60 Prospect St

Philmont, NY 12565

$375,000B-

4 bd · 2.0 ba · 2,500 sqft · Built 1900 · MultiFamily · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$840
• Net cashflow: $568/mo
• Annual: $6,822/yr
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $105,000

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $375k. Condition is rated fair.
• At list price, monthly cash flow is $568 ($7k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• It's been on market 119 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $341k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#958 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: schools F, crime F, amenities F.
• Taconic Hills Central School District (rural): math 53% / reading 51% proficiency, ranked #335 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.
• At projected returns (-0.8% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — The cabinets show signs of wear and could benefit from a fresh coat of paint or replacement.
• Moderate: Bathroom fixtures — The fixtures in the bathrooms are dated and could be replaced with modern options.
• Moderate: Exterior siding — The siding shows signs of wear and could benefit from repainting or replacement.
• Moderate: Flooring — The flooring in the living areas shows signs of wear and could be replaced with more durable options.
• Moderate: Paint — The interior walls and paint show signs of wear and could benefit from a fresh coat.
• Moderate: Windows — The windows show signs of wear and could benefit from replacement or repainting.