129 Franklin Ave

Monroe, NY 10950

$589,999C-

5 bd · 2.0 ba · 2,298 sqft · Built 1967 · MultiFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,751/mo
• Mortgage (P&I): −$3,094
• Tax + insurance: −$1,524
• HOA: −$0
• Vac / Maint / Mgmt: −$1,208
• Net cashflow: $-74/mo
• Annual: $-893/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• 1% rule: 0.97%
• Cash to close: $165,200

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $590k.
• 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).
• It's been on market 64 days — a 6% lower offer ($555k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $555k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: property tax is 2.6% of price.
• 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 24d 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).
• 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• 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.

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 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.