3988 Us Highway 209 · Stone Ridge, NY 12484

$379,900

2 bd · 1.5 ba · 1,459 sqft · MultiFamily public records · 34 Days on market

Built 1939 1.90 ac lot $260/sqft · 17% below area Est $549k · 31% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +4.2/30.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Set back nicely from the road on a sweeping corner lot, just outside of Stone Ridge, this property provides easy access to High Falls, Accord, Kingston and other towns and villages. This late 30's Cape style house, with a lower level legal apartment has been owned for 40 years by the current family and is now offered for sale as a legal two family. It is in need of some TLC, but nothing some paint and a moderately skilled handyperson couldn't handle. The main unit offers many nice features including a beautiful wood burning fireplace, hardwood floors, walk up full attic with two skylights, screened in porch, an updated kitchen with refrigerator, gas stove, microwave and pantry. A full bath, two nice size bedrooms and a washer and dryer hookup completes it. The apartment in the lower level has its own entrance, 1 bedroom and two other very small rooms, kitchen with electric stove, full bath and washer/dryer. Both units have their own electric meters. The maiin house is steam heat oil and the lower level is all electric. This is ideally set up to live in the main house while getting some income from the apartment in the lower level. No rental information is provided as it has only been occupied by family.

Key facts

• Walk up full attic
• Legal apartment
• Skylights

Tags

• CORNER LOT
• LEGAL APARTMENT
• WOOD BURNING FIREPLACE
• HARDWOOD FLOORS
• WALK UP FULL ATTIC
• SKYLIGHTS

Property features AI

Finance

• Other: Fuel tank(s) on property; Zoning: R3

Exterior

• Parking: Driveway parking; Outside parking
• Utilities: Private well water; 100 amp electric service with circuit breakers; Engineered septic system (septic tank); Natural gas available or propane options; Cable available and connected; Electricity connected
• Home design: Two-story house; Multi-family structure; Residential single family residence
• Construction: Wood siding; Fiberglass and shingle roof; Block foundation; Built with block basement
• Exterior features: Screened side porch; Corner lot; Sloped lot; Asphalt/paved driveway and road access; State road frontage

Interior

• Kitchen: Free-standing gas oven; Free-standing electric oven; Microwave; Refrigerator
• Flooring: Hardwood floors; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Oil heating; Steam heating; No cooling
• Interior features: Granite counters; Pantry; High-speed internet; Skylight(s); Finished full basement with exterior entry
• Laundry & utility: In-unit laundry with washer and dryer; Laundry room with multiple hookups and electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (48.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (45.9% below list).
• Recommended offer: $197k (48.1% below list) — sets the bar for cash-flow.
• Cap rate 3.0% vs local median 1.8% in Stone Ridge — 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 59/100 on livability (#1,034 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A-; Watch: employment C-, amenities F, commute F.
• Rondout Valley Central School District (rural): math 39% / reading 51% proficiency, ranked #447 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,065 (48.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Built in 1939 — 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 B-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?
6. 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?
7. 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.
8. 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.
9. 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: 0.54% ✗
• Cap rate: 3.02%
• Cash-on-cash: -11.68%
• DSCR: 0.48
• GRM: 15.4

CMA / ARV

• ARV (median comp): $548,792
• List price: $379,900
• Delta: -30.78%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -37.7%
• Equity multiple: -0.20×
• Total profit: $-127,428
• Equity at exit: $56,644

10-year hold

• IRR: -55.4%
• Equity multiple: -0.84×
• Total profit: $-195,634
• Equity at exit: $32,847

Cash invested: $106,372 (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 12484

• Home prices YoY: -7.5%
• Active inventory: 24
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $2,055 medium
• Mortgage (P&I): −$1,992
• Tax from tax record: −$508 /mo · $6,096/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-1,035

Break-even live

Break-even rent $3,365

Max offer price $197,065

Occupancy floor —

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: $94,975
• Closing costs: $11,397
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-12
   statusdays on market $379,900 Pending 34 DOM
2. 2026-06-09
   days on market $379,900 Active Under Contract 32 DOM
3. 2026-06-08
   days on market $379,900 Active Under Contract 31 DOM
4. 2026-06-07
   days on market $379,900 Active Under Contract 30 DOM
5. 2026-06-03
   days on market $379,900 Active Under Contract 26 DOM
6. 2026-06-02
   days on market $379,900 Active Under Contract 25 DOM
7. 2026-06-01
   days on market $379,900 Active Under Contract 24 DOM
8. 2026-05-31
   days on market $379,900 Active Under Contract 23 DOM
9. 2026-05-30
   days on market $379,900 Active Under Contract 22 DOM
10. 2026-05-08
    listed $379,900 Active 1196-char remark
11. 2026-05-07
    listed $379,900 Active 1225-char remark

    Show marketing remark (1225 chars)

    Set back nicely from the road on a sweeping corner lot, just outside of Stone Ridge, this property provides easy access to High Falls, Accord, Kingston and other towns and villages. This late 30's Cape style house, with a lower level legal apartment has been owned for 40 years by the current family and is now offered for sale as a legal two family. It is in need of some TLC, but nothing some paint and a moderately skilled handyperson couldn't handle. The main unit offers many nice features including a beautiful wood burning fireplace, hardwood floors, walk up full attic with two skylights, screened in porch, an updated kitchen with refrigerator, gas stove, microwave and pantry. A full bath, two nice size bedrooms and a washer and dryer hookup completes it. The apartment in the lower level has its own entrance, 1 bedroom and two other very small rooms, kitchen with electric stove, full bath and washer/dryer. Both units have their own electric meters. The maiin house is steam heat oil and the lower level is all electric. This is ideally set up to live in the main house while getting some income from the apartment in the lower level. No rental information is provided as it has only been occupied by family.

ⓘ 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: $6,096 · $508/mo
• Projected year-2 tax: $6,258 · $522/mo
• Expected delta: +$162/yr (+$13/mo · 2.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥99°F today · 15 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: $24,662
• − Mortgage interest: −$21,280
• − Property taxes: −$6,096
• − Insurance: −$1,900
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − Depreciation: −$11,052
• Taxable loss: −$19,612
• Est. tax savings @ 24.0%: +$4,707
• After-tax cash flow: $-7,713/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: Rondout Valley Central School District
• NCES district ID: 3624960
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 51% ▲ 5.00%
• Median HH income: $59,408
• Composite: 39.5/100
• National rank: #3949
• State rank: #447 of 590 in NY

Livability — Stone Ridge

• Score: 59/100
• State rank: #1034
• US rank: #20461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stone Ridge, NY
• Population (ZIP): 3,271

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 7% Two or more races 7% Hispanic / Latino 5% Asian 3%
• Common ancestry: Scotch-Irish 7% Subsaharan African 6% Serbian 6%
• Foreign-born: 9%
• Languages at home: 90% English-only · Russian/Polish/Slavic 4% French/Haitian/Cajun 3% Spanish 2%

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: ▼ -29.12%
• Current HPI: 357.0183
• 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

6 events — show timeline

• 2026-06-11 Pending — HVCRMLS
• 2026-06-11 Pending — HVCRMLS
• 2026-05-20 Contingent — HVCRMLS
• 2026-05-20 Contingent — HVCRMLS
• 2026-05-08 Listed $379,900 HVCRMLS
• 2026-05-07 Listed $379,900 HVCRMLS

Property tax history

+7.5%/yr

Latest (2025): $6,096 · -0.2% YoY. Source: county tax records.