8 Roberts St · Middletown, NY 10940

$460,000

5 bd · 2.0 ba · 2,132 sqft · MultiFamily public records · 28 Days on market

Built 1903 2,553 sqft lot $216/sqft · 36% below area Est $720k · 36% 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 +15.2/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Rent growth +4.6/5.0
• 1% rule +4.3/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• 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 MLS

Looking for a great investment opportunity in the heart of Middletown? Come check out this partially rented, well kept, and recently updated 2 family house! Some updates include a newer roof, newer heating system, and a freshly painted exterior. The units have a flowing layouts, tall ceilings and tall windows, letting in lots of natural light. With a great long term tenant upstairs, and the option to occupy, or rent the downstairs unit for additional income, the opportunity is there, and the choice is yours. Heat and water are included with the rent. Inquire today!

Key facts

• 2-family home
• High ceilings
• Rental income

Tags

• 2-FAMILY HOME
• HIGH CEILINGS
• BRIGHT AIRY INTERIORS
• GENEROUSLY SIZED ROOMS
• MULTI-GENERATIONAL LIVING
• RENTAL INCOME

Property features AI

Exterior

• Parking: Off-street parking; Driveway; Two parking spaces
• Security: Smoke detectors
• Utilities: Public sewer; Trash collection (public)
• Home design: Duplex; Stone foundation
• Construction: Brick construction; Unfinished attic; Full unfinished basement
• Exterior features: Partial fencing; Level lot

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; No central air
• Interior features: First-floor bedroom; First-floor full bath; Porch; Mailbox

🏷️ Possibly a rental listed for sale. The $460,000 price doesn't fit this home's estimated sale value (~$720,318) 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/1.0-bath units multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive. Per door: $79/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $426k (7.4% below list).
• Recommended offer: $426k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.3% in Middletown — 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 82/100 on livability (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-, schools D+.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $4,260/mo this rent would consume 59% of the median local household income ($87k/yr) (locally 1846% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $305k; list at $460k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $426,000 (7.4% below list)

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 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 9.0

CMA / ARV

• ARV (median comp): $720,318
• List price: $460,000
• Delta: -36.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Academy Ave	0.10mi	6/3.0 (+1)	2,230 (+5%)	9mo	$575,000	$258	71
14 Albert St	0.49mi	4/2.0 (-1)	2,144 (+1%)	1mo	$385,000	$180	71
44 Houston Ave	0.28mi	5/2.0	2,440 (+14%)	4mo	$370,000	$152	59
75 Academy Ave	0.34mi	5/2.0	2,247 (+5%)	22mo	$430,000	$191	57
126 W Main St	0.50mi	6/4.0 (+1)	2,074 (-3%)	3mo	$580,000	$280	56
48 Mulberry St	0.48mi	4/2.0 (-1)	2,076 (-3%)	16mo	$340,000	$164	55
17 Academy Ave	0.09mi	6/3.0 (+1)	2,400 (+13%)	14mo	$620,000	$258	54
145 W Main St	0.57mi	6/2.0 (+1)	2,162 (+1%)	22mo	$355,000	$164	47
79 Montgomery St	0.37mi	6/3.0 (+1)	2,388 (+12%)	19mo	$400,000	$168	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.68×
• Total profit: $-41,834
• Equity at exit: $68,587

10-year hold

• IRR: 6.7%
• Equity multiple: 1.62×
• Total profit: $79,388
• Equity at exit: $39,772

Cash invested: $128,800 (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 10940

• Home prices YoY: -18.7%
• Rents YoY: 8.2%
• Active inventory: 273
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $4,260 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$603 /mo · $7,232/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$895
• Net cashflow: $159

Break-even live

Break-even rent $4,059

Max offer price $460,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,260
Total (2 units)			$4,260

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7 Mulberry St Middletown, NY	4.0	1.5	1696	$2,800	$1.65	44d	1	0.29mi
128 W Main St Unit 1 Middletown, NY	5.0	3.5	2350	$3,500	$1.49	43d	1	0.49mi
184 Highland Ave Middletown, NY	4.0	2.0	1486	$3,500	$2.36	23d	1	0.80mi

Listing history 19 events

1. 2026-06-10
   days on market $460,000 Active 28 DOM
2. 2026-06-09
   days on market $460,000 Active 27 DOM
3. 2026-06-08
   days on market $460,000 Active 26 DOM
4. 2026-06-07
   days on market $460,000 Active 25 DOM
5. 2026-06-05
   days on market $460,000 Active 22 DOM
6. 2026-06-03
   days on market $460,000 Active 21 DOM
7. 2026-06-02
   days on market $460,000 Active 20 DOM
8. 2026-06-01
   days on market $460,000 Active 19 DOM
9. 2026-05-31
   days on market $460,000 Active 18 DOM
10. 2026-05-30
    days on market $460,000 Active 17 DOM
11. 2026-05-10
    listed $460,000 Active 478-char remark
12. 2022-04-12
    soldstatus $305,000
13. 2022-03-04
    soldstatus $305,000 Closed 571-char remark

    Show marketing remark (571 chars)

    Looking for a great investment opportunity in the heart of Middletown? Come check out this partially rented, well kept, and recently updated 2 family house! Some updates include a newer roof, newer heating system, and a freshly painted exterior. The units have a flowing layouts, tall ceilings and tall windows, letting in lots of natural light. With a great long term tenant upstairs, and the option to occupy, or rent the downstairs unit for additional income, the opportunity is there, and the choice is yours. Heat and water are included with the rent. Inquire today!

14. 2021-11-30
    status Pending 571-char remark

    Show marketing remark (571 chars)

    Looking for a great investment opportunity in the heart of Middletown? Come check out this partially rented, well kept, and recently updated 2 family house! Some updates include a newer roof, newer heating system, and a freshly painted exterior. The units have a flowing layouts, tall ceilings and tall windows, letting in lots of natural light. With a great long term tenant upstairs, and the option to occupy, or rent the downstairs unit for additional income, the opportunity is there, and the choice is yours. Heat and water are included with the rent. Inquire today!

15. 2021-10-21
    price $310,000 571-char remark

    Show marketing remark (571 chars)

    Looking for a great investment opportunity in the heart of Middletown? Come check out this partially rented, well kept, and recently updated 2 family house! Some updates include a newer roof, newer heating system, and a freshly painted exterior. The units have a flowing layouts, tall ceilings and tall windows, letting in lots of natural light. With a great long term tenant upstairs, and the option to occupy, or rent the downstairs unit for additional income, the opportunity is there, and the choice is yours. Heat and water are included with the rent. Inquire today!

16. 2021-09-01
    listed $315,000 Active 571-char remark

    Show marketing remark (571 chars)

    Looking for a great investment opportunity in the heart of Middletown? Come check out this partially rented, well kept, and recently updated 2 family house! Some updates include a newer roof, newer heating system, and a freshly painted exterior. The units have a flowing layouts, tall ceilings and tall windows, letting in lots of natural light. With a great long term tenant upstairs, and the option to occupy, or rent the downstairs unit for additional income, the opportunity is there, and the choice is yours. Heat and water are included with the rent. Inquire today!

17. 2004-11-04
    soldstatus $215,000
18. 1990-02-28
    soldstatus $110,000
19. 1986-10-02
    soldstatus $42,500

ⓘ 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: $7,232 · $603/mo
• Projected year-2 tax: $7,503 · $625/mo
• Expected delta: +$271/yr (+$23/mo · 3.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,120
• − Mortgage interest: −$25,767
• − Property taxes: −$7,232
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,090
• − Management: −$4,090
• − Depreciation: −$13,382
• Taxable loss: −$5,740
• Est. tax savings @ 24.0%: +$1,378
• After-tax cash flow: $3,283/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: Middletown City School District
• NCES district ID: 3619320
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 55% ▲ 19.00%
• Median HH income: $54,612
• Composite: 41.52/100
• National rank: #3453
• State rank: #411 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, NY
• County: Orange County · 267,004 people
• City population: 68,033
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 53,611
• Household income: $87,080
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1846.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Hispanic / Latino 32% Black 20% Two or more races 13% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Dominican 3%
• Common ancestry: Romanian 3% Italian 1% Iranian 1%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.68%
• Current HPI: 311.5969
• Rent YoY: ▲ 8.23%
• 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

+982.4% since first listed

9 events — show timeline

• 2026-05-10 Listed $460,000 OneKey® MLS as Distributed by MLS Grid
• 2022-04-12 Sold (Public Records) $305,000 Public Records
• 2022-03-04 Sold (MLS) $305,000 OneKey® MLS as Distributed by MLS Grid
• 2021-11-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-10-21 Price Changed $310,000 OneKey® MLS as Distributed by MLS Grid
• 2021-09-01 Listed $315,000 OneKey® MLS as Distributed by MLS Grid
• 2004-11-04 Sold (Public Records) $215,000 Public Records
• 1990-02-28 Sold (Public Records) $110,000 Public Records
• 1986-10-02 Sold (Public Records) $42,500 Public Records

Property tax history

+2.8%/yr

Latest (2025): $7,232 · +13.0% YoY. Source: county tax records.