491 State Route 32 · Gardnertown, NY 12589

$575,000

4 bd · 3.0 ba · 2,761 sqft · MultiFamily public records · 1 Days on market

Built 1940 2.50 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investor's Dream! Fully occupied 3-family property situated on a beautiful 2.5-acre lot in the Wallkill School District. This income-producing property offers immediate cash flow with three occupied units and additional rental income potential from the detached garage. Set well back from the road, the property features a sprawling yard, ample green space, and an oversized driveway providing abundant parking for tenants and visitors. The combination of strong rental income, multiple revenue streams, and a picturesque setting makes this a rare opportunity for both seasoned and first-time investors. Conveniently located near major commuter routes, shopping, dining, and recreation while still o

Key facts

• Sprawling yard
• 2.5 acre lot
• Ample green space

Tags

• 2.5 ACRE LOT
• INCOME PRODUCING PROPERTY
• DETACHED GARAGE
• SPRAWLING YARD
• AMPLE GREEN SPACE
• OVERSIZED DRIVEWAY

Property features AI

Finance

• Other: - Building area approximately 2761 total square feet
• Financial info: - (No investor-specific financial details provided)
• HOA & community: - (No HOA details provided)

Exterior

• Parking: - Driveway; - 2-car garage
• Security: - (No security details provided)
• Utilities: - Septic tank; - Electricity connected
• Home design: - Triplex property
• Construction: - Frame and stone construction
• Exterior features: - Frame and stone construction; - Not waterfront

Interior

• Kitchen: - (No specific kitchen appliance details provided)
• Bedrooms: - Two 1-bedroom units and one 2-bedroom unit (triplex configuration)
• Flooring: - (No flooring details provided)
• Bathrooms: - Three full bathrooms
• Heating & cooling: - Electric heating; - Ductless cooling; - Other heating type
• Interior features: - Finished basement; - Other interior features
• Laundry & utility: - Common area laundry; - Laundry room; - Laundry in basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $734/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $575k).
• Cap rate 10.9% vs local median 3.4% in Gardnertown — 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 68/100 on livability (#522 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A; Watch: cost of living D, amenities F, commute F.
• Wallkill Central School District (suburban): math 54% / reading 56% proficiency, ranked #279 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Leptondale Elementary School (math 32% / reading 57%, grade F, #1,277 of 2,108 statewide, top 64%, 464 students, 28% FRL); John G Borden Middle School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 432 students, 37% FRL); Wallkill Senior High School (math 97% / reading 75%, grade A, #347 of 1,100 statewide, top 32%, 1,004 students, 34% FRL).
• Market conditions: 100 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $161k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.
• Current owner paid $425k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $575,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.33% ✓
• Cap rate: 10.89%
• Cash-on-cash: 16.42%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.4%
• Equity multiple: 3.82×
• Total profit: $453,478
• Equity at exit: $518,006

10-year hold

• IRR: 31.4%
• Equity multiple: 8.61×
• Total profit: $1,225,167
• Equity at exit: $1,117,099

Cash invested: $161,000 (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 12589

• Home prices YoY: 5.2%
• Active inventory: 100
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $7,650 medium
• Mortgage (P&I): −$3,015
• Tax from tax record: −$586 /mo · $7,032/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,606
• Net cashflow: $2,203

Break-even live

Break-even rent $4,862

Max offer price $575,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$7,650
Total (3 units)			$7,650

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $575,000 Active 1 DOM

ⓘ 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: $7,032 · $586/mo
• Projected year-2 tax: $8,375 · $698/mo
• Expected delta: +$1,343/yr (+$112/mo · 19.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,800
• − Mortgage interest: −$32,209
• − Property taxes: −$7,032
• − Insurance: −$2,875
• − Repairs & maintenance: −$7,344
• − Management: −$7,344
• − Depreciation: −$16,727
• Taxable income: $18,269
• Est. tax owed @ 24.0%: −$4,385
• After-tax cash flow: $22,046/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: Wallkill Central School District
• NCES district ID: 3629790
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $72,323
• Composite: 49.06/100
• National rank: #2057
• State rank: #279 of 590 in NY

Livability — Gardnertown

• Score: 68/100
• State rank: #522
• US rank: #9236

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 54,996
• Population (ZIP): 19,639

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 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 20% Two or more races 13% Black 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 8% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 15% Other Indo-European 2%

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: ▲ 15.97%
• Current HPI: 323.1502
• Rent YoY: —
• Metro: —
• 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

+64.3% since first listed

8 events — show timeline

• 2026-06-18 Listed $575,000 OneKey® MLS as Distributed by MLS Grid
• 2021-09-08 Sold (Public Records) $425,000 Public Records
• 2015-06-26 Delisted — HGMLS
• 2015-06-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-02-09 Price Changed — HGMLS
• 2015-01-16 Price Changed — HGMLS
• 2014-09-25 Listed — HGMLS
• 2014-09-25 Listed $350,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2025): $7,032 · +8.7% YoY. Source: county tax records.