245-249 Lattintown Rd #0

Marlboro, NY 12542

$689,900C

6 bd · 3.9 ba · 3,380 sqft · Built 1879 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,914/mo
• Mortgage (P&I): −$3,618
• Tax + insurance: −$1,150
• HOA: −$0
• Vac / Maint / Mgmt: −$1,242
• Net cashflow: $-96/mo
• Annual: $-1,148/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 0.86%
• Cash to close: $193,172

Investor read

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $690k. Condition is rated average.
• At list price, monthly cash flow is $-96 ($-1k/yr) — negative. Per door: $-32/mo.
• To cash-flow at today's rent, offer at most $676k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $591k (14.3% below list).
• It's been on market 108 days — a 9% lower offer ($628k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $591k (14.3% below list) — sets the bar for 1% rule.
• In year one you build about $67k of equity ($5k loan paydown + $62k appreciation (9.0% local appreciation)).
• Location reads 72/100 on livability (#347 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living D+, amenities F, commute D-.
• Marlboro Central School District (suburban): math 43% / reading 55% proficiency, ranked #366 of 590 in NY (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1879 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 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.
• 7 sale attempts since 6y ago 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.
• By year 2, paydown + projected appreciation supports a ~$107k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.1% vs local median 3.0% in Marlboro — 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

• 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 108 days. Have you received any prior offers? Is the seller open to a 14% 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 1879 — 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 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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — outdated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Moderate: HVAC units — existing units show signs of wear