7 Clinton St

Haverstraw, NY 10927

$649,900C

4 bd · 2.0 ba · 2,685 sqft · Built 1900 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,348/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$1,083
• HOA: −$0
• Vac / Maint / Mgmt: −$1,333
• Net cashflow: $524/mo
• Annual: $6,283/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.45%
• DSCR: 1.15
• 1% rule: 0.98%
• Cash to close: $181,972

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $650k.
• At list price, monthly cash flow is $524 ($6k/yr) — positive. Per door: $262/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $635k (2.3% below list).
• It's been on market 36 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#1,087 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment B+; Watch: crime D+, amenities F, commute F.
• Haverstraw-Stony Point CSD (North Rockland) (suburban): math 41% / reading 47% proficiency, ranked #427 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Haverstraw Elementary School (math 22% / reading 37%, grade F, #1,729 of 2,108 statewide, top 84%, 742 students, 22% FRL); Fieldstone Middle School (math 18% / reading 46%, grade F, #511 of 729 statewide, top 71%, 1,247 students, 0% FRL); North Rockland High School (math 86% / reading 67%, grade A-, #612 of 1,100 statewide, top 56%, 2,687 students, 0% FRL) — zoned schools average 7% FRL vs 40% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 50 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 5y ago 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.
• Current owner paid $455k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $182k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 5.2% in Haverstraw — 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

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.