747 Bloomingburg Rd

Bloomingburg, NY 12721

$369,000D+

3 bd · 2.0 ba · 1,712 sqft · Built 1957 · MultiFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,718/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$715
• HOA: −$0
• Vac / Maint / Mgmt: −$781
• Net cashflow: $288/mo
• Annual: $3,451/yr
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• 1% rule: 1.01%
• Cash to close: $103,320

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $369k.
• At list price, monthly cash flow is $288 ($3k/yr) — positive. Per door: $144/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $369k).
• It's been on market 42 days — a 3% lower offer ($358k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $358k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#1,175 in NY) — a working-class tenant base; expect higher turnover. Watch: cost of living D+, housing D+, crime F.
• Pine Bush Central School District (rural): math 38% / reading 45% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pine Bush Elementary School (math 12% / reading 45%, grade F, #1,771 of 2,108 statewide, top 84%, 649 students, 53% FRL); Crispell Middle School (math 17% / reading 46%, grade F, #522 of 729 statewide, top 73%, 633 students, 52% FRL); Pine Bush Senior High School (math 92% / reading 67%, grade A-, #518 of 1,100 statewide, top 51%, 1,615 students, 56% FRL) — zoned schools average 54% FRL vs 29% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts 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 $110k; list at $369k implies a 235% gain — meaningful room to come down on a strong offer.
• Cap rate 7.2% vs local median 3.6% in Bloomingburg — 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 42 days. Have you received any prior offers? Is the seller open to a 3% 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 1957 — 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.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?