26 St Georges Ave

Walton Park, NY 10950

$349,900D

2 bd · 1.0 ba · 1,387 sqft · Built 1950 · SingleFamily · Active · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,784/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$807
• HOA: −$0
• Vac / Maint / Mgmt: −$585
• Net cashflow: $-443/mo
• Annual: $-5,312/yr
• Cap rate: 4.77%
• Cash-on-cash: -5.42%
• DSCR: 0.76
• 1% rule: 0.80%
• Cash to close: $97,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-443 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (20.4% below list).
• It's been on market 149 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $272k (22.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#830 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Monroe-Woodbury Central School District (suburban): math 50% / reading 56% proficiency, ranked #250 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.5%/yr); 316 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• Current owner paid $73k; list at $350k implies a 379% gain — meaningful room to come down on a strong offer.
• Cap rate 4.8% vs local median 3.3% in Walton Park — 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.
• This rent runs 42% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 149 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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 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.