84 North Rd

Bloomingburg, NY 12721

$589,900B-

5 bd · 3.0 ba · 2,206 sqft · Built 1930 · MultiFamily · Active · 221 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,536/mo
• Mortgage (P&I): −$3,093
• Tax + insurance: −$826
• HOA: −$0
• Vac / Maint / Mgmt: −$1,373
• Net cashflow: $1,244/mo
• Annual: $14,932/yr
• Cap rate: 8.82%
• Cash-on-cash: 9.04%
• DSCR: 1.40
• 1% rule: 1.11%
• Cash to close: $165,172

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $590k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $415/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $590k).
• It's been on market 221 days — a 12% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $519k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 Senior High School (math 92% / reading 67%, grade A-, #518 of 1,100 statewide, top 51%, 1,615 students, 56% FRL) — zoned schools average 56% FRL vs 29% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 80% at this address vs 42% district-wide (+38 pts) — the actual schools serving this property are materially stronger than the Pine Bush Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $160k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $365k; list at $590k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 8.8% 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 221 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — 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?
• 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?