12 S Parsonage St

Rhinebeck, NY 12572

$730,000B+

5 bd · 3.5 ba · 3,444 sqft · Built 1946 · MultiFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,703/mo
• Mortgage (P&I): −$3,828
• Tax + insurance: −$1,306
• HOA: −$0
• Vac / Maint / Mgmt: −$2,248
• Net cashflow: $3,321/mo
• Annual: $39,850/yr
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• 1% rule: 1.47%
• Cash to close: $204,400

Investor read

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $730k.
• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $730k).
• It's been on market 51 days — a 3% lower offer ($708k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $708k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#91 in NY, #1,405 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: cost of living F.
• Rhinebeck Central School District (town): math 64% / reading 60% proficiency, ranked #221 of 755 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Chancellor Livingston Elementary School (math 74% / reading 74%, grade A, #314 of 2,108 statewide, top 17%, 383 students, 14% FRL); Bulkeley Middle School (math 90% / reading 75%, grade A+, #20 of 729 statewide, top 3%, 232 students, 20% FRL); Rhinebeck Senior High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 322 students, 18% FRL).
• Zoned-school proficiency averages 80% at this address vs 62% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Rhinebeck Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 93 active listings in the ZIP; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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.
• Current owner paid $222k; list at $730k implies a 228% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $204k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.8% vs local median 2.2% in Rhinebeck — 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.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1946 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.