172 Main St · Cold Spring, NY 10516

$799,000

4 bd · 2.0 ba · 2,415 sqft · MultiFamily public records · 14 Days on market

Built 1860 4,615 sqft lot $331/sqft · 49% below area Est $1571k · 49% 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 +16.6/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• 1% rule +5.2/10.0
• DSCR +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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

Strong investment opportunity in the heart of Cold Spring Village. This well-positioned 2-family property offers immediate income with one unit currently occupied by a long-term tenant, providing stable, flexible cash flow with upside potential. The second unit is available for occupancy or leasing, allowing the next owner to optimize rents to market rates and enhance overall return. Each unit is 2 bedrooms and 1 bathroom. The main floor unit has a laundry room and basement access. This corner lot with its prime walk-to-town location, proximity to Metro-North, shops, dining, and the Hudson River, this property benefits from consistently strong rental demand and low vacancy risk. Ideal for i

Key facts

• 2 family property
• Strong rental demand
• Corner lot

Tags

• 2 FAMILY PROPERTY
• SECOND UNIT AVAILABLE
• CORNER LOT
• WALK TO TOWN LOCATION
• PROXIMITY TO METRO NORTH
• STRONG RENTAL DEMAND

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer; Electricity available
• Home design: Duplex
• Construction: Wood siding construction
• Exterior features: Wood siding; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Two 2-bedroom units (duplex configuration)
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot water heating; Oil-fired heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Eat-in kitchen; Entrance foyer; Finished basement

🏷️ Possibly a rental listed for sale. The $799,000 price doesn't fit this home's estimated sale value (~$1,570,788) 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 $799k.

Deal economics

• At list price, monthly cash flow is $431 ($5k/yr) — positive. Per door: $215/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $799k).

Location & tenants

• Location reads 81/100 on livability (#97 in NY, #1,466 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Haldane Central School District (town): math 65% / reading 83% proficiency, ranked #84 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Haldane Elementary School (math 57% / reading 77%, grade B+, #525 of 2,108 statewide, top 27%, 292 students, 18% FRL); Haldane Middle School (math 57% / reading 82%, grade A, #89 of 729 statewide, top 12%, 197 students, 16% FRL); Haldane High School (math 98% / reading 92%, grade A+, #93 of 1,100 statewide, top 10%, 314 students, 17% FRL).
• Market conditions: 38 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $270k; list at $799k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $799,000

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 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
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: 1.02% ✓
• Cap rate: 7.02%
• Cash-on-cash: 2.61%
• DSCR: 1.12
• GRM: 8.1

CMA / ARV

• ARV (median comp): $1,570,788
• List price: $799,000
• Delta: -49.13%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
197-199 Main St	0.09mi	4/2.0	2,280 (-6%)	17mo	$745,000	$327	72

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.55×
• Total profit: $-101,584
• Equity at exit: $119,133

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-51,326
• Equity at exit: $69,083

Cash invested: $223,720 (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 10516

• Home prices YoY: -31.9%
• Active inventory: 38
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $8,187 high
• Mortgage (P&I): −$4,190
• Tax from tax record: −$1,458 /mo · $17,499/yr
• Insurance: −$333
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,719
• Net cashflow: $431

Break-even live

Break-even rent $7,641

Max offer price $799,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$8,186
Total (2 units)			$8,187

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
376 Lane Gate Rd Cold Spring, NY	4.0	3.0	2616	$6,500	$2.48	44d	1	1.35mi

Listing history 2 events

1. 2026-04-14
   listed $799,000 Active 846-char remark
2. 1993-04-30
   soldstatus $270,000

ⓘ 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: $17,499 · $1,458/mo
• Projected year-2 tax: $17,499 · $1,458/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $98,244
• − Mortgage interest: −$44,756
• − Property taxes: −$17,499
• − Insurance: −$4,662
• − Repairs & maintenance: −$7,860
• − Management: −$7,860
• − Depreciation: −$23,244
• Taxable loss: −$7,636
• Est. tax savings @ 24.0%: +$1,833
• After-tax cash flow: $7,004/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: Haldane Central School District
• NCES district ID: 3613230
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 83% ▲ 11.00%
• Median HH income: $81,824
• Composite: 65.66/100
• National rank: #462
• State rank: #84 of 590 in NY

Livability — Cold Spring

• Score: 81/100
• State rank: #97
• US rank: #1466

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cold Spring, NY
• Population (ZIP): 5,607

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Black 5% Two or more races 4%
• Common ancestry: Russian 5% Romanian 4% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 4% French/Haitian/Cajun 3% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.80%
• Current HPI: 259.5306
• Rent YoY: —
• Metro: —
• 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

+195.9% since first listed

3 events — show timeline

• 2026-05-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-14 Listed $799,000 OneKey® MLS as Distributed by MLS Grid
• 1993-04-30 Sold (Public Records) $270,000 Public Records

Property tax history

+14.9%/yr

Latest (2025): $17,499 · +2.0% YoY. Source: county tax records.