4 Mt Hope Ave

Otisville, NY 10963

$359,900D

4 bd · 2.5 ba · 1,746 sqft · Built 1925 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,101/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$835
• HOA: −$0
• Vac / Maint / Mgmt: −$441
• Net cashflow: $-1,063/mo
• Annual: $-12,753/yr
• Cap rate: 2.75%
• Cash-on-cash: -12.65%
• DSCR: 0.44
• 1% rule: 0.58%
• Cash to close: $100,772

Investor read

• This is a 4-bed/2.5-bath single-family listed at $360k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (52.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (41.6% below list).
• It's been on market 35 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (52.2% below list) — sets the bar for cash-flow.
• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#459 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F.
• Minisink Valley Central School District (rural): math 51% / reading 59% proficiency, ranked #254 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Otisville Elementary School (math 27% / reading 57%, grade F, #1,361 of 2,108 statewide, top 67%, 589 students, 30% FRL); Minisink Valley Middle School (math 27% / reading 58%, grade D-, #373 of 729 statewide, top 52%, 775 students, 28% FRL); Minisink Valley High School (math 94% / reading 75%, grade A, #379 of 1,100 statewide, top 36%, 1,172 students, 28% FRL).
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• Current owner paid $102k; list at $360k implies a 251% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• Built in 1925 — 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 D-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.