14 Albert St · Middletown, NY 10940

$385,000

4 bd · 2.0 ba · 2,144 sqft · MultiFamily public records · 2 Days on market

Built 1900 5,250 sqft lot Est $386k · at est.

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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 +24.2/30.0
• DSCR +7.8/10.0
• ARV discount +7.6/15.0
• 1% rule +6.6/10.0
• Rent growth +4.6/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Wonderful 2 Family home in a very nice area of Middletown. This great 2 Family features (2) 2 Bedroom apt; each apartment with their own driveway and separate utilities. Separate Gas, Electric and Hot-water. Both Apartments are in good condition. Walk up Attic and Full Basement. Spacious back yard and Large 2 Car Garage. Rents are below market value. Tenants have been there along time. Both tenants are month to month. Don’t miss this great opportunity to purchase a beautiful 2 family.

Key facts

• 2 family home
• Separate utilities
• Large 2 car garage

Tags

• 2 FAMILY HOME
• SEPARATE UTILITIES
• WALK UP ATTIC
• FULL BASEMENT
• SPACIOUS BACK YARD
• LARGE 2 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $768 ($9k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $385k).
• Cap rate 8.7% vs local median 3.3% in Middletown — 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 (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Maple Hill Elementary School (math 32% / reading 38%, grade F, #1,569 of 2,108 statewide, top 75%, 1,012 students, 80% FRL); Middletown Twin Towers Middle School (math 10% / reading 42%, grade F, #595 of 729 statewide, top 82%, 858 students, 78% FRL); Middletown High School (math 90% / reading 92%, grade A+, #203 of 1,100 statewide, top 20%, 2,523 students, 71% FRL) — zoned schools average 76% FRL vs 61% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $4,475/mo this rent would consume 62% of the median local household income ($87k/yr) (locally 1846% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $108k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $27k; list at $385k implies a 1326% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $385,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.55%
• DSCR: 1.38
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $385,920
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Albert St	0.00mi	4/2.0	2,144 (0%)	1mo	$385,000	$180	99
9 Fairlawn Ave	0.39mi	4/2.0	2,268 (+6%)	15mo	$375,000	$165	60
35 East Ave	0.66mi	3/2.0 (-1)	1,939 (-10%)	2mo	$440,000	$227	46
44 Houston Ave	0.66mi	5/2.0 (+1)	2,440 (+14%)	4mo	$370,000	$152	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.10×
• Total profit: $10,299
• Equity at exit: $57,405

10-year hold

• IRR: 16.4%
• Equity multiple: 2.67×
• Total profit: $180,117
• Equity at exit: $33,288

Cash invested: $107,800 (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 10940

• Home prices YoY: -18.7%
• Rents YoY: 8.2%
• Active inventory: 273
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $4,475 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$588 /mo · $7,056/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$940
• Net cashflow: $768

Break-even live

Break-even rent $3,503

Max offer price $385,000

Occupancy floor 78%

Sensitivity live

Price	-10% $986	-5% $877	+0% $768	+5% $659	+10% $550
Rent	-10% $414	-5% $591	+0% $768	+5% $945	+10% $1,121
Rate	-1.0pp $962	-0.5pp $866	base $768	+0.5pp $668	+1.0pp $567

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,474
Total (2 units)			$4,475

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Smith St Middletown, NY	3.0	2.0	1852	$3,600	$1.94	15d	1	0.26mi
52 Horton Ave Middletown, NY	3.0	2.5	2340	$3,000	$1.28	44d	1	0.47mi
184 Highland Ave Middletown, NY	4.0	2.0	1486	$3,500	$2.36	24d	1	0.55mi
186 Highland Ave Unit 1 Middletown, NY	3.0	2.0	2160	$2,800	$1.30	44d	1	0.55mi
26 Washington St Unit 2 Middletown, NY	3.0	1.0	2274	$2,100	$0.92	44d	1	0.74mi
7 Mulberry St Middletown, NY	4.0	1.5	1696	$2,800	$1.65	45d	1	0.77mi
128 W Main St Unit 1 Middletown, NY	5.0	3.5	2350	$3,500	$1.49	44d	1	0.85mi
169 Excelsior Ave Middletown, NY	3.0	1.5	1450	$2,800	$1.93	15d	1	0.90mi
26 Silo Ln Middletown, NY	3.0	1.5	1452	$2,500	$1.72	44d	1	1.39mi

Listing history 3 events

1. 2026-03-23
   status Pending
2. 2026-02-24
   listed $385,000 Active
3. 1977-08-01
   soldstatus $27,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $7,056 · $588/mo
• Projected year-2 tax: $7,056 · $588/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,700
• − Mortgage interest: −$21,566
• − Property taxes: −$7,056
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,296
• − Management: −$4,296
• − Depreciation: −$11,200
• Taxable income: $3,361
• Est. tax owed @ 24.0%: −$807
• After-tax cash flow: $8,407/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.

Schools (NCES district)

• District: Middletown City School District
• NCES district ID: 3619320
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 55% ▲ 19.00%
• Median HH income: $54,612
• Composite: 41.52/100
• National rank: #3453
• State rank: #411 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, NY
• County: Orange County · 267,004 people
• City population: 68,033
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 53,611
• Household income: $87,080
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1846.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Hispanic / Latino 32% Black 20% Two or more races 13% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Dominican 3%
• Common ancestry: Romanian 3% Italian 1% Iranian 1%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.68%
• Current HPI: 311.5969
• Rent YoY: ▲ 8.23%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• 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

+1325.9% since first listed

3 events — show timeline

• 2026-03-23 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-02-24 Listed $385,000 OneKey® MLS as Distributed by MLS Grid
• 1977-08-01 Sold (Public Records) $27,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $7,056 · -1.0% YoY. Source: county tax records.