106 Sheldon Hill Rd

Shokan, NY 12461

$224,999B+

2 bd · 1.5 ba · 1,456 sqft · Built 1958 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,234/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$243
• HOA: −$0
• Vac / Maint / Mgmt: −$679
• Net cashflow: $1,132/mo
• Annual: $13,583/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• 1% rule: 1.44%
• Cash to close: $63,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $225k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 94 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($2k loan paydown + $4k appreciation (1.7% local appreciation)).
• Location reads 62/100 on livability (#888 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, housing A-; Watch: amenities F, commute F, health & safety D-.
• Onteora Central School District (rural): math 58% / reading 59% proficiency, ranked #288 of 755 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Onteora High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 413 students, 44% FRL).
• Zoned-school proficiency averages 91% at this address vs 58% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Onteora Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 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.
• Current owner paid $91k; list at $225k implies a 147% gain — meaningful room to come down on a strong offer.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.3% vs local median 1.8% in Shokan — 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 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1958 — 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 F-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.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.