54-58 De Liso Ln

Carmel, NY 10541

$899,000B+

12 bd · 4.5 ba · 3,039 sqft · Built 1963 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,467/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,498
• HOA: −$0
• Vac / Maint / Mgmt: −$2,828
• Net cashflow: $4,426/mo
• Annual: $53,114/yr
• Cap rate: 12.20%
• Cash-on-cash: 21.10%
• DSCR: 1.94
• 1% rule: 1.50%
• Cash to close: $251,720

Investor read

• This is a 3 × 4-bed/1.5-bath units multifamily listed at $899k. Condition is rated good.
• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $899k).
• It's been on market 43 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $872k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Mahopac Central School District (suburban): math 61% / reading 65% proficiency, ranked #156 of 590 in NY (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Austin Road Elementary School (math 42% / reading 67%, grade C, #908 of 2,108 statewide, top 46%, 585 students, 22% FRL); Mahopac Middle School (math 56% / reading 70%, grade B+, #129 of 729 statewide, top 18%, 926 students, 24% FRL); Mahopac High School (math 97% / reading 72%, grade A, #379 of 1,100 statewide, top 36%, 1,254 students, 24% FRL) — zoned schools average 23% FRL vs 8% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 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 $650k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.2% vs local median 1.9% in Carmel — 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.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1963 — 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.
• 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 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.