3 Kukas Rd

Monticello, NY 12701

$359,000D

4 bd · 1.5 ba · 1,724 sqft · Built 1960 · SingleFamily · Active · 198 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,217/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$512
• HOA: −$0
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-643/mo
• Annual: $-7,721/yr
• Cap rate: 4.14%
• Cash-on-cash: -7.68%
• DSCR: 0.66
• 1% rule: 0.62%
• Cash to close: $100,520

Investor read

• This is a 4-bed/1.5-bath single-family listed at $359k.
• At list price, monthly cash flow is $-643 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (31.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (38.2% below list).
• It's been on market 198 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (38.2% below list) — sets the bar for 1% rule.
• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#899 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: crime D, amenities F, commute F.
• Monticello Central School District (town): math 29% / reading 30% proficiency, ranked #577 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: George L Cooke School (592 students, 71% FRL); Robert J Kaiser Middle School (math 7% / reading 35%, grade F, #661 of 729 statewide, top 91%, 595 students, 66% FRL); Monticello High School (math 82% / reading 34%, grade C, #879 of 1,100 statewide, top 80%, 844 students, 63% FRL) — zoned schools average 67% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 188 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $90k; list at $359k implies a 299% 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.
• Cap rate 4.1% vs local median 3.4% in Monticello — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,217/mo this rent would consume 46% of the median local household income ($57k/yr) (locally 814% 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?
• It's been on market 198 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?