701 Zena Highwoods Rd

Zena, NY 12498

$749,000B

5 bd · 4.5 ba · 2,859 sqft · Built 1979 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,500/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$1,492
• HOA: −$0
• Vac / Maint / Mgmt: −$2,625
• Net cashflow: $4,455/mo
• Annual: $53,462/yr
• Cap rate: 13.43%
• Cash-on-cash: 25.49%
• DSCR: 2.13
• 1% rule: 1.67%
• Cash to close: $209,720

Investor read

• This is a 5-bed/4.5-bath single-family listed at $749k.
• At list price, monthly cash flow is $4k ($53k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $749k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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: E R Crosby Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 303 students, 61% FRL); Kingston High School (math 94% / reading 91%, grade A+, #153 of 1,100 statewide, top 14%, 1,856 students, 85% FRL) — zoned schools average 73% FRL vs 45% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 70% at this address vs 52% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Kingston City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 72 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.
• 2 sale attempts 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 $168k; list at $749k implies a 347% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1979 — 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?
• 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.