504 Greenkill Rd · Hurley, NY 12401

$319,000

4 bd · 2.0 ba · 2,674 sqft · MultiFamily public records · 86 Days on market

Built 1918 0.61 ac lot

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Why this score? — see what drove the C+ 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 +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• 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

Spring has sprung. All investors, contractors and buyers are welcome to view this property and its now time to take on this exciting project. The home is tucked away in the tiny hamlet of St. Remy among mature trees and solitude. It is a fixer-upper and will need extensive renovations. One side of the house will need updating and repair whilst the other side will need a complete rebuild, which when finished will function as an income-based two bed apartment rental. Live in one side as you customize the other. It is located close to Kingston's historic waterfront area and marina. A short ride to local shops, boutiques, restaurants and cultural events.

Key facts

• Local shops
• 0.61 acre lot
• Built 1918

Tags

• EXTENSIVE RENOVATIONS
• HISTORIC WATERFRONT AREA
• LOCAL SHOPS

Property features AI

Finance

• Other: Zoning: R12-1Fam Sm lot; Other equipment: contact listing agent
• HOA & community: Community features listed as other

Exterior

• Parking: Gravel/unpaved parking
• Security: Other security features
• Utilities: Private well water; Water connected; Septic tank; Electric service: 100 amp; Electricity available
• Home design: Single-family house; Two levels
• Construction: Stone foundation; Asbestos shingle roof; Construction materials listed as unknown; Built as a residential single-family home
• Exterior features: Front porch; Back yard; A few trees; Native plants; Property has a view; Other outbuildings/structures

Interior

• Kitchen: Other appliances
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: Master bedroom on the main floor; Other interior features
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $319k).
• Recommended offer: $300k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.2% in Hurley — 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 (#543 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.8%/yr); 225 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• At $4,038/mo this rent would consume 70% of the median local household income ($69k/yr) (locally 2045% 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 $10k of value loss. Plan a longer hold.
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $89k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 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 $23k; list at $319k implies a 1287% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 9.11%
• Cash-on-cash: 10.07%
• DSCR: 1.45
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.81% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.19×
• Total profit: $16,762
• Equity at exit: $47,564

10-year hold

• IRR: 18.4%
• Equity multiple: 2.90×
• Total profit: $169,816
• Equity at exit: $27,581

Cash invested: $89,320 (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 12401

• Rents YoY: 7.8%
• Active inventory: 225
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $4,038 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$634 /mo · $7,613/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $750

Break-even live

Break-even rent $3,089

Max offer price $319,000

Occupancy floor 76%

Sensitivity live

Price	-10% $930	-5% $840	+0% $750	+5% $660	+10% $569
Rent	-10% $431	-5% $590	+0% $750	+5% $909	+10% $1,069
Rate	-1.0pp $910	-0.5pp $831	base $750	+0.5pp $667	+1.0pp $583

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,038
Total (2 units)			$4,038

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $319,000 Active 86 DOM
2. 2026-06-18
   days on market $319,000 Active 85 DOM
3. 2026-06-17
   days on market $319,000 Active 84 DOM
4. 2026-06-16
   days on market $319,000 Active 83 DOM
5. 2026-06-15
   days on market $319,000 Active 82 DOM
6. 2026-06-14
   days on market $319,000 Active 80 DOM
7. 2026-06-12
   days on market $319,000 Active 79 DOM
8. 2026-06-09
   days on market $319,000 Active 76 DOM
9. 2026-06-08
   days on market $319,000 Active 75 DOM
10. 2026-06-07
    days on market $319,000 Active 74 DOM
11. 2026-06-03
    days on market $319,000 Active 70 DOM
12. 2026-06-02
    days on market $319,000 Active 69 DOM
13. 2026-06-01
    days on market $319,000 Active 68 DOM
14. 2026-05-31
    days on market $319,000 Active 67 DOM
15. 2026-05-30
    days on market $319,000 Active 66 DOM
16. 2026-03-25
    listed $319,000 Active
17. 2026-01-28
    historical
18. 2026-01-15
    listed $324,000 Active
19. 2026-01-15
    listed $324,000 Active
20. 2025-08-29
    historical
21. 2025-06-24
    price $349,900
22. 2025-06-24
    price $349,900
23. 2025-05-27
    price $375,000
24. 2025-05-27
    price $375,000
25. 2025-04-23
    price $399,900
26. 2025-04-23
    price $399,900
27. 2025-02-28
    listed $425,000 Active
28. 2025-02-28
    listed $425,000 Active
29. 1977-05-20
    soldstatus $23,000

ⓘ 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: $7,613 · $634/mo
• Projected year-2 tax: $7,613 · $634/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,456
• − Mortgage interest: −$17,869
• − Property taxes: −$7,613
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,876
• − Management: −$3,876
• − Depreciation: −$9,280
• Taxable income: $4,346
• Est. tax owed @ 24.0%: −$1,043
• After-tax cash flow: $7,955/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: Kingston City School District
• NCES district ID: 3616290
• Math proficiency: 44% ▲ 1.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $52,586
• Composite: 44.22/100
• National rank: #2849
• State rank: #355 of 590 in NY

Livability — Hurley

• Score: 68/100
• State rank: #543
• US rank: #9765

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ulster County · 56,183 people
• Metro: Kingston, NY
• Population (ZIP): 35,136
• Household income: $69,305
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 2045.0

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Black 11% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.90%
• Current HPI: 369.1984
• Rent YoY: ▲ 7.81%
• Metro: Kingston, 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

+1287.0% since first listed

14 events — show timeline

• 2026-03-25 Listed $319,000 HVCRMLS
• 2026-01-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-15 Listed $324,000 HVCRMLS
• 2026-01-15 Listed $324,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-06-24 Price Changed $349,900 HVCRMLS
• 2025-06-24 Price Changed $349,900 OneKey® MLS as Distributed by MLS Grid
• 2025-05-27 Price Changed $375,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-27 Price Changed $375,000 HVCRMLS
• 2025-04-23 Price Changed $399,900 HVCRMLS
• 2025-04-23 Price Changed $399,900 OneKey® MLS as Distributed by MLS Grid
• 2025-02-28 Listed $425,000 HVCRMLS
• 2025-02-28 Listed $425,000 OneKey® MLS as Distributed by MLS Grid
• 1977-05-20 Sold (Public Records) $23,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $7,613 · +4.0% YoY. Source: county tax records.