2761 Route 6 · Middletown, NY 10973

$550,000

5 bd · 3.0 ba · 3,440 sqft · MultiFamily public records · 4 Days on market

Built 1900 5,662 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• Cash flow +9.0/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.1/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to this well-maintained investment property offering strong returns and long-term potential. Each unit features separate gas and electric services for convenience and efficiency. The first unit is a spacious duplex with 2–3 bedrooms and 1½ baths, while the second and third units each provide 2 bedrooms and full baths. With generous living areas and kitchens, low taxes, and rents currently below market value, this property offers excellent upside for increased revenue. Conveniently located near highways, schools, and shopping — this is an opportunity you don’t want to miss!

Key facts

• Spacious duplex
• 5,662 sq ft lot
• 5 parking spots

Tags

• SPACIOUS DUPLEX
• GENEROUS LIVING AREAS

Property features AI

Exterior

• Parking: Five total parking spaces; No carport
• Utilities: Sewer: Other; Cable available
• Home design: Triplex; Estimated condition
• Construction: Aluminum siding and frame construction
• Exterior features: Level lot; Not waterfront

Interior

• Kitchen: Eat-in and galley kitchen layouts
• Bedrooms: Three 2-bedroom units
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Baseboard heating; No central cooling
• Interior features: Eat-in kitchen; Entrance foyer; Galley-style kitchen; High-speed internet; Unfinished basement; Attic with scuttle access
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $-484 ($-6k/yr) — negative. Per door: $-242/mo.
• To cash-flow at today's rent, offer at most $464k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $402k (27.0% below list).
• Recommended offer: $402k (27.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.3% in Middletown — 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.

Location & tenants

• Location reads 82/100 on livability (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-.
• 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: Minisink Valley Elementary School (475 students, 26% 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).
• Market conditions: 47 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).

Forward outlook

• In year one you build about $59k of equity ($4k loan paydown + $55k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $115k; list at $550k implies a 378% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $401,600 (27.0% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.34%
• DSCR: 0.85
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 2.74×
• Total profit: $268,675
• Equity at exit: $495,484

10-year hold

• IRR: 19.5%
• Equity multiple: 6.29×
• Total profit: $815,401
• Equity at exit: $1,068,529

Cash invested: $154,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10973

• Home prices YoY: 12.3%
• Active inventory: 47
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $4,016 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$488 /mo · $5,855/yr
• Insurance: −$229
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$843
• Net cashflow: $-484

Break-even live

Break-even rent $4,629

Max offer price $464,456

Occupancy floor —

Sensitivity live

Price	-10% $-173	-5% $-329	+0% $-484	+5% $-640	+10% $-796
Rent	-10% $-802	-5% $-643	+0% $-484	+5% $-326	+10% $-167
Rate	-1.0pp $-207	-0.5pp $-344	base $-484	+0.5pp $-627	+1.0pp $-772

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,016
Total (2 units)			$4,016

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $550,000 Active 4 DOM
2. 2026-06-17
   remarks 588-char remark
3. 2026-06-17
   listed $550,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,855 · $488/mo
• Projected year-2 tax: $7,575 · $631/mo
• Expected delta: +$1,720/yr (+$143/mo · 29.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,192
• − Mortgage interest: −$30,809
• − Property taxes: −$5,855
• − Insurance: −$3,416
• − Repairs & maintenance: −$3,855
• − Management: −$3,855
• − Depreciation: −$16,000
• Taxable loss: −$15,599
• Est. tax savings @ 24.0%: +$3,744
• After-tax cash flow: $-2,067/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Minisink Valley Central School District
• NCES district ID: 3619560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 59% ▲ 5.00%
• Median HH income: $84,292
• Composite: 50.18/100
• National rank: #1897
• State rank: #254 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

Amenities A+ Commute C- Cost of living C Crime B- Employment C+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 68,033
• Population (ZIP): 2,300

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 22% Two or more races 15% Black 8% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 10% Dominican 3%
• Common ancestry: Romanian 3% Portuguese 2% Scotch-Irish 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 31.96%
• Current HPI: 292.1751
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+378.3% since first listed

8 events — show timeline

• 2026-06-17 Listed $550,000 OneKey® MLS as Distributed by MLS Grid
• 2026-06-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-06-11 Listed $525,000 OneKey® MLS as Distributed by MLS Grid
• 2013-12-31 Delisted — HGMLS
• 2013-12-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-03-27 Listed — HGMLS
• 2013-03-27 Listed $274,999 OneKey® MLS as Distributed by MLS Grid
• 1991-12-10 Sold (Public Records) $115,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $5,855 · +3.0% YoY. Source: county tax records.