92 Wichtree Rd

Zena, NY 12498

$415,000D+

3 bd · 1.5 ba · 1,033 sqft · Built 1954 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,703/mo
• Mortgage (P&I): −$2,176
• Tax + insurance: −$739
• HOA: −$0
• Vac / Maint / Mgmt: −$778
• Net cashflow: $10/mo
• Annual: $126/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.11%
• DSCR: 1.00
• 1% rule: 0.89%
• Cash to close: $116,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $415k.
• At list price, monthly cash flow is $10 ($126/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $370k (10.8% below list).
• It's been on market 19 days — a 2% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $370k (10.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#966 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, amenities F, commute F.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chambers School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 323 students, 57% FRL).
• Zoned-school proficiency averages 40% at this address vs 52% district-wide (-12 pts) — the specific schools serving this property underperform the Kingston City School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 72 active listings in the ZIP; 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 $85k; list at $415k implies a 388% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1954 — 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.