57 Hudson St

Warrensburg, NY 12885

$349,000C-

3 bd · 2.0 ba · 1,290 sqft · Built 1900 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,325/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$698
• Net cashflow: $403/mo
• Annual: $4,838/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• 1% rule: 0.95%
• Cash to close: $97,720

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $349k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $332k (4.7% below list).
• It's been on market 45 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $332k (4.7% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#823 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, crime B; Watch: amenities F, commute F, health & safety D-.
• Warrensburg Central School District (town): math 47% / reading 44% proficiency, ranked #552 of 755 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warrensburg Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 361 students, 58% FRL); Warrensburg Junior-Senior High School (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 302 students, 64% FRL) — zoned schools average 61% FRL vs 39% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $48k; list at $349k implies a 627% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.7% vs local median 2.6% in Warrensburg — 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 45 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 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?
• 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.