17 Downs St · Kingston, NY 12401

$625,000

8 bd · 0.0 ba · 4,074 sqft · MultiFamily · 107 Days on market

Built 1950 Fair condition 6,499 sqft lot $153/sqft · 23% below area Est $812k · 23% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Rent growth +4.5/5.0
• Livability +4.1/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

A rare six-unit asset in one of Kingston's most opportunistic zoning transects. 17 Downs Street delivers a strong 8.19 cap rate on a 625,000 ask while sitting in a T5-Neighborhood (T5N) zone built for exactly the kind of upside that's getting harder to find in the Hudson Valley. The unit mix is purpose-built for flexibility: two 2-bedrooms, two 1-bedrooms, and two studios, a spread that lets an owner play multiple tenant profiles -- long-term residential stability in the larger units, premium furnished or transitional rents in the smaller ones. Here's where T5N earns its keep.

Key facts

• T5 neighborhood zone
• Six unit asset
• Strong cap rate

Tags

• SIX UNIT ASSET
• STRONG CAP RATE
• T5 NEIGHBORHOOD ZONE
• PURPOSE BUILT FLEXIBILITY
• SHORT TERM RENTAL PERMIT
• DIVERSE MIX OF RESIDENTIAL

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 4×1bd/1.5ba units multifamily listed at $625k. Condition is rated fair.
• This rent per unit runs 30% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $666/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $625k).
• Recommended offer: $569k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 3.0% in Kingston — 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.

Location & tenants

• Location reads 82/100 on livability (#74 in NY, #1,143 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime C-.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kingston High School (math 94% / reading 91%, grade A+, #153 of 1,100 statewide, top 14%, 1,856 students, 85% FRL) — zoned schools average 85% FRL vs 45% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+41 pts) — the actual schools serving this property are materially stronger than the Kingston City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.8%/yr); 388 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).

Forward outlook

• 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.
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $175k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($569k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $568,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.68% ✓
• Cap rate: 13.97%
• Cash-on-cash: 27.42%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

• ARV (median comp): $812,384
• List price: $625,000
• Delta: -23.07%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
165 Fair St	0.50mi	6/5.0 (-2)	3,885 (-5%)	7mo	$285,000	$73	43
200 Tremper Ave	0.16mi	7/6.0 (-1)	2,974 (-27%)	13mo	$475,000	$160	36
189-191 Fair St	0.52mi	6/3.5 (-2)	4,037 (-1%)	30mo	$684,000	$169	34
113 Pine St	0.41mi	6/3.0 (-2)	3,015 (-26%)	20mo	$350,000	$116	19
44 Prince St	0.56mi	6/4.0 (-2)	3,295 (-19%)	20mo	$662,500	$201	12
129 Maiden Ln	0.63mi	6/2.0 (-2)	2,916 (-28%)	42mo	$554,900	$190	8
25 Presidents Pl	1.33mi	6/1.5 (-2)	3,210 (-21%)	27mo	$890,000	$277	4
85 Abeel St	1.44mi	6/6.5 (-2)	4,600 (+13%)	32mo	$1,350,000	$293	4

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.81% rent growth · sell at horizon

5-year hold

• IRR: 26.8%
• Equity multiple: 2.18×
• Total profit: $206,989
• Equity at exit: $93,190

10-year hold

• IRR: 37.2%
• Equity multiple: 5.29×
• Total profit: $751,028
• Equity at exit: $54,039

Cash invested: $175,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12401

• Rents YoY: 7.8%
• Active inventory: 388
• Price-to-rent: 28.3×

Monthly cashflow live

• Estimated rent: $10,529 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,211
• Net cashflow: $3,999

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,678
▸ 4× units	1	1.5	$6,852
Total (6 units)			$10,529

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 57%

Sensitivity live

Price	-10% $4,431	-5% $4,215	+0% $3,999	+5% $3,783	+10% $3,567
Rent	-10% $3,167	-5% $3,583	+0% $3,999	+5% $4,415	+10% $4,830
Rate	-1.0pp $4,313	-0.5pp $4,158	base $3,999	+0.5pp $3,837	+1.0pp $3,672

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $156,250
• Closing costs: $18,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
609 Broadway #6 Kingston, NY	1.0	1.0	400	$1,750	$4.38	5d	1	0.15mi
730 Broadway Unit 2 Kingston, NY	2.0	1.0	1200	$2,700	$2.25	5d	1	0.16mi
88 Henry St #1 Kingston, NY	2.0	1.0	880	$2,500	$2.84	3d	1	0.21mi
88 Henry St #2 Kingston, NY	2.0	1.0	930	$2,600	$2.80	3d	1	0.21mi
95 Elmendorf St Unit 2 Kingston, NY	2.0	1.0	1107	$2,600	$2.35	5d	1	0.22mi
67 Greenkill Ave Apt 2 Kingston, NY	2.0	1.0	550	$1,850	$3.36	5d	1	0.23mi
81 Franklin St Unit 305 Kingston, NY	1.0	1.0	550	$1,500	$2.73	5d	1	0.25mi
96 Clinton Ave Unit 4 Kingston, NY	—	1.0	250	$1,350	$5.40	5d	1	0.27mi
110 Cornell St Kingston, NY	—	1.0	—	$1,475	—	5d	1	0.39mi
82 Fair St Unit G Kingston, NY	2.0	1.0	—	$2,300	—	5d	1	0.45mi
144 Saint James St Unit 1a Kingston, NY	1.0	1.0	650	$1,900	$2.92	5d	1	0.54mi
171 Marys Ave Unit 171 Kingston, NY	—	1.0	—	$1,175	—	5d	1	0.55mi
37 Green St Apt 2 Kingston, NY	2.0	1.0	850	$2,025	$2.38	5d	1	0.64mi
432 Albany Ave Unit 1 Kingston, NY	2.0	1.0	900	$1,775	$1.97	5d	1	0.75mi
353 Washington Ave Kingston, NY	1.0	1.5	1040	$2,195	$2.11	5d	1	0.94mi
549 Albany Ave Kingston, NY	1.0	1.0	547	$1,750	$3.20	109d	2	1.03mi
549 Albany Ave Apt 1 Kingston, NY	1.0	1.0	613	$1,600	$2.61	5d	1	1.03mi
549 Albany Ave Ste 3 Kingston, NY	1.0	1.0	481	$1,550	$3.22	5d	1	1.03mi
500 Washington Ave Kingston, NY	1.0–2.0	1.0–2.0	1003	$1,475	$1.47	1d	5	1.04mi
180 W Chestnut St Kingston, NY	1.0–2.0	1.0–2.0	875	$1,600	$1.83	0d	4	1.09mi
120 Hinsdale St Unit 1 Kingston, NY	2.0	1.5	1100	$1,850	$1.68	5d	1	1.14mi
120 Hinsdale St Unit 1 Kingston, NY	2.0	1.5	1100	$1,950	$1.77	1d	1	1.14mi
17 Hooker St Kingston, NY	2.0	2.0	1280	$2,800	$2.19	5d	1	1.26mi
13 2nd Ave Kingston, NY	2.0	1.0	753	$1,800	$2.39	109d	1	1.26mi
2106 Fernway Rd Kingston, NY	1.0–3.0	1.0–2.0	—	$977	—	1d	1	1.31mi
79 Broadway Unit 1 Kingston, NY	2.0	1.0	750	$2,000	$2.67	5d	1	1.37mi
11 Broadway Unit 32 Kingston, NY	1.0	1.0	—	$1,545	—	5d	1	1.50mi
11 Broadway Apt 23 Kingston, NY	—	1.0	250	$1,300	$5.20	5d	1	1.50mi

Property features AI

Finance

• Financial info: Annual tax amount approximately $16,462

Exterior

• Home design: Multi-family residential income property
• Construction: About 4,074 above-grade finished area
• Exterior features: Lot zoned T5N

Interior

• Interior features: Residential income property (multi-family)

Listing history 50 events

1. 2026-09-24
   days on market $625,000 Active 107 DOM
2. 2026-09-22
   days on market $625,000 Active 106 DOM
3. 2026-09-20
   days on market $625,000 Active 104 DOM
4. 2026-09-19
   days on market $625,000 Active 103 DOM
5. 2026-09-18
   days on market $625,000 Active 102 DOM
6. 2026-09-17
   days on market $625,000 Active 101 DOM
7. 2026-09-16
   days on market $625,000 Active 100 DOM
8. 2026-09-15
   days on market $625,000 Active 99 DOM
9. 2026-09-14
   days on market $625,000 Active 98 DOM
10. 2026-09-13
    days on market $625,000 Active 97 DOM
11. 2026-09-12
    days on market $625,000 Active 96 DOM
12. 2026-09-11
    days on market $625,000 Active 95 DOM
13. 2026-09-05
    days on market $625,000 Active 89 DOM
14. 2026-09-04
    days on market $625,000 Active 88 DOM
15. 2026-09-03
    days on market $625,000 Active 87 DOM
16. 2026-09-02
    days on market $625,000 Active 86 DOM
17. 2026-08-30
    days on market $625,000 Active 83 DOM
18. 2026-08-29
    days on market $625,000 Active 82 DOM
19. 2026-08-28
    days on market $625,000 Active 81 DOM
20. 2026-08-27
    days on market $625,000 Active 80 DOM
21. 2026-08-25
    days on market $625,000 Active 78 DOM
22. 2026-08-24
    days on market $625,000 Active 77 DOM
23. 2026-08-23
    days on market $625,000 Active 76 DOM
24. 2026-08-22
    days on market $625,000 Active 75 DOM
25. 2026-08-21
    days on market $625,000 Active 74 DOM
26. 2026-08-20
    days on market $625,000 Active 73 DOM
27. 2026-08-19
    days on market $625,000 Active 72 DOM
28. 2026-08-18
    days on market $625,000 Active 71 DOM
29. 2026-08-17
    days on market $625,000 Active 70 DOM
30. 2026-08-16
    days on market $625,000 Active 69 DOM
31. 2026-08-15
    days on market $625,000 Active 68 DOM
32. 2026-08-15
    days on market $625,000 Active 67 DOM
33. 2026-08-13
    days on market $625,000 Active 66 DOM
34. 2026-08-12
    days on market $625,000 Active 65 DOM
35. 2026-08-11
    days on market $625,000 Active 64 DOM
36. 2026-08-10
    days on market $625,000 Active 63 DOM
37. 2026-08-09
    days on market $625,000 Active 62 DOM
38. 2026-08-08
    days on market $625,000 Active 61 DOM
39. 2026-08-07
    days on market $625,000 Active 60 DOM
40. 2026-08-06
    days on market $625,000 Active 59 DOM
41. 2026-08-05
    days on market $625,000 Active 58 DOM
42. 2026-08-04
    days on market $625,000 Active 57 DOM
43. 2026-08-03
    days on market $625,000 Active 56 DOM
44. 2026-07-31
    days on market $625,000 Active 53 DOM
45. 2026-07-30
    days on market $625,000 Active 52 DOM
46. 2026-07-29
    days on market $625,000 Active 51 DOM
47. 2026-07-27
    days on market $625,000 Active 49 DOM
48. 2026-07-25
    days on market $625,000 Active 47 DOM
49. 2026-07-23
    days on market $625,000 Active 45 DOM
50. 2026-07-22
    days on market $625,000 Active 44 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,348
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$10,108
• − Management: −$10,108
• − Depreciation: −$18,182
• Taxable income: $40,441
• Est. tax owed @ 24.0%: −$9,706
• After-tax cash flow: $38,278/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 7 photos

Fair 55/100 Moderate rehab Est. rehab $101,850–$183,330 screening

The property is in fair condition with some minor repairs needed on the roof and exterior siding. Painting the exterior siding and improving the landscaping can significantly increase its value.

Repairs flagged

• Minor roof — There may be some wear and tear that could benefit from inspection.
• Minor exterior siding — The exterior siding appears to be in fair condition with some discoloration and minor wear.

Value-add opportunities

• Both paint the exterior siding — Painting the exterior siding can improve the curb appeal and potentially increase the property's value. ↑
• Both landscaping — Well-maintained landscaping can enhance the property's curb appeal and potentially increase its value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 54/100

Zoned Schools

Elementary Chambers School F NY #1,444/2,108 Nat'l #19,648/41,679 Middle M Clifford Miller Middle School F NY #566/729 Nat'l #9,290/14,009 High Kingston High School A+ NY #153/1,100 Nat'l #243/17,239

Schools (NCES district)

• District: Kingston City School District
• NCES district ID: 3616290
• Math proficiency: 44% ▲ 1.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $52,586
• Composite: 44.22/100
• National rank: #2849
• State rank: #355 of 590 in NY

A Composite livability gradescore 82/100

Livability — Kingston

• Score: 82/100
• State rank: #74
• US rank: #1143

Category grades

Amenities A+ Commute B Cost of living C+ Crime C- Employment C Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingston, NY
• County: Ulster County · 175,887 people
• City population: 35,136
• Metro: Kingston, NY
• Population (ZIP): 35,136
• Household income: $69,305
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 10% of renters

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Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Black 11% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

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Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.90%
• Current HPI: 369.1984
• Rent YoY: ▲ 7.81%
• Metro: Kingston, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Property features AI

Finance

• Financial info: Annual tax amount approximately $16,462

Exterior

• Home design: Multi-family residential income property
• Construction: About 4,074 above-grade finished area
• Exterior features: Lot zoned T5N

Interior

• Interior features: Residential income property (multi-family)

Price history

1 event — show timeline

• 2026-06-08 Listed $625,000 HVCRMLS