17 Allen St

Catskill, NY 12414

$299,000B+

3 bd · 2.0 ba · 2,168 sqft · Built 1951 · MultiFamily · Active · 450 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,658/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$606
• HOA: −$0
• Vac / Maint / Mgmt: −$768
• Net cashflow: $716/mo
• Annual: $8,595/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• 1% rule: 1.22%
• Cash to close: $83,720

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $716 ($9k/yr) — positive. Per door: $358/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 450 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#483 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+; Watch: schools C-, amenities F, commute F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.4% vs local median 2.9% in Catskill — 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.
• At $3,658/mo this rent would consume 60% of the median local household income ($73k/yr) (locally 318% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 450 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 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.