7 Brodie Rd #14

Chelsea Cove, NY 12533

$47,500B

1 bd · 1.0 ba · 420 sqft · Built 1950 · Condo · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,618/mo
• Mortgage (P&I): −$249
• Tax + insurance: −$79
• HOA: −$264
• Vac / Maint / Mgmt: −$340
• Net cashflow: $686/mo
• Annual: $8,230/yr
• Cap rate: 23.62%
• Cash-on-cash: 61.88%
• DSCR: 3.75
• 1% rule: 3.41%
• Cash to close: $13,300

Investor read

• This is a 1-bed/1.0-bath condo listed at $48k. Condition is rated good.
• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Wappingers Central School District (suburban): math 53% / reading 65% proficiency, ranked #207 of 590 in NY (top 35%) — 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: 202 active listings in the ZIP; high-income renter base; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.6% vs local median 2.5% in Chelsea Cove — 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 is only 14% of the median local income ($142k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.