5562 New York 9g Rd · Catskill, NY 12534

$439,000

20 bd · 20.0 ba · 3,296 sqft · MultiFamily · 136 Days on market

Built 1980 Fair condition 4.80 ac lot $133/sqft · 33% below area Est $656k · 33% under ↓ 8% since listing

---

Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This income-producing multi-unit property spans a combined 4.8 acres across two parcels, located just minutes from Hudson and Germantown. The structure contains multiple residential units currently in use, with four units occupied with great tenants and one unit vacant, offering immediate income alongside flexibility for occupancy, renovation, or repositioning. The property features ample parking, outdoor space, and seasonal views, with the added benefit of surrounding open land that enhances privacy and the overall setting. Convenient access to the NYS Thruway, Taconic Parkway, and the Hudson Valley villages of Hudson, Red Hook, and Rhinebeck. Taxes shown reflect both parcels combined. New 2000 Gal Septic tank

Key facts

• Combined acres
• Additional land
• Natural setting

Tags

• MULTI-UNIT PROPERTY
• COMBINED ACRES
• EXISTING MULTI-UNIT STRUCTURE
• ADDITIONAL LAND
• NATURAL SETTING
• MULTIPLE RESIDENTIAL UNITS

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/5.0-bath units multifamily listed at $439k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $439k).
• Recommended offer: $386k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.9% vs local median 2.9% in Catskill — 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 69/100 on livability (#483 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+; Watch: schools C-, amenities F, commute F.
• Hudson City School District (town): math 38% / reading 47% proficiency, ranked #494 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.9%/yr); 162 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• At $12,447/mo this rent would consume 205% of the median local household income ($73k/yr) (locally 1083% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $123k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $36k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $386,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.84% ✓
• Cap rate: 24.88%
• Cash-on-cash: 66.38%
• DSCR: 3.95
• GRM: 2.9

CMA / ARV

• ARV (median comp): $656,363
• List price: $439,000
• Delta: -33.12%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 82.0%
• Equity multiple: 7.00×
• Total profit: $738,109
• Equity at exit: $395,486

10-year hold

• IRR: 78.0%
• Equity multiple: 17.24×
• Total profit: $1,996,395
• Equity at exit: $852,880

Cash invested: $122,920 (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 12534

• Home prices YoY: 5.6%
• Rents YoY: 10.9%
• Active inventory: 162
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $12,447 medium
• Mortgage (P&I): −$2,302
• Tax est. 1.5%: −$549 /mo · $6,585/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,614
• Net cashflow: $6,799

Break-even live

Break-even rent $3,840

Max offer price $439,000

Occupancy floor 40%

Sensitivity live

Price	-10% $7,103	-5% $6,951	+0% $6,799	+5% $6,648	+10% $6,496
Rent	-10% $5,816	-5% $6,308	+0% $6,799	+5% $7,291	+10% $7,783
Rate	-1.0pp $7,020	-0.5pp $6,911	base $6,799	+0.5pp $6,686	+1.0pp $6,570

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	5	$12,448
Total (4 units)			$12,447

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $439,000 Active 136 DOM
2. 2026-06-19
   days on market $439,000 Active 134 DOM
3. 2026-06-18
   days on market $439,000 Active 133 DOM
4. 2026-06-17
   days on market $439,000 Active 132 DOM
5. 2026-06-16
   days on market $439,000 Active 131 DOM
6. 2026-06-15
   days on market $439,000 Active 130 DOM
7. 2026-06-14
   days on market $439,000 Active 128 DOM
8. 2026-06-12
   days on market $439,000 Active 127 DOM
9. 2026-06-09
   days on market $439,000 Active 124 DOM
10. 2026-06-08
    days on market $439,000 Active 123 DOM
11. 2026-06-07
    days on market $439,000 Active 122 DOM
12. 2026-06-04
    days on market $439,000 Active 118 DOM
13. 2026-06-02
    days on market $439,000 Active 117 DOM
14. 2026-06-01
    days on market $439,000 Active 116 DOM
15. 2026-05-31
    days on market $439,000 Active 115 DOM
16. 2026-05-31
    days on market $439,000 Active 114 DOM
17. 2026-04-30
    status Active 720-char remark

    Show marketing remark (720 chars)

    This income-producing multi-unit property spans a combined 4.8 acres across two parcels, located just minutes from Hudson and Germantown. The structure contains multiple residential units currently in use, with four units occupied with great tenants and one unit vacant, offering immediate income alongside flexibility for occupancy, renovation, or repositioning. The property features ample parking, outdoor space, and seasonal views, with the added benefit of surrounding open land that enhances privacy and the overall setting. Convenient access to the NYS Thruway, Taconic Parkway, and the Hudson Valley villages of Hudson, Red Hook, and Rhinebeck. Taxes shown reflect both parcels combined. New 2000 Gal Septic tank

18. 2026-04-27
    historical Active Under Contract 720-char remark

    Show marketing remark (720 chars)

    This income-producing multi-unit property spans a combined 4.8 acres across two parcels, located just minutes from Hudson and Germantown. The structure contains multiple residential units currently in use, with four units occupied with great tenants and one unit vacant, offering immediate income alongside flexibility for occupancy, renovation, or repositioning. The property features ample parking, outdoor space, and seasonal views, with the added benefit of surrounding open land that enhances privacy and the overall setting. Convenient access to the NYS Thruway, Taconic Parkway, and the Hudson Valley villages of Hudson, Red Hook, and Rhinebeck. Taxes shown reflect both parcels combined. New 2000 Gal Septic tank

19. 2026-04-06
    price $439,000 720-char remark

    Show marketing remark (720 chars)

    This income-producing multi-unit property spans a combined 4.8 acres across two parcels, located just minutes from Hudson and Germantown. The structure contains multiple residential units currently in use, with four units occupied with great tenants and one unit vacant, offering immediate income alongside flexibility for occupancy, renovation, or repositioning. The property features ample parking, outdoor space, and seasonal views, with the added benefit of surrounding open land that enhances privacy and the overall setting. Convenient access to the NYS Thruway, Taconic Parkway, and the Hudson Valley villages of Hudson, Red Hook, and Rhinebeck. Taxes shown reflect both parcels combined. New 2000 Gal Septic tank

20. 2026-02-04
    listed $475,000 Active 720-char remark

    Show marketing remark (720 chars)

    This income-producing multi-unit property spans a combined 4.8 acres across two parcels, located just minutes from Hudson and Germantown. The structure contains multiple residential units currently in use, with four units occupied with great tenants and one unit vacant, offering immediate income alongside flexibility for occupancy, renovation, or repositioning. The property features ample parking, outdoor space, and seasonal views, with the added benefit of surrounding open land that enhances privacy and the overall setting. Convenient access to the NYS Thruway, Taconic Parkway, and the Hudson Valley villages of Hudson, Red Hook, and Rhinebeck. Taxes shown reflect both parcels combined. New 2000 Gal Septic tank

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,364
• − Mortgage interest: −$24,591
• − Property taxes: −$6,585
• − Insurance: −$2,195
• − Repairs & maintenance: −$11,949
• − Management: −$11,949
• − Depreciation: −$12,771
• Taxable income: $79,324
• Est. tax owed @ 24.0%: −$19,038
• After-tax cash flow: $62,554/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to its kitchens and bathrooms, as well as painting and landscaping. The home has good structural integrity and is located in a desirable area, making it a good investment opportunity.

Repairs flagged

• Major Kitchen cabinets — Worn and outdated
• Major Appliances — Older and outdated
• Major Bathroom fixtures — Older and outdated
• Major Flooring — Older and outdated
• Major Paint — Older and outdated

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value
• Both Bathroom renovation — Modernizing the bathrooms would significantly increase both resale and rental value
• Both Painting — Updating the paint would improve the home's curb appeal and interior aesthetics
• Both Landscaping — Landscaping would improve the home's curb appeal and increase its rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and outdated	Major	$15,000–50,000
Appliances · Older and outdated	Major	$15,000–50,000
Bathroom fixtures · Older and outdated	Major	$15,000–50,000
Flooring · Older and outdated	Major	$15,000–50,000
Paint · Older and outdated	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value ↑
• Both Bathroom renovation — Modernizing the bathrooms would significantly increase both resale and rental value ↑
• Both Painting — Updating the paint would improve the home's curb appeal and interior aesthetics ↑
• Both Landscaping — Landscaping would improve the home's curb appeal and increase its rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hudson City School District
• NCES district ID: 3614940
• Math proficiency: 38% ▲ 4.00%
• Reading proficiency: 47% ▲ 7.00%
• Median HH income: $44,663
• Composite: 36.03/100
• National rank: #4779
• State rank: #494 of 590 in NY

Livability — Catskill

• Score: 69/100
• State rank: #483
• US rank: #8498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Columbia County · 17,176 people
• City population: 10,169
• Metro: Hudson, NY
• Population (ZIP): 17,176
• Household income: $72,741
• Rent vs Own: 36.4% rent · 63.6% own
• Severe rent burden: 1083.0

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 58,662 people
• By 2030: 56,557 · -3.6%
• By 2040: 51,324 · -12.5%
• By 2050: 45,790 · -21.9%
• By 2075: 35,232 · -39.9%
• By 2100: 25,846 · -55.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 7% Black 7% Hispanic / Latino 7% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Iranian 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Chinese 1%

Political lean MEDSL · Columbia

• 2024 margin: D (+14.7) · D 57.4% · R 42.6%
• 2008→2024 swing: +1.3pp toward D · 2008: 13.4pp · 2024: 14.7pp
• All cycles: 2024: D+14.7 2020: D+16.7 2016: D+1.4 2012: D+11.7 2008: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.98%
• Current HPI: 490.0412
• Rent YoY: ▲ 10.88%
• Metro: Hudson, 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

-7.6% since first listed

4 events — show timeline

• 2026-04-30 Relisted — HVCRMLS
• 2026-04-27 Contingent — HVCRMLS
• 2026-04-06 Price Changed $439,000 HVCRMLS
• 2026-02-04 Listed $475,000 HVCRMLS