18 Elting Ln

Woodstock, NY 12409

$525,000C

2 bd · 2.0 ba · 1,502 sqft · Built 1951 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,500/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$708
• HOA: −$0
• Vac / Maint / Mgmt: −$1,155
• Net cashflow: $884/mo
• Annual: $10,604/yr
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• 1% rule: 1.05%
• Cash to close: $147,000

Investor read

• This is a 2-bed/2.0-bath single-family listed at $525k.
• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• It's been on market 18 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $517k (1.5% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($4k loan paydown + $12k appreciation (2.3% local appreciation)).
• Location reads 77/100 on livability (#205 in NY, #3,176 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, amenities A+, health & safety A+; Watch: employment D, commute F, cost of living F.
• Onteora Central School District (rural): math 58% / reading 59% proficiency, ranked #288 of 755 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Onteora High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 413 students, 44% FRL).
• Zoned-school proficiency averages 91% at this address vs 58% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Onteora Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Current owner paid $275k; list at $525k implies a 91% gain — meaningful room to come down on a strong offer.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $147k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.3% vs local median 2.6% in Woodstock — 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

• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.