51 Worrall Ave · Poughkeepsie, NY 12603

$599,000

4 bd · 3.0 ba · 2,120 sqft · MultiFamily public records · 36 Days on market

Built 1921 3,485 sqft lot Est $684k · 12% under

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Why this score? — see what drove the D+ 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 +14.1/30.0
• ARV discount +13.1/15.0
• 1% rule +4.9/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Schools +3.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Well maintained 3 family home. New CO for residential was formally commercial. The units have been updated with stainless steal appliances, updated kitchens and baths. Brand new roof and hot water /heat on demand tank other two 2015. Off street and street parking. Live in one rent the other 2. Rents under market value. Taxes can be grieved. A must see.

Key facts

• Separate utilities
• Updates to kitchens
• Updates to flooring

Tags

• THREE FAMILY OPPORTUNITY
• WELL MAINTAINED BUILDING
• UPDATES TO KITCHENS
• UPDATES TO BATHROOMS
• UPDATES TO FLOORING
• SEPARATE UTILITIES

Property features AI

Exterior

• Parking: Driveway; No carport
• Utilities: Central Hudson electric service; Natural gas connected; Public sewer; Public water connected; Cable connected; Phone connected; Trash collection (public)
• Home design: Triplex
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Corner lot location (Worrall Ave & Grubb St.); Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen
• Laundry & utility: Basement with storage space and walk-out access; Unfinished basement

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $85 ($1k/yr) — positive. Per door: $28/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $595k (0.7% below list).
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.4% in Poughkeepsie — 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 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Poughkeepsie City School District (suburban): math 29% / reading 42% proficiency, ranked #559 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: G W Krieger School (math 12% / reading 32%, grade F, #1,923 of 2,108 statewide, top 92%, 460 students, 78% FRL); Poughkeepsie Middle School (math 8% / reading 37%, grade F, #650 of 729 statewide, top 90%, 877 students, 82% FRL); Poughkeepsie High School (math 59% / reading 67%, grade B-, #819 of 1,100 statewide, top 74%, 1,165 students, 74% FRL).
• Market conditions: Rents rising (+2.0%/yr); 209 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $5,950/mo this rent would consume 69% of the median local household income ($104k/yr) (locally 1404% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 15y 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 $480k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $581,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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: 0.99% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.61%
• DSCR: 1.03
• GRM: 8.4

CMA / ARV

• ARV (median comp): $683,565
• List price: $599,000
• Delta: -12.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Fulton Ave	0.30mi	4/2.0	2,250 (+6%)	6mo	$431,900	$192	67
13 Springside Ave	0.36mi	4/2.0	2,032 (-4%)	8mo	$281,500	$139	66
47 Manitou Ave	0.14mi	4/2.0	1,976 (-7%)	18mo	$400,000	$202	64
30 S White St	0.45mi	5/2.0 (+1)	2,100 (-1%)	8mo	$380,000	$181	62
23 Jewett Ave	0.40mi	4/2.0	2,000 (-6%)	14mo	$395,000	$198	56
412 Maple St	0.70mi	4/2.0	2,128 (+0%)	15mo	$248,000	$117	51
23 Musselman Dr	0.50mi	3/2.0 (-1)	2,322 (+10%)	4mo	$429,000	$185	49
115 Innis Ave	0.71mi	4/2.0	2,328 (+10%)	1mo	$375,000	$161	45
20 N White St	0.53mi	4/2.0	2,322 (+10%)	13mo	$445,000	$192	44
164 Winnikee Ave	0.66mi	4/2.0	2,296 (+8%)	10mo	$355,000	$155	43
373 Church St	0.38mi	4/2.0	1,828 (-14%)	19mo	$300,000	$164	40
63 Lent St	0.70mi	4/2.0	2,344 (+11%)	15mo	$275,000	$117	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.96% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.42×
• Total profit: $-97,416
• Equity at exit: $89,313

10-year hold

• IRR: -10.4%
• Equity multiple: 0.40×
• Total profit: $-101,049
• Equity at exit: $51,791

Cash invested: $167,720 (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 12603

• Rents YoY: 2.0%
• Active inventory: 209
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $5,950 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$1,224 /mo · $14,694/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,250
• Net cashflow: $85

Break-even live

Break-even rent $5,842

Max offer price $599,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,205
1× unit	2	1	$1,964
1× unit	1	1	$1,781
Total (3 units)			$5,950

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Hoffman Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1400	$2,400	$1.71	13d	1	0.11mi
8 Fox Ter Unit 1 Poughkeepsie, NY	3.0	1.0	1450	$2,200	$1.52	43d	1	0.44mi
15 Forbus St Poughkeepsie, NY	3.0	1.0	2140	$2,500	$1.17	23d	1	0.65mi
236 Mansion St #2 Poughkeepsie, NY	3.0	1.0	2076	$2,600	$1.25	43d	1	0.86mi
50 Crestwood Blvd Poughkeepsie, NY	3.0	2.0	1600	$2,595	$1.62	13d	1	0.99mi
1 Dean Pl Poughkeepsie, NY	3.0	2.5	1700	$4,000	$2.35	13d	1	1.26mi
32 Salt Point Tpke Poughkeepsie, NY	3.0	2.5	1761	$3,000	$1.70	21d	1	1.31mi
29 Carriage Hill Ln Poughkeepsie, NY	4.0	2.5	2550	$5,200	$2.04	13d	1	1.49mi

Listing history 39 events

1. 2026-06-18
   days on market $599,000 Active 36 DOM
2. 2026-06-17
   days on market $599,000 Active 35 DOM
3. 2026-06-16
   days on market $599,000 Active 34 DOM
4. 2026-06-15
   days on market $599,000 Active 33 DOM
5. 2026-06-14
   days on market $599,000 Active 31 DOM
6. 2026-06-10
   days on market $599,000 Active 28 DOM
7. 2026-06-09
   days on market $599,000 Active 27 DOM
8. 2026-06-08
   days on market $599,000 Active 26 DOM
9. 2026-06-07
   days on market $599,000 Active 25 DOM
10. 2026-06-05
    days on market $599,000 Active 22 DOM
11. 2026-06-03
    days on market $599,000 Active 21 DOM
12. 2026-06-02
    days on market $599,000 Active 20 DOM
13. 2026-06-01
    days on market $599,000 Active 19 DOM
14. 2026-05-31
    days on market $599,000 Active 18 DOM
15. 2026-05-30
    days on market $599,000 Active 17 DOM
16. 2026-05-13
    listed $599,000 Active 460-char remark
17. 2025-12-18
    historical $1,395
18. 2025-12-07
    price $1,395
19. 2025-11-05
    listed $1,450
20. 2024-06-26
    soldstatus $480,000 Closed 358-char remark

    Show marketing remark (358 chars)

    Well maintained 3 family home. New CO for residential was formally commercial. The units have been updated with stainless steal appliances, updated kitchens and baths. Brand new roof and hot water /heat on demand tank other two 2015. Off street and street parking. Live in one rent the other 2. Rents under market value. Taxes can be grieved. A must see.

21. 2024-06-01
    status Pending 358-char remark

    Show marketing remark (358 chars)

    Well maintained 3 family home. New CO for residential was formally commercial. The units have been updated with stainless steal appliances, updated kitchens and baths. Brand new roof and hot water /heat on demand tank other two 2015. Off street and street parking. Live in one rent the other 2. Rents under market value. Taxes can be grieved. A must see.

22. 2024-04-02
    price $495,000 358-char remark

    Show marketing remark (358 chars)

    Well maintained 3 family home. New CO for residential was formally commercial. The units have been updated with stainless steal appliances, updated kitchens and baths. Brand new roof and hot water /heat on demand tank other two 2015. Off street and street parking. Live in one rent the other 2. Rents under market value. Taxes can be grieved. A must see.

23. 2024-02-27
    listed $512,000 Active 358-char remark

    Show marketing remark (358 chars)

    Well maintained 3 family home. New CO for residential was formally commercial. The units have been updated with stainless steal appliances, updated kitchens and baths. Brand new roof and hot water /heat on demand tank other two 2015. Off street and street parking. Live in one rent the other 2. Rents under market value. Taxes can be grieved. A must see.

24. 2019-08-26
    historical
25. 2018-11-27
    listed $252,500
26. 2018-07-12
    historical
27. 2018-03-12
    listed $239,900
28. 2018-03-11
    historical
29. 2017-10-30
    listed $239,900
30. 2017-09-10
    historical
31. 2017-03-13
    listed $239,900
32. 2012-07-12
    soldstatus $230,000
33. 2012-07-12
    price $279,900
34. 2012-07-12
    soldstatus $230,000
35. 2012-07-12
    listed $279,900
36. 2012-07-12
    listed $279,900
37. 2012-04-17
    listed $229,900
38. 2011-11-30
    historical
39. 2011-05-21
    listed

ⓘ 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: $14,694 · $1,224/mo
• Projected year-2 tax: $14,694 · $1,224/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $71,400
• − Mortgage interest: −$33,553
• − Property taxes: −$14,694
• − Insurance: −$2,995
• − Repairs & maintenance: −$5,712
• − Management: −$5,712
• − Depreciation: −$17,425
• Taxable loss: −$8,691
• Est. tax savings @ 24.0%: +$2,086
• After-tax cash flow: $3,109/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: Poughkeepsie City School District
• NCES district ID: 3623760
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 42% ▲ 12.00%
• Median HH income: $39,159
• Composite: 29.68/100
• National rank: #6459
• State rank: #559 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poughkeepsie, NY
• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 42,304
• Household income: $103,538
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 1404.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 2% Iranian 1%
• Foreign-born: 15% · Canada, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 4% German/W. Germanic 2%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -377.61%
• Current HPI: 252.7003
• Rent YoY: ▲ 1.96%
• Metro: Poughkeepsie-Newburgh-Middletown, 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

+160.5% since first listed

24 events — show timeline

• 2026-05-13 Listed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-18 Rental Removed $1,395 SHOWMOJO
• 2025-12-07 Price Changed $1,395 SHOWMOJO
• 2025-11-05 Listed for Rent $1,450 SHOWMOJO
• 2024-06-26 Sold (MLS) $480,000 OneKey® MLS as Distributed by MLS Grid
• 2024-06-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-04-02 Price Changed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2024-02-27 Listed $512,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-11-27 Listed $252,500 OneKey® MLS as Distributed by MLS Grid
• 2018-07-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-03-12 Listed $239,900 OneKey® MLS as Distributed by MLS Grid
• 2018-03-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-10-30 Listed $239,900 OneKey® MLS as Distributed by MLS Grid
• 2017-09-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-03-13 Listed $239,900 OneKey® MLS as Distributed by MLS Grid
• 2012-07-12 Listed $279,900 OneKey® MLS as Distributed by MLS Grid
• 2012-07-12 Listed $279,900 HGMLS
• 2012-07-12 Sold (MLS) $230,000 OneKey® MLS as Distributed by MLS Grid
• 2012-07-12 Price Changed $279,900 HGMLS
• 2012-07-12 Sold (MLS) $230,000 HGMLS
• 2012-04-17 Listed $229,900 OneKey® MLS as Distributed by MLS Grid
• 2011-11-30 Delisted — HGMLS
• 2011-05-21 Listed — HGMLS