1850 · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,583/mo
• Mortgage (P&I): −$4,693
• Tax + insurance: −$1,492
• HOA: −$0
• Vac / Maint / Mgmt: −$1,592
• Net cashflow: $-195/mo
• Annual: $-2,335/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• 1% rule: 0.85%
• Cash to close: $250,600

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $895k. Condition is rated good.
• At list price, monthly cash flow is $-195 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $867k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $758k (15.3% below list).
• It's been on market 54 days — a 3% lower offer ($868k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $758k (15.3% below list) — sets the bar for 1% rule.
• In year one you build about $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#430 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+; Watch: schools C-, commute F, employment F.
• Hudson City School District (town): math 38% / reading 47% proficiency, ranked #494 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 162 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$154k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.0% vs local median 3.3% in Hudson — 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.
• At $7,583/mo this rent would consume 125% of the median local household income ($73k/yr) (locally 1083% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 54 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.