2 Whitfield Rd

Accord, NY 12404

$499,000F

3 bd · 2.0 ba · 1,724 sqft · Built 1875 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,592/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$604
• HOA: −$0
• Vac / Maint / Mgmt: −$754
• Net cashflow: $-383/mo
• Annual: $-4,593/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.29%
• DSCR: 0.85
• 1% rule: 0.72%
• Cash to close: $139,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $499k.
• At list price, monthly cash flow is $-383 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $431k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (28.0% below list).
• It's been on market 67 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $359k (28.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#638 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living B+; Watch: crime F, amenities F, commute F.
• Rondout Valley Central School District (rural): math 39% / reading 51% proficiency, ranked #447 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marbletown Elementary School (math 52% / reading 64%, grade B-, #831 of 2,108 statewide, top 39%, 257 students, 36% FRL); Rondout Valley Junior High School (math 27% / reading 42%, grade F, #483 of 729 statewide, top 68%, 243 students, 42% FRL); Rondout Valley High School (math 87% / reading 64%, grade A-, #623 of 1,100 statewide, top 57%, 569 students, 41% FRL).
• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y 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 $75k; list at $499k implies a 565% gain — meaningful room to come down on a strong offer.
• Cap rate 5.4% vs local median 3.9% in Accord — 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

• 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?
• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• Crime grade is F 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?
• 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?