9 Gray St · Poughkeepsie, NY 12603

$299,900

6 bd · 2.0 ba · 2,208 sqft · MultiFamily public records · 6 Days on market

Built 1910 3,484 sqft lot Est $380k · 21% under

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Why this score? — see what drove the C+ 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).

• Cash flow +21.8/30.0
• ARV discount +15.0/15.0
• 1% rule +8.8/10.0
• DSCR +6.9/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Two unit home featuring large two bedroom apartments with separate utilities. Gas furnaces and hot water heaters. Separate entrances as well as front and back porches. Full walk up attic and full basement for storage, laundry or whatever you would need the extra space for. The second floor is vacant for easy log and go showings, the first floor would require 24 hour notice if you would like to see both at the same viewing. Long time tenant on the first floor would be happy to stay if desired. This home is close to public transportation, schools & the main street corridor. Walk to Raymond Avenue farm market as well as restaurants in the area. Some updating needed but can provide positi

Key facts

• Separate utilities
• Hot water heaters
• Separate entrances

Tags

• LARGE TWO BEDROOM APARTMENTS
• SEPARATE UTILITIES
• GAS FURNACES
• HOT WATER HEATERS
• SEPARATE ENTRANCES
• FRONT AND BACK PORCHES

Property features AI

Exterior

• Parking: Detached parking
• Utilities: Public sewer; Water connected; Electricity connected; Natural gas connected; Cable available; Public trash collection
• Home design: Duplex; Entry includes a porch
• Construction: Frame construction with wood siding; Slab foundation
• Exterior features: Level lot; Near public transit; Not waterfront

Interior

• Kitchen: Eat-in kitchen; Pantry
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Eat-in kitchen; Entrance foyer; Formal dining room; Natural woodwork; Original details; Pantry; Washer/dryer hookup; Storm windows; Front porch
• Laundry & utility: Washer/dryer hookup

🏷️ Possibly a rental listed for sale. The $299,900 price doesn't fit this home's estimated sale value (~$379,776) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $464 ($6k/yr) — positive. Per door: $232/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 8.1% vs local median 3.4% in Poughkeepsie — 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 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Poughkeepsie City School District (suburban): math 29% / reading 42% proficiency, ranked #559 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gov George Clinton School (math 5% / reading 44%, grade F, #1,825 of 2,108 statewide, top 88%, 222 students, 77% FRL); Poughkeepsie Middle School (math 8% / reading 37%, grade F, #650 of 729 statewide, top 90%, 877 students, 82% FRL); Poughkeepsie High School (math 59% / reading 67%, grade B-, #819 of 1,100 statewide, top 74%, 1,165 students, 74% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising (+2.0%/yr); 209 active listings in the ZIP; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $4,132/mo this rent would consume 48% of the median local household income ($104k/yr) (locally 1404% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.38% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $379,776
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30 S White St	0.07mi	5/2.0 (-1)	2,100 (-5%)	8mo	$380,000	$181	77
1 Gray St	0.03mi	6/2.0	2,452 (+11%)	4mo	$349,000	$142	77
7 Fox Ter	0.07mi	6/2.0	2,000 (-9%)	10mo	$350,000	$175	72
328 Church St	0.11mi	5/2.0 (-1)	2,473 (+12%)	8mo	$340,000	$137	63
50 Manitou Ave	0.27mi	5/2.0 (-1)	2,240 (+1%)	22mo	$353,000	$158	61
24 North White St	0.33mi	6/2.0	2,400 (+9%)	16mo	$215,000	$90	57
236 Mansion St	0.62mi	6/2.0	2,100 (-5%)	7mo	$444,500	$212	57
8 Hoffman Ave	0.48mi	5/2.0 (-1)	2,184 (-1%)	24mo	$135,000	$62	51
69 Glenwood Ave	0.45mi	6/3.0	2,475 (+12%)	7mo	$425,000	$172	49
138 Montgomery St	0.39mi	5/2.0 (-1)	2,000 (-9%)	15mo	$725,000	$363	49
33 Manitou Ave	0.26mi	5/2.0 (-1)	2,450 (+11%)	21mo	$422,000	$172	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.96% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.73×
• Total profit: $-22,823
• Equity at exit: $44,716

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,041
• Equity at exit: $25,930

Cash invested: $83,972 (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 12603

• Rents YoY: 2.0%
• Active inventory: 209
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $4,132 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$1,103 /mo · $13,233/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$868
• Net cashflow: $464

Break-even live

Break-even rent $3,545

Max offer price $299,900

Occupancy floor 84%

Sensitivity live

Price	-10% $634	-5% $549	+0% $464	+5% $379	+10% $294
Rent	-10% $137	-5% $301	+0% $464	+5% $627	+10% $790
Rate	-1.0pp $615	-0.5pp $540	base $464	+0.5pp $386	+1.0pp $307

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,132
Total (2 units)			$4,132

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-15
   days on market $299,900 Active 6 DOM
2. 2026-06-14
   days on market $299,900 Active 4 DOM
3. 2026-06-10
   remarks 695-char remark
4. 2026-06-10
   listed $299,900 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: $13,233 · $1,103/mo
• Projected year-2 tax: $13,233 · $1,103/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,584
• − Mortgage interest: −$16,799
• − Property taxes: −$13,233
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,967
• − Management: −$3,967
• − Depreciation: −$8,724
• Taxable income: $1,395
• Est. tax owed @ 24.0%: −$335
• After-tax cash flow: $5,232/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: Poughkeepsie City School District
• NCES district ID: 3623760
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 42% ▲ 12.00%
• Median HH income: $39,159
• Composite: 29.68/100
• National rank: #6459
• State rank: #559 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poughkeepsie, NY
• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 42,304
• Household income: $103,538
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 1404.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 2% Iranian 1%
• Foreign-born: 15% · Canada, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 4% German/W. Germanic 2%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -377.61%
• Current HPI: 252.7003
• Rent YoY: ▲ 1.96%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• 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

+122.1% since first listed

3 events — show timeline

• 2026-06-09 Listed $299,900 OneKey® MLS as Distributed by MLS Grid
• 2013-12-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-05-02 Listed $135,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $13,233 · +50.5% YoY. Source: county tax records.