103 Linden Ave #4 · Middletown, NY 10940

$415,000

4 bd · 4.0 ba · 2,944 sqft · MultiFamily · 14 Days on market

Built 1873 Fair condition 7,128 sqft lot Est $465k · 11% under

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• ARV discount +12.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.2/5.0
• 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

Due to overwhelming interest in this property, the seller prefers cash or a mortgage with large down payment. Offers should be at list price or better with no contingencies. Proof of Funds or mortgage pre-approval is required before appointment for viewing is confirmed. NO EXCEPTION! Must have confirmed appointment to view. PLEASE DO NOT SHOW UP AT THE PREMISES. Welcome to 103 Linden Avenue, a rare opportunity to own a well-maintained four-unit multi-family property in the heart of Middletown. This unique investment property features four separate 1-bedroom, 1-bathroom apartments, each offering a comfortable layout with a kitchen and living room. Located within an owner-occupancy zoning di

Key facts

• Spacious backyard
• Convenient access
• Nearby attractions

Tags

• MULTI-FAMILY PROPERTY
• SPACIOUS BACKYARD
• OFF-STREET PARKING
• CONVENIENT ACCESS
• CLOSE PROXIMITY TO SCHOOLS
• NEARBY ATTRACTIONS

Property features AI

Exterior

• Parking: No designated parking (no carport)
• Utilities: Electric service by Orange & Rockland; Public sewer; Electricity available; Natural gas available
• Home design: Quadruplex
• Construction: Concrete perimeter foundation
• Exterior features: Aluminum and vinyl siding; Finished basement; No waterfront

Interior

• Bedrooms: Four 1-bedroom units
• Flooring: Wood flooring
• Bathrooms: Four full bathrooms
• Heating & cooling: Hot water heating; Steam heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Covered patio

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $415k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $415k).
• Cap rate 14.3% vs local median 3.3% in Middletown — 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 82/100 on livability (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Presidential Park Elementary School (math 19% / reading 37%, grade F, #1,774 of 2,108 statewide, top 84%, 1,300 students, 76% FRL); Middletown Twin Towers Middle School (math 10% / reading 42%, grade F, #595 of 729 statewide, top 82%, 858 students, 78% FRL); Middletown High School (math 90% / reading 92%, grade A+, #203 of 1,100 statewide, top 20%, 2,523 students, 71% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $7,135/mo this rent would consume 98% of the median local household income ($87k/yr) (locally 1846% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $116k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $415,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1873 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.72% ✓
• Cap rate: 14.30%
• Cash-on-cash: 28.59%
• DSCR: 2.27
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $465,152
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Ogden St	0.37mi	5/3.0 (+1)	3,103 (+5%)	2mo	$490,000	$158	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 2.26×
• Total profit: $146,905
• Equity at exit: $61,878

10-year hold

• IRR: 38.7%
• Equity multiple: 5.54×
• Total profit: $527,043
• Equity at exit: $35,882

Cash invested: $116,200 (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 10940

• Home prices YoY: -18.7%
• Rents YoY: 8.2%
• Active inventory: 273
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $7,135 high
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,225/yr
• Insurance: −$173
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,498
• Net cashflow: $2,769

Break-even live

Break-even rent $3,630

Max offer price $415,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$7,136
Total (4 units)			$7,135

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
186 Highland Ave Unit 1 Middletown, NY	3.0	2.0	2160	$2,800	$1.30	44d	1	0.32mi
128 W Main St Unit 1 Middletown, NY	5.0	3.5	2350	$3,500	$1.49	44d	1	0.62mi
26 Washington St Unit 2 Middletown, NY	3.0	1.0	2274	$2,100	$0.92	44d	1	0.72mi
52 Horton Ave Middletown, NY	3.0	2.5	2340	$3,000	$1.28	44d	1	0.80mi

Listing history 13 events

1. 2026-06-18
   days on market $415,000 Active 14 DOM
2. 2026-06-17
   days on market $415,000 Active 13 DOM
3. 2026-06-16
   days on market $415,000 Active 12 DOM
4. 2026-06-15
   days on market $415,000 Active 11 DOM
5. 2026-06-14
   days on market $415,000 Active 9 DOM
6. 2026-06-13
   days on market $415,000 Active 8 DOM
7. 2026-06-10
   days on market $415,000 Active 6 DOM
8. 2026-06-09
   days on market $415,000 Active 5 DOM
9. 2026-06-08
   days on market $415,000 Active 4 DOM
10. 2026-06-07
    days on market $415,000 Active 3 DOM
11. 2026-06-03
    days on market $415,000 Active 2 DOM
12. 2026-06-01
    remarks 699-char remark
13. 2026-06-01
    listed $415,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,620
• − Mortgage interest: −$23,246
• − Property taxes: −$6,225
• − Insurance: −$2,075
• − Repairs & maintenance: −$6,850
• − Management: −$6,850
• − Depreciation: −$12,073
• Taxable income: $28,302
• Est. tax owed @ 24.0%: −$6,792
• After-tax cash flow: $26,432/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.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance, including exterior siding, landscaping, and flooring. Painting and landscaping improvements can significantly enhance its value.

Repairs flagged

• Moderate Exterior siding — The exterior siding appears weathered and in need of repair.
• Moderate Landscaping — The landscaping is overgrown and requires trimming and maintenance.

Value-add opportunities

• Both Painting the exterior and interior — Painting can improve the curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Landscaping and yard maintenance — A well-maintained yard can significantly boost the property's curb appeal and attract potential buyers or renters.
• Both Flooring replacement — Replacing worn-out flooring can improve the overall condition of the property and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · The exterior siding appears weathered and in need of repair.	Moderate	$3,000–15,000
Landscaping · The landscaping is overgrown and requires trimming and maintenance.	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Painting the exterior and interior — Painting can improve the curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Landscaping and yard maintenance — A well-maintained yard can significantly boost the property's curb appeal and attract potential buyers or renters. ↑
• Both Flooring replacement — Replacing worn-out flooring can improve the overall condition of the property and make it more attractive to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Middletown City School District
• NCES district ID: 3619320
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 55% ▲ 19.00%
• Median HH income: $54,612
• Composite: 41.52/100
• National rank: #3453
• State rank: #411 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, NY
• County: Orange County · 267,004 people
• City population: 68,033
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 53,611
• Household income: $87,080
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1846.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Hispanic / Latino 32% Black 20% Two or more races 13% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Dominican 3%
• Common ancestry: Romanian 3% Italian 1% Iranian 1%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Chinese 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: ▼ -71.68%
• Current HPI: 311.5969
• Rent YoY: ▲ 8.23%
• 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

1 event — show timeline

• 2026-06-01 Listed $415,000 OneKey® MLS as Distributed by MLS Grid