57 Downs St · Kingston, NY 12401

$370,000

2 bd · 2.0 ba · 1,500 sqft · MultiFamily public records · 319 Days on market

Built 1922 5,662 sqft lot Est $316k · 17% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.9/30.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Traditional two family home located in the heart of Kingston! The first floor apartment of this lovely home features an enclosed front porch, living room, kitchen, full bath, bedroom and additional space downstairs used as a recreation room. This unit has a fantastic back deck that's perfect for entertaining. A very nice side porch leads up to the second apartment. This unit offers a kitchen, living room, full bath and bedroom. Also, an additional space that can be used as guest room, office space, etc. Both apartments of this property feature hardwood floors. In addition, there is a a paved driveway for off street parking. Also, a large single car garage with cement floor and electric. Thi

Key facts

• Fantastic back deck
• Single car garage
• Paved driveway

Tags

• ENCLOSED FRONT PORCH
• FANTASTIC BACK DECK
• SIDE PORCH
• HARDWOOD FLOORS
• PAVED DRIVEWAY
• SINGLE CAR GARAGE

Property features AI

Exterior

• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Duplex (residential income); House/Frame construction
• Construction: Frame construction
• Exterior features: 0.13-acre lot; Zoned T4N

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Hardwood; Vinyl
• Heating & cooling: Hot water heating; Natural gas heating; Steam heating; Window cooling units
• Interior features: Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive. Per door: $223/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $326k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.0% in Kingston — 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.

Location & tenants

• Location reads 82/100 on livability (#74 in NY, #1,143 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime C-, schools D+.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.8%/yr); 225 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• At $3,829/mo this rent would consume 66% of the median local household income ($69k/yr) (locally 2045% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $104k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 319 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $26k; list at $370k implies a 1323% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 319 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $316,500
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Henry St	0.21mi	3/2.0 (+1)	1,636 (+9%)	3mo	$237,500	$145	68
17 Oneil St	0.12mi	3/2.0 (+1)	1,431 (-5%)	17mo	$295,000	$206	68
230 Downs St	0.47mi	2/—	1,386 (-8%)	5mo	$325,000	$234	61
65 Gage St	0.59mi	2/2.0	1,302 (-13%)	23mo	$275,000	$211	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.81% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.88×
• Total profit: $-12,025
• Equity at exit: $55,168

10-year hold

• IRR: 11.5%
• Equity multiple: 2.11×
• Total profit: $114,505
• Equity at exit: $31,991

Cash invested: $103,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12401

• Rents YoY: 7.8%
• Active inventory: 225
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,829 medium
• Mortgage (P&I): −$1,940
• Tax from tax record: −$484 /mo · $5,809/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$804
• Net cashflow: $446

Break-even live

Break-even rent $3,264

Max offer price $370,000

Occupancy floor 83%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,830
Total (2 units)			$3,829

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $370,000 Active 319 DOM
2. 2026-06-18
   days on market $370,000 Active 318 DOM
3. 2026-06-17
   days on market $370,000 Active 317 DOM
4. 2026-06-16
   days on market $370,000 Active 316 DOM
5. 2026-06-15
   days on market $370,000 Active 315 DOM
6. 2026-06-14
   days on market $370,000 Active 313 DOM
7. 2026-06-12
   days on market $370,000 Active 312 DOM
8. 2026-06-09
   days on market $370,000 Active 309 DOM
9. 2026-06-08
   days on market $370,000 Active 308 DOM
10. 2026-06-07
    days on market $370,000 Active 307 DOM
11. 2026-06-03
    days on market $370,000 Active 303 DOM
12. 2026-06-02
    days on market $370,000 Active 302 DOM
13. 2026-06-01
    days on market $370,000 Active 301 DOM
14. 2026-05-31
    days on market $370,000 Active 300 DOM
15. 2026-05-30
    days on market $370,000 Active 299 DOM
16. 2026-05-04
    price $370,000
17. 2025-11-21
    price $375,000
18. 2025-08-04
    listed $380,000 Active
19. 1982-08-27
    soldstatus $26,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,809 · $484/mo
• Projected year-2 tax: $6,031 · $503/mo
• Expected delta: +$222/yr (+$19/mo · 3.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,948
• − Mortgage interest: −$20,726
• − Property taxes: −$5,809
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,676
• − Management: −$3,676
• − Depreciation: −$10,764
• Taxable loss: −$552
• Est. tax savings @ 24.0%: +$132
• After-tax cash flow: $5,489/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kingston City School District
• NCES district ID: 3616290
• Math proficiency: 44% ▲ 1.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $52,586
• Composite: 44.22/100
• National rank: #2849
• State rank: #355 of 590 in NY

Livability — Kingston

• Score: 82/100
• State rank: #74
• US rank: #1143

Category grades

Amenities A+ Commute B Cost of living C+ Crime C- Employment C Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingston, NY
• County: Ulster County · 56,183 people
• City population: 35,136
• Metro: Kingston, NY
• Population (ZIP): 35,136
• Household income: $69,305
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 2045.0

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Black 11% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.90%
• Current HPI: 369.1984
• Rent YoY: ▲ 7.81%
• Metro: Kingston, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+1323.1% since first listed

4 events — show timeline

• 2026-05-04 Price Changed $370,000 HVCRMLS
• 2025-11-21 Price Changed $375,000 HVCRMLS
• 2025-08-04 Listed $380,000 HVCRMLS
• 1982-08-27 Sold (Public Records) $26,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $5,809 · +11.0% YoY. Source: county tax records.