167 Salem St

Port Ewen, NY 12429

$464,999D-

4 bd · 2.0 ba · 1,952 sqft · Built 1890 · MultiFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,965/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$756
• HOA: −$0
• Vac / Maint / Mgmt: −$833
• Net cashflow: $-62/mo
• Annual: $-748/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• 1% rule: 0.85%
• Cash to close: $130,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $465k.
• At list price, monthly cash flow is $-62 ($-748/yr) — negative. Per door: $-31/mo.
• To cash-flow at today's rent, offer at most $454k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (14.7% below list).
• It's been on market 35 days — a 3% lower offer ($451k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $396k (14.7% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($3k loan paydown + $14k appreciation (3.0% local appreciation)).
• Location reads 69/100 on livability (#469 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: 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: Robert R Graves School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 316 students, 51% FRL); J Watson Bailey Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 968 students, 53% 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 63% FRL vs 45% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 66% at this address vs 52% district-wide (+15 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.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 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.
• 5 sale attempts since 2y 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 $310k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — 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.
• 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.