54 Whitman Ct

Scotchtown, NY 10941

$299,999D+

3 bd · 1.5 ba · 1,428 sqft · Built 1974 · Townhouse · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,638/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$502
• HOA: −$0
• Vac / Maint / Mgmt: −$554
• Net cashflow: $9/mo
• Annual: $110/yr
• Cap rate: 6.33%
• Cash-on-cash: 0.13%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $84,000

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $300k.
• At list price, monthly cash flow is $9 ($110/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 $264k (12.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $264k (12.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#515 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, cost of living D, amenities F.
• Pine Bush Central School District (rural): math 38% / reading 45% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Circleville Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 477 students, 54% FRL); Circleville Middle School (math 12% / reading 42%, grade F, #587 of 729 statewide, top 81%, 450 students, 63% FRL); Pine Bush Senior High School (math 92% / reading 67%, grade A-, #518 of 1,100 statewide, top 51%, 1,615 students, 56% FRL) — zoned schools average 58% FRL vs 29% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 57 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• Current owner paid $84k; list at $300k implies a 257% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 3.7% in Scotchtown — 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.
• This rent runs 32% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1974 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.