62 Liftside Dr Unit 429 All 4

Hunter, NY 12442

$89,999D+

2 bd · 2.0 ba · 831 sqft · Built 2005 · Condo · Active · 287 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$1,692
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-1,129/mo
• Annual: $-13,548/yr
• Cap rate: -8.76%
• Cash-on-cash: -53.76%
• DSCR: -1.39
• 1% rule: 1.67%
• Cash to close: $25,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $90k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 287 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#971 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: housing D+, crime F, amenities F.
• Hunter-Tannersville Central School District (rural): math 55% / reading 50% proficiency, ranked #425 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hunter Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 186 students, 45% FRL); Hunter-Tannersville Middle School High School (math 52% / reading 44%, grade D, #1,002 of 1,100 statewide, top 91%, 153 students, 48% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: HOA is 113% of rent.
• Market conditions: 122 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate -8.8% vs local median 1.7% in Hunter — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 36% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 287 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Crime grade is F 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Fireplace — The fireplace appears to have some minor wear and tear, but it is not a major issue.