6378 Us-9 · Chestertown, NY 12817

$199,000

2 bd · 4.0 ba · 3,222 sqft · MultiFamily · 74 Days on market

Built 1885 Average condition 3,920 sqft lot

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Why this score? — see what drove the C+ 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 +21.0/30.0
• Appreciation +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +4.4/10.0
• Livability +2.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This is a Multi-family 2-unit rental in the heart of Chestertown! Walking distance to everything in town- shops, restaurants, etc. Main level is a commercial space w/ half bath (currently not rented) 2nd level- 1 bed/1bath apartment. New metal roof- must have 24-48 hr notice for ALL showings!

Key facts

• Multi-family rental
• Half bath
• New metal roof

Tags

• MULTI-FAMILY RENTAL
• COMMERCIAL SPACE
• HALF BATH
• NEW METAL ROOF
• WALKING DISTANCE TO EVERYTHING

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $199k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 1.3% in Chestertown — 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 58/100 on livability (#1,052 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A-, cost of living B; Watch: schools C-, crime F, amenities F.
• North Warren Central School District (rural): math 48% / reading 55% proficiency, ranked #352 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 63 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (9.9% local appreciation)).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 3.24×
• Total profit: $124,658
• Equity at exit: $177,599

10-year hold

• IRR: 24.8%
• Equity multiple: 7.33×
• Total profit: $352,723
• Equity at exit: $381,228

Cash invested: $55,720 (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 12817

• Home prices YoY: 2.8%
• Active inventory: 63
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $280

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 82%

Sensitivity live

Price	-10% $417	-5% $349	+0% $280	+5% $211	+10% $142
Rent	-10% $114	-5% $197	+0% $280	+5% $363	+10% $445
Rate	-1.0pp $380	-0.5pp $330	base $280	+0.5pp $228	+1.0pp $176

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,096
Total (2 units)			$2,095

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $199,000 Active 74 DOM
2. 2026-06-18
   days on market $199,000 Active 72 DOM
3. 2026-06-17
   days on market $199,000 Active 71 DOM
4. 2026-06-16
   days on market $199,000 Active 70 DOM
5. 2026-06-15
   days on market $199,000 Active 69 DOM
6. 2026-06-13
   days on market $199,000 Active 67 DOM
7. 2026-06-12
   days on market $199,000 Active 66 DOM
8. 2026-06-09
   days on market $199,000 Active 63 DOM
9. 2026-06-08
   days on market $199,000 Active 62 DOM
10. 2026-06-07
    days on market $199,000 Active 61 DOM
11. 2026-06-07
    days on market $199,000 Active 60 DOM
12. 2026-06-04
    days on market $199,000 Active 57 DOM
13. 2026-06-02
    days on market $199,000 Active 56 DOM
14. 2026-06-01
    days on market $199,000 Active 55 DOM
15. 2026-05-31
    days on market $199,000 Active 54 DOM
16. 2026-04-07
    listed $199,000 Active 293-char remark

    Show marketing remark (293 chars)

    This is a Multi-family 2-unit rental in the heart of Chestertown! Walking distance to everything in town- shops, restaurants, etc. Main level is a commercial space w/ half bath (currently not rented) 2nd level- 1 bed/1bath apartment. New metal roof- must have 24-48 hr notice for ALL showings!

17. 2025-11-24
    status Active
18. 2025-11-04
    historical Contingent
19. 2025-11-04
    historical
20. 2025-04-23
    listed $199,000 Active

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

Taxation est. · year 1

• Rental income: $25,140
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$5,789
• Taxable income: $201
• Est. tax owed @ 24.0%: −$48
• After-tax cash flow: $3,309/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 · 8 photos

Average 55/100 Moderate rehab

A 2-unit rental property in Chestertown with average condition, requiring moderate repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Major Exterior siding — Weathered and in need of repainting
• Minor Front porch railings — Slight wear

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace front porch railings — Improves safety and aesthetics
• Both Update kitchen and bathrooms — Modernizes the property and attracts more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of repainting	Major	$15,000–50,000
Front porch railings · Slight wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace front porch railings — Improves safety and aesthetics ↑
• Both Update kitchen and bathrooms — Modernizes the property and attracts more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Warren Central School District
• NCES district ID: 3616960
• Math proficiency: 48% ▲ 6.00%
• Reading proficiency: 55% ▲ 6.00%
• Median HH income: $53,309
• Composite: 44.32/100
• National rank: #2829
• State rank: #352 of 590 in NY

Livability — Chestertown

• Score: 58/100
• State rank: #1052
• US rank: #20860

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chestertown, NY
• Population (ZIP): 2,023

Population outlook (Warren County) Hauer SSP2

• Today (2025): 62,372 people
• By 2030: 60,491 · -3.0%
• By 2040: 55,616 · -10.8%
• By 2050: 50,437 · -19.1%
• By 2075: 40,843 · -34.5%
• By 2100: 31,159 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Asian 3% Two or more races 2%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 95% English-only · Chinese 2% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Warren

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -6.9pp toward R · 2008: 2.6pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: R+0.2 2016: R+10.6 2012: D+2.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.88%
• Current HPI: 360.499
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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

Price history

+0.0% since first listed

5 events — show timeline

• 2026-04-07 Listed $199,000 Global MLS
• 2025-11-24 Relisted — Global MLS
• 2025-11-04 Contingent — Global MLS
• 2025-11-04 Listing Removed — Global MLS
• 2025-04-23 Listed $199,000 Global MLS