183 Montgomery St

Goshen, NY 10924

$210,000B-

2 bd · 1.0 ba · 2,244 sqft · Built 1871 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,066/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$644
• Net cashflow: $971/mo
• Annual: $11,652/yr
• Cap rate: 11.84%
• Cash-on-cash: 19.82%
• DSCR: 1.88
• 1% rule: 1.46%
• Cash to close: $58,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $971 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#246 in NY, #3,863 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, employment A, amenities B+; Watch: commute F, cost of living F.
• Goshen Central School District (suburban): math 38% / reading 47% proficiency, ranked #438 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Goshen Intermediate School (math 23% / reading 46%, grade F, #1,577 of 2,108 statewide, top 77%, 597 students, 28% FRL); C J Hooker Middle School (math 17% / reading 46%, grade F, #522 of 729 statewide, top 73%, 660 students, 29% FRL); Goshen Central High School (math 94% / reading 74%, grade A, #403 of 1,100 statewide, top 37%, 1,017 students, 32% FRL).
• Watch-outs: built in 1871 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts since 5y ago; this cycle's ask has dropped $90k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $210k implies a 546% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.8% vs local median 1.3% in Goshen — 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 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.