59 Corbin Rd

Dover Plains, NY 12522

$289,000A

3 bd · 1.0 ba · 1,404 sqft · Built 1940 · SingleFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,968/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$477
• HOA: −$0
• Vac / Maint / Mgmt: −$1,043
• Net cashflow: $1,932/mo
• Annual: $23,182/yr
• Cap rate: 14.31%
• Cash-on-cash: 28.65%
• DSCR: 2.27
• 1% rule: 1.72%
• Cash to close: $80,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $289k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $289k).
• It's been on market 48 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $280k (3.0% below list) — sets the bar for market timing.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#818 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living B; Watch: commute C-, housing D+, amenities F.
• Dover Union Free School District (rural): math 44% / reading 48% proficiency, ranked #433 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dover Elementary School (math 33% / reading 44%, grade F, #1,509 of 2,108 statewide, top 72%, 296 students, 71% FRL); Dover Middle School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 301 students, 68% FRL); Dover High School (math 92% / reading 74%, grade A, #435 of 1,100 statewide, top 40%, 467 students, 59% FRL) — zoned schools average 66% FRL vs 38% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y 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 $19k; list at $289k implies a 1421% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 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.