173 Western Ave

Marlboro, NY 12542

$375,000C

3 bd · 1.0 ba · 1,872 sqft · Built 1972 · SingleFamily · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,275/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$736
• HOA: −$0
• Vac / Maint / Mgmt: −$688
• Net cashflow: $-116/mo
• Annual: $-1,387/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.32%
• DSCR: 0.94
• 1% rule: 0.87%
• Cash to close: $105,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $375k.
• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $355k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (12.7% below list).
• It's been on market 116 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $328k (12.7% below list) — sets the bar for 1% rule.
• In year one you build about $36k of equity ($3k loan paydown + $34k 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.
• Market conditions: 56 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $133k; list at $375k implies a 182% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.9% 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 116 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• 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.