19 White Gate Rd Unit J

Myers Corner, NY 12590

$199,000D

1 bd · 1.0 ba · 560 sqft · Built 1971 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,928/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$247
• HOA: −$213
• Vac / Maint / Mgmt: −$405
• Net cashflow: $19/mo
• Annual: $226/yr
• Cap rate: 6.41%
• Cash-on-cash: 0.41%
• DSCR: 1.02
• 1% rule: 0.97%
• Cash to close: $55,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $199k.
• At list price, monthly cash flow is $19 ($226/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (3.1% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $193k (3.1% below list) — sets the bar for 1% rule.
• 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 69/100 on livability (#511 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A; Watch: amenities F, commute F, cost of living D-.
• Wappingers Central School District (suburban): math 53% / reading 65% proficiency, ranked #207 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: James S Evans Elementary School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 317 students, 33% FRL); Wappingers Junior High School (math 30% / reading 54%, grade D-, #379 of 729 statewide, top 54%, 735 students, 36% FRL); Roy C Ketcham Senior High School (math 90% / reading 92%, grade A+, #203 of 1,100 statewide, top 20%, 1,612 students, 31% FRL) — zoned schools average 34% FRL vs 15% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.1%/yr); 206 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.4% vs local median 2.9% in Myers Corner — 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 1971 — 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?
• 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?
• 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?
• 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.