129 Franklin Ave · Monroe, NY 10950

$589,999

5 bd · 2.0 ba · 2,298 sqft · MultiFamily public records · 64 Days on market

Built 1967 0.28 ac lot $257/sqft · 20% below area Est $735k · 20% 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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• DSCR +3.8/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity & Location! Renovated Colonial-style home located in the Village of Monroe, NY. This bright and spacious home features sunny, oversized rooms and all municipal services. Perfect for entertaining, it is conveniently close to shopping, public transportation, major highways, and everyday conveniences. Situated in a wonderful neighborhood with so much to offer, this home is just waiting for you.

Key facts

• Close to shopping
• Major highways
• 0.28 acre lot

Tags

• RENOVATED COLONIAL-STYLE HOME
• CLOSE TO SHOPPING
• PUBLIC TRANSPORTATION
• MAJOR HIGHWAYS
• WONDERFUL NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $590k.

Deal economics

• At list price, monthly cash flow is $-74 ($-893/yr) — negative.
• To cash-flow at today's rent, offer at most $577k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $575k (2.5% below list).
• Recommended offer: $555k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.2% in Monroe — 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.

Location & tenants

• Location reads 72/100 on livability (#351 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living F.
• Monroe-Woodbury Central School District (suburban): math 50% / reading 56% proficiency, ranked #250 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.5%/yr); 316 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $5,751/mo this rent would consume 87% of the median local household income ($79k/yr) (locally 3149% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($555k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $35k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $554,599 (6.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

• ARV (median comp): $735,324
• List price: $589,999
• Delta: -19.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.5% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.34×
• Total profit: $-108,476
• Equity at exit: $87,971

10-year hold

• IRR: -15.3%
• Equity multiple: 0.20×
• Total profit: $-132,908
• Equity at exit: $51,012

Cash invested: $165,200 (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 10950

• Rents YoY: 1.5%
• Active inventory: 316
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $5,751 medium
• Mortgage (P&I): −$3,094
• Tax from tax record: −$1,278 /mo · $15,334/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,208
• Net cashflow: $-74

Break-even live

Break-even rent $5,845

Max offer price $576,859

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,750
Total (2 units)			$5,751

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: $147,500
• Closing costs: $17,700
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
80 N Main St Monroe, NY	4.0	2.0	1722	$2,900	$1.68	13d	1	0.22mi
7 Brewster Rd Monroe, NY	4.0	2.0	3000	$3,800	$1.27	13d	1	0.92mi
4 Millard Cir Monroe, NY	4.0	3.0	2319	$5,200	$2.24	23d	1	0.99mi
11 Ethan Cir Monroe, NY	5.0	2.5	1854	$3,800	$2.05	13d	1	1.08mi
79 Quaker Hill Rd Unit 2 Monroe, NY	5.0	2.0	2084	$3,300	$1.58	43d	1	1.10mi
79 Quaker Hill Rd Monroe, NY	5.0	3.0	2300	$3,300	$1.43	43d	1	1.10mi
454 Round Lake Park Rd Monroe, NY	4.0	2.0	1675	$3,900	$2.33	23d	1	1.33mi

Listing history 33 events

1. 2026-06-18
   days on market $589,999 Active 64 DOM
2. 2026-06-17
   days on market $589,999 Active 63 DOM
3. 2026-06-16
   days on market $589,999 Active 62 DOM
4. 2026-06-15
   days on market $589,999 Active 61 DOM
5. 2026-06-14
   days on market $589,999 Active 59 DOM
6. 2026-06-10
   days on market $589,999 Active 56 DOM
7. 2026-06-09
   days on market $589,999 Active 55 DOM
8. 2026-06-08
   days on market $589,999 Active 54 DOM
9. 2026-06-07
   days on market $589,999 Active 53 DOM
10. 2026-06-05
    days on market $589,999 Active 50 DOM
11. 2026-06-03
    days on market $589,999 Active 49 DOM
12. 2026-06-03
    price $589,999 Active 48 DOM
13. 2026-06-02
    days on market $599,999 Active 48 DOM
14. 2026-06-01
    days on market $599,999 Active 47 DOM
15. 2026-05-31
    days on market $599,999 Active 46 DOM
16. 2026-05-30
    days on market $599,999 Active 45 DOM
17. 2026-05-10
    price $599,999 410-char remark

    Show marketing remark (410 chars)

    Opportunity & Location! Renovated Colonial-style home located in the Village of Monroe, NY. This bright and spacious home features sunny, oversized rooms and all municipal services. Perfect for entertaining, it is conveniently close to shopping, public transportation, major highways, and everyday conveniences. Situated in a wonderful neighborhood with so much to offer, this home is just waiting for you.

18. 2026-05-07
    price $620,000 410-char remark

    Show marketing remark (410 chars)

    Opportunity & Location! Renovated Colonial-style home located in the Village of Monroe, NY. This bright and spacious home features sunny, oversized rooms and all municipal services. Perfect for entertaining, it is conveniently close to shopping, public transportation, major highways, and everyday conveniences. Situated in a wonderful neighborhood with so much to offer, this home is just waiting for you.

19. 2026-04-15
    listed $625,000 Active 410-char remark

    Show marketing remark (410 chars)

    Opportunity & Location! Renovated Colonial-style home located in the Village of Monroe, NY. This bright and spacious home features sunny, oversized rooms and all municipal services. Perfect for entertaining, it is conveniently close to shopping, public transportation, major highways, and everyday conveniences. Situated in a wonderful neighborhood with so much to offer, this home is just waiting for you.

20. 2025-07-11
    price $620,000
21. 2025-06-30
    price $670,000
22. 2025-01-30
    listed $699,999 Active
23. 2024-12-28
    historical
24. 2024-08-27
    listed $750,000 Active
25. 2023-10-31
    historical
26. 2023-08-09
    price $799,999
27. 2023-04-30
    price $749,999
28. 2023-03-24
    listed $799,999 Active
29. 2022-08-17
    soldstatus $600,000
30. 2022-07-28
    soldstatus $594,000 Closed
31. 2022-04-02
    status Pending
32. 2022-03-13
    listed $499,900 Active
33. 2022-03-07
    historical $499,900

ⓘ 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: $15,334 · $1,278/mo
• Projected year-2 tax: $15,334 · $1,278/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,012
• − Mortgage interest: −$33,049
• − Property taxes: −$15,334
• − Insurance: −$2,950
• − Repairs & maintenance: −$5,521
• − Management: −$5,521
• − Depreciation: −$17,164
• Taxable loss: −$10,526
• Est. tax savings @ 24.0%: +$2,526
• After-tax cash flow: $1,634/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: Monroe-Woodbury Central School District
• NCES district ID: 3619650
• Math proficiency: 50% ▼ -17.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $104,681
• Composite: 50.48/100
• National rank: #1855
• State rank: #250 of 590 in NY

Livability — Monroe

• Score: 72/100
• State rank: #351
• US rank: #5919

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monroe, NY
• County: Orange County · 267,004 people
• City population: 68,136
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 68,136
• Household income: $78,931
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 3149.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 6% Black 3% Asian 1%
• Hispanic origin (detail): Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Scandinavian 2% Italian 2%
• Foreign-born: 11% · Canada, Dominican Republic
• Languages at home: 33% English-only · German/W. Germanic 52% Spanish 9% Russian/Polish/Slavic 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.81%
• Current HPI: 314.2081
• Rent YoY: ▲ 1.50%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• 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

+20.0% since first listed

17 events — show timeline

• 2026-05-10 Price Changed $599,999 OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $620,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-15 Listed $625,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-11 Price Changed $620,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-30 Price Changed $670,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-30 Listed $699,999 OneKey® MLS as Distributed by MLS Grid
• 2024-12-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-08-27 Listed $750,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-08-09 Price Changed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2023-04-30 Price Changed $749,999 OneKey® MLS as Distributed by MLS Grid
• 2023-03-24 Listed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2022-08-17 Sold (Public Records) $600,000 Public Records
• 2022-07-28 Sold (MLS) $594,000 OneKey® MLS as Distributed by MLS Grid
• 2022-04-02 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-03-13 Listed $499,900 OneKey® MLS as Distributed by MLS Grid
• 2022-03-07 Coming Soon $499,900 OneKey® MLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2025): $15,334 · +1.9% YoY. Source: county tax records.