850-872 Oliverea Rd

Pine Hill, NY 12410

$975,000B-

27 bd · 16.2 ba · 6,300 sqft · Built 1940 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,943/mo
• Mortgage (P&I): −$5,113
• Tax + insurance: −$1,625
• HOA: −$0
• Vac / Maint / Mgmt: −$2,508
• Net cashflow: $2,697/mo
• Annual: $32,364/yr
• Cap rate: 9.61%
• Cash-on-cash: 11.85%
• DSCR: 1.53
• 1% rule: 1.22%
• Cash to close: $273,000

Investor read

• This is a 9 × 3-bed/?-bath units multifamily listed at $975k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $300/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $975k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $18k of equity ($7k loan paydown + $11k appreciation (1.1% local appreciation)).
• Location reads 56/100 on livability (#1,098 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime C-, employment C-, cost of living C-.
• Onteora Central School District (rural): math 58% / reading 59% proficiency, ranked #288 of 755 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 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.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $273k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.6% vs local median 1.1% in Pine Hill — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — The appliances are outdated and need to be replaced.
• Major: Kitchen sink — The sink is worn and in need of replacement.
• Major: Bathroom fixtures — The fixtures are outdated and need to be replaced.
• Major: Bathroom tiles — The tiles are worn and need to be replaced.
• Major: Exterior siding — The siding is peeling and needs repainting.
• Major: Flooring — The flooring is worn and needs replacement.