209 Columbia Tpke #4

Hampton Manor, NY 12144

$400,000B

12 bd · 9.0 ba · 2,640 sqft · Built 1950 · MultiFamily · Pending · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,341/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$667
• HOA: −$0
• Vac / Maint / Mgmt: −$1,542
• Net cashflow: $3,035/mo
• Annual: $36,421/yr
• Cap rate: 15.40%
• Cash-on-cash: 32.52%
• DSCR: 2.45
• 1% rule: 1.84%
• Cash to close: $112,000

Investor read

• This is a 3 × 4-bed/?-bath units multifamily listed at $400k.
• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• It's been on market 56 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $388k (3.0% 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 $12k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#189 in NY, #2,794 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• East Greenbush Central School District (suburban): math 68% / reading 71% proficiency, ranked #132 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Red Mill School (math 62% / reading 72%, grade B+, #525 of 2,108 statewide, top 27%, 456 students, 30% FRL); Columbia High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,252 students, 27% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 102 active listings in the ZIP; solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $112k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.4% vs local median 1.9% in Hampton Manor — 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.
• At $7,341/mo this rent would consume 97% of the median local household income ($91k/yr) (locally 541% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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 1950 — 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.
• 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.
• 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.