63 Wheaton Ave

Fishkill, NY 12524

$275,000D+

3 bd · 1.5 ba · 1,944 sqft · Built 1967 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,200/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$964
• HOA: −$0
• Vac / Maint / Mgmt: −$672
• Net cashflow: $122/mo
• Annual: $1,466/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• 1% rule: 1.16%
• Cash to close: $77,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $275k.
• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#305 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: cost of living D+, amenities F, commute F.
• Wappingers Central School District (suburban): math 53% / reading 65% proficiency, ranked #207 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Fishkill Plains Elementary School (math 55% / reading 68%, grade B, #734 of 2,108 statewide, top 35%, 562 students, 18% FRL); Van Wyck Junior High School (math 32% / reading 63%, grade C-, #306 of 729 statewide, top 43%, 843 students, 21% FRL); John Jay Senior High School (math 96% / reading 98%, grade A+, #53 of 1,100 statewide, top 5%, 1,837 students, 20% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: property tax is 3.7% of price.
• Market conditions: 131 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 2.6% in Fishkill — 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

• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.