35 Haver Rd

Kerhonkson, NY 12461

$495,000C+

3 bd · 2.0 ba · 1,352 sqft · Built 2005 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,800/mo
• Mortgage (P&I): −$2,596
• Tax + insurance: −$644
• HOA: −$0
• Vac / Maint / Mgmt: −$1,008
• Net cashflow: $552/mo
• Annual: $6,629/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• 1% rule: 0.97%
• Cash to close: $138,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $495k.
• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $480k (3.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $480k (3.0% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($3k loan paydown + $9k appreciation (1.7% local appreciation)).
• Location reads 68/100 on livability (#552 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-; Watch: amenities F, health & safety D-.
• Onteora Central School District (rural): math 58% / reading 59% proficiency, ranked #288 of 755 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Onteora High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 413 students, 44% FRL).
• Zoned-school proficiency averages 91% at this address vs 58% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Onteora Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 6y 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 $230k; list at $495k implies a 115% gain — meaningful room to come down on a strong offer.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $139k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.6% vs local median 2.4% in Kerhonkson — 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.

Questions for listing agent

• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.