57 Park Ave

Suffern, NY 10901

$675,000D+

6 bd · 2.0 ba · 2,595 sqft · Built 1900 · MultiFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,755/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,892
• HOA: −$0
• Vac / Maint / Mgmt: −$1,419
• Net cashflow: $-95/mo
• Annual: $-1,141/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• 1% rule: 1.00%
• Cash to close: $189,000

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $675k.
• At list price, monthly cash flow is $-95 ($-1k/yr) — negative. Per door: $-48/mo.
• To cash-flow at today's rent, offer at most $658k (2.5% below list).
• Meets the 1% rule at list price ($7k rent vs $675k).
• It's been on market 16 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $658k (2.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#546 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Suffern Central School District (suburban): math 53% / reading 59% proficiency, ranked #242 of 590 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Richard P Connor Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 383 students, 0% FRL); Suffern Middle School (math 30% / reading 56%, grade D-, #370 of 729 statewide, top 51%, 836 students, 38% FRL); Suffern Senior High School (math 96% / reading 95%, grade A+, #76 of 1,100 statewide, top 7%, 1,486 students, 31% FRL).
• Watch-outs: property tax is 2.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 230 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 13y 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 $370k; list at $675k implies a 82% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 3.2% in Suffern — 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.
• At $6,755/mo this rent would consume 75% of the median local household income ($108k/yr) (locally 828% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• Built in 1900 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?