236 State Route 32 S

New Paltz, NY 12561

$475,000B-

6 bd · 4.0 ba · 2,937 sqft · Built 1900 · MultiFamily · Pending · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,704/mo
• Mortgage (P&I): −$2,491
• Tax + insurance: −$775
• HOA: −$0
• Vac / Maint / Mgmt: −$1,198
• Net cashflow: $1,240/mo
• Annual: $14,878/yr
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• 1% rule: 1.20%
• Cash to close: $133,000

Investor read

• This is a 2×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $475k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• It's been on market 176 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#128 in NY, #2,042 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, housing D+, employment D-.
• New Paltz Central School District (suburban): math 67% / reading 88% proficiency, ranked #70 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Duzine School (317 students, 27% FRL); New Paltz Middle School (math 24% / reading 74%, grade C, #280 of 729 statewide, top 40%, 421 students, 28% FRL); New Paltz Senior High School (math 97% / reading 100%, grade A+, #10 of 1,100 statewide, top 1%, 668 students, 27% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 94 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.
• Current owner paid $290k; list at $475k implies a 64% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 1.8% in New Paltz — 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

• It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.