1 Peters Pl

Plattekill, NY 12589

$499,900D

5 bd · 4.5 ba · 4,360 sqft · Built 1992 · SingleFamily · Active · 273 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,304/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$695
• HOA: −$0
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-1,497/mo
• Annual: $-17,961/yr
• Cap rate: 2.70%
• Cash-on-cash: -12.83%
• DSCR: 0.43
• 1% rule: 0.46%
• Cash to close: $139,972

Investor read

• This is a 5-bed/4.5-bath single-family listed at $500k.
• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (52.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (53.9% below list).
• It's been on market 273 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (53.9% below list) — sets the bar for 1% rule.
• In year one you build about $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#831 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, employment A, housing B; Watch: cost of living D+, amenities F, commute F.
• Wallkill Central School District (suburban): math 54% / reading 56% proficiency, ranked #279 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: John G Borden Middle School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 432 students, 37% FRL); Wallkill Senior High School (math 97% / reading 75%, grade A, #347 of 1,100 statewide, top 32%, 1,004 students, 34% FRL).
• Market conditions: 102 active listings in the ZIP; 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.
• 9 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 $250k; list at $500k implies a 100% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.7% vs local median 1.9% in Plattekill — 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

• 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 273 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
• 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.
• 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.