503 Mountain Laurel Dr

Tuxedo, NY 10950

$206,000C-

2 bd · 1.5 ba · 1,240 sqft · Built 1979 · Condo · Active · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,713/mo
• Mortgage (P&I): −$1,080
• Tax + insurance: −$343
• HOA: −$740
• Vac / Maint / Mgmt: −$570
• Net cashflow: $-21/mo
• Annual: $-247/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 1.32%
• Cash to close: $57,680

Investor read

• This is a 2-bed/1.5-bath condo listed at $206k. Condition is rated fair.
• At list price, monthly cash flow is $-21 ($-247/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (1.4% below list).
• Meets the 1% rule at list price ($3k rent vs $206k).
• It's been on market 191 days — a 12% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (12.0% below list) — sets the bar for market timing.
• 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Monroe-Woodbury Central School District (suburban): math 50% / reading 56% proficiency, ranked #250 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents rising (+1.5%/yr); 316 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• Cap rate 6.2% vs local median 2.2% in Tuxedo — 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.
• This rent runs 41% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn appearance
• Minor: Kitchen countertops — Need cleaning
• Minor: Bathroom fixtures — Need cleaning