53 Main St

Highland, NY 12528

$529,000B

7 bd · 5.0 ba · 3,970 sqft · Built 1900 · MultiFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,130/mo
• Mortgage (P&I): −$2,774
• Tax + insurance: −$1,154
• HOA: −$0
• Vac / Maint / Mgmt: −$1,707
• Net cashflow: $2,494/mo
• Annual: $29,931/yr
• Cap rate: 11.95%
• Cash-on-cash: 20.21%
• DSCR: 1.90
• 1% rule: 1.54%
• Cash to close: $148,120

Investor read

• This is a 3 × 2-bed/?-bath units multifamily listed at $529k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $831/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $529k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 75/100 on livability (#251 in NY, #3,941 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living D-.
• Highland Central School District (suburban): math 50% / reading 69% proficiency, ranked #227 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Highland Elementary School (math 46% / reading 67%, grade C+, #899 of 2,108 statewide, top 43%, 638 students, 38% FRL); Highland Middle School (math 27% / reading 57%, grade D-, #379 of 729 statewide, top 54%, 376 students, 42% FRL); Highland High School (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 512 students, 41% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 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.
• 6 sale attempts since 9y 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.
• Current owner paid $200k; list at $529k implies a 164% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $148k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.0% vs local median 2.6% in Highland — 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

• 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.