90 Conklin Ave

Haverstraw, NY 10927

$459,000B

3 bd · 2.0 ba · 1,400 sqft · Built 1965 · MultiFamily · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,633/mo
• Mortgage (P&I): −$2,407
• Tax + insurance: −$765
• HOA: −$0
• Vac / Maint / Mgmt: −$1,393
• Net cashflow: $2,068/mo
• Annual: $24,816/yr
• Cap rate: 11.70%
• Cash-on-cash: 19.31%
• DSCR: 1.86
• 1% rule: 1.45%
• Cash to close: $128,520

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $459k.
• At list price, monthly cash flow is $2k ($25k/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 $459k).
• It's been on market 127 days — a 12% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $404k (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 57/100 on livability (#1,087 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment B+; Watch: crime D+, schools F, amenities F.
• Haverstraw-Stony Point CSD (North Rockland) (suburban): math 41% / reading 47% proficiency, ranked #427 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.6%/yr); 50 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $41k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $235k; list at $459k implies a 95% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $129k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.
• Cap rate 11.7% vs local median 5.2% in Haverstraw — 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 $6,633/mo this rent would consume 106% of the median local household income ($75k/yr) (locally 791% 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 127 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 1965 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?