26 Rock St

Cold Spring, NY 10516

$459,000A-

4 bd · 2.5 ba · 1,472 sqft · Built 1897 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,000/mo
• Mortgage (P&I): −$2,407
• Tax + insurance: −$1,224
• HOA: −$0
• Vac / Maint / Mgmt: −$1,680
• Net cashflow: $2,689/mo
• Annual: $32,269/yr
• Cap rate: 13.47%
• Cash-on-cash: 25.63%
• DSCR: 2.14
• 1% rule: 1.74%
• Cash to close: $128,520

Investor read

• This is a 4-bed/2.5-bath single-family listed at $459k.
• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $459k).
• It's been on market 51 days — a 3% lower offer ($445k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $445k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in NY, #1,466 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Haldane Central School District (town): math 65% / reading 83% proficiency, ranked #84 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Haldane Elementary School (math 57% / reading 77%, grade B+, #525 of 2,108 statewide, top 27%, 292 students, 18% FRL); Haldane Middle School (math 57% / reading 82%, grade A, #89 of 729 statewide, top 12%, 197 students, 16% FRL); Haldane High School (math 98% / reading 92%, grade A+, #93 of 1,100 statewide, top 10%, 314 students, 17% FRL).
• Watch-outs: property tax is 2.6% of price; flood insurance adds $56/mo; built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 29y 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 $390k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 8→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.