32 Genung St · Middletown, NY 10940

$359,999

2 bd · 2.5 ba · 2,249 sqft · MultiFamily public records · 25 Days on market

Built 1985 7,200 sqft lot Est $662k · 46% under

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Why this score? — see what drove the C+ 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 +18.0/30.0
• ARV discount +15.0/15.0
• 1% rule +6.5/10.0
• DSCR +5.6/10.0
• Rent growth +4.6/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Calling all investors. Opportunity to own a two-unit income property in a great location. The 1-bedroom unit is rented * * currently rented below market * * It has an updated kitchen. I will have some pictures of that unit shortly. The 2-bedroom unit is vacant but currently also listed for rent. It does need some updating but has great potential. The primary bedroom on the first floor is very large and has direct access to the backyard and the half bath on the first floor has hook up for a washer/ dryer. Both units have cathedral ceilings and lots of natural light. With some TLC this is a great investment. The property behind 32 Genung St is 28 Genung St. This is a vacant, buildable lo

Key facts

• Cathedral ceilings
• Natural light
• Updated kitchen

Tags

• TWO-UNIT INCOME PROPERTY
• UPDATED KITCHEN
• DIRECT ACCESS TO BACKYARD
• HOOK UP FOR WASHER DRYER
• CATHEDRAL CEILINGS
• NATURAL LIGHT

Property features AI

Exterior

• Parking: Driveway (no carport)
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected
• Home design: Duplex; Actual condition
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: First-floor bedroom; Cathedral ceilings

🏷️ Possibly a rental listed for sale. The $359,999 price doesn't fit this home's estimated sale value (~$661,729) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (7.3% below list).
• Meets the 1% rule at list price ($4k rent vs $360k).
• Recommended offer: $334k (7.3% below list) — sets the bar for cash-flow.
• Cap rate 7.3% vs local median 3.3% in Middletown — 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 (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-, schools D+.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $4,151/mo this rent would consume 57% of the median local household income ($87k/yr) (locally 1846% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $333,546 (7.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• GRM: 7.2

CMA / ARV

• ARV (median comp): $661,729
• List price: $359,999
• Delta: -45.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
97 E Main St	0.56mi	2/—	2,269 (+1%)	9mo	$180,000	$79	65
112 E Main St #110	0.57mi	2/2.5	2,208 (-2%)	17mo	$605,000	$274	56
35 East Ave	0.36mi	3/2.0 (+1)	1,939 (-14%)	2mo	$440,000	$227	51

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.55×
• Total profit: $-45,295
• Equity at exit: $53,677

10-year hold

• IRR: 5.3%
• Equity multiple: 1.50×
• Total profit: $50,726
• Equity at exit: $31,126

Cash invested: $100,800 (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 10940

• Home prices YoY: -18.7%
• Rents YoY: 8.2%
• Active inventory: 273
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $4,151 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$931 /mo · $11,169/yr
• Insurance: −$150
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$872
• Net cashflow: $-150

Break-even live

Break-even rent $4,341

Max offer price $333,546

Occupancy floor 99%

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

Units	Beds	Baths	Est. rent
1× unit	1	1.5	$1,979
1× unit	2	1.5	$2,172
Total (2 units)			$4,151

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Washington St Unit 2 Middletown, NY	3.0	1.0	2274	$2,100	$0.92	43d	1	0.27mi
90 Washington St Unit 92 Middletown, NY	2.0	1.0	1600	$2,500	$1.56	23d	1	0.31mi
105 Woodlake Dr Middletown, NY	2.0	2.5	2161	$3,000	$1.39	43d	1	0.50mi
8 Roberts St Unit 2-A Middletown, NY	2.0	1.0	2132	$2,000	$0.94	23d	1	0.52mi
30 Knapp Ave Middletown, NY	2.0	1.0	1532	$1,800	$1.17	43d	1	0.86mi
169 Excelsior Ave Middletown, NY	3.0	1.5	1450	$2,800	$1.93	13d	1	0.86mi
14 Smith St Middletown, NY	3.0	2.0	1852	$3,600	$1.94	13d	1	0.90mi
44 Broad St Middletown, NY	1.0	1.0	1684	$1,700	$1.01	43d	1	0.90mi
52 Horton Ave Middletown, NY	3.0	2.5	2340	$3,000	$1.28	43d	1	1.05mi
39 Cedar Ct Middletown, NY	3.0	1.5	1540	$2,350	$1.53	43d	1	1.29mi
186 Highland Ave Unit 1 Middletown, NY	3.0	2.0	2160	$2,800	$1.30	43d	1	1.31mi

Listing history 1 events

1. 2026-04-27
   listed $359,999 Active 923-char remark

ⓘ 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: $11,169 · $931/mo
• Projected year-2 tax: $11,169 · $931/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 73% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,812
• − Mortgage interest: −$20,166
• − Property taxes: −$11,169
• − Insurance: −$7,325
• − Repairs & maintenance: −$3,985
• − Management: −$3,985
• − Depreciation: −$10,473
• Taxable loss: −$7,290
• Est. tax savings @ 24.0%: +$1,750
• After-tax cash flow: $-47/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: Middletown City School District
• NCES district ID: 3619320
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 55% ▲ 19.00%
• Median HH income: $54,612
• Composite: 41.52/100
• National rank: #3453
• State rank: #411 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, NY
• County: Orange County · 267,004 people
• City population: 68,033
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 53,611
• Household income: $87,080
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1846.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Hispanic / Latino 32% Black 20% Two or more races 13% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Dominican 3%
• Common ancestry: Romanian 3% Italian 1% Iranian 1%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.68%
• Current HPI: 311.5969
• Rent YoY: ▲ 8.23%
• Metro: Poughkeepsie-Newburgh-Middletown, 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

1 event — show timeline

• 2026-04-27 Listed $359,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2025): $11,169 · -0.3% YoY. Source: county tax records.