43 Glenmere Homesites Rd

Florida, NY 10921

$535,000B-

6 bd · 2.0 ba · 2,482 sqft · Built 1973 · MultiFamily · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,177/mo
• Mortgage (P&I): −$2,806
• Tax + insurance: −$903
• HOA: −$0
• Vac / Maint / Mgmt: −$1,297
• Net cashflow: $1,171/mo
• Annual: $14,049/yr
• Cap rate: 8.92%
• Cash-on-cash: 9.38%
• DSCR: 1.42
• 1% rule: 1.15%
• Cash to close: $149,800

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $535k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $585/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $535k).
• It's been on market 184 days — a 12% lower offer ($471k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $471k (12.0% 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 $16k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#304 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Florida Union Free School District (town): math 63% / reading 66% proficiency, ranked #162 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Golden Hill Elementary (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 319 students, 34% FRL); S S Seward Institute (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 390 students, 31% FRL) — zoned schools average 32% FRL vs 16% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 39 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 4 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 $52k; list at $535k implies a 919% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 2.1% in Florida — 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 184 days. Have you received any prior offers? Is the seller open to a 12% 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-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.