982 S Schodack Rd

Castleton-on-Hudson, NY 12033

$675,000C-

9 bd · 5.1 ba · 4,224 sqft · Built 1800 · MultiFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,101/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$933
• HOA: −$0
• Vac / Maint / Mgmt: −$1,281
• Net cashflow: $347/mo
• Annual: $4,162/yr
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• 1% rule: 0.90%
• Cash to close: $189,000

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $675k.
• At list price, monthly cash flow is $347 ($4k/yr) — positive. Per door: $116/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $610k (9.6% below list).
• It's been on market 82 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $610k (9.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Schodack Central School District (rural): math 59% / reading 60% proficiency, ranked #216 of 590 in NY (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 11y 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 $280k; list at $675k implies a 141% gain — meaningful room to come down on a strong offer.
• Cap rate 6.9% vs local median 3.5% in Castleton-on-Hudson — 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 82 days. Have you received any prior offers? Is the seller open to a 10% 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 1800 — 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.
• 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.