5 Cedar St

Rifton, NY 12471

$249,900C

4 bd · 2.0 ba · 2,376 sqft · Built 1905 · MultiFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,022/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$762
• HOA: −$0
• Vac / Maint / Mgmt: −$635
• Net cashflow: $315/mo
• Annual: $3,783/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• 1% rule: 1.21%
• Cash to close: $69,972

Investor read

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $315 ($4k/yr) — positive. Per door: $158/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 29 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Location reads 50/100 on livability (#1,170 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A; Watch: amenities F, commute F, employment F.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robert R Graves School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 316 students, 51% FRL).
• Zoned-school proficiency averages 72% at this address vs 52% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Kingston City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.9% of price; flood insurance adds $56/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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 1905 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.