544 State St · Hudson, NY 12534

$485,000

5 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 69 Days on market

Built 1910 Fair condition 3,049 sqft lot 1-car garage $225/sqft · 21% below area Est $614k · 21% under

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Why this score? — see what drove the A- 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).

• Cash flow +25.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.5/10.0
• 1% rule +5.9/10.0
• Schools +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Prime Hudson location. Steps from Warren Street and close to riverfront parks, dining, art, and shopping. 544 State St offers a two family with one unit over another, built with early 1900s charm and solid scale. Classic gable lines brim the exterior, along with scalloped detail, and a welcoming front porch. Each unit holds tall ceilings, natural light, and a smart layout. Upstairs, a bright front room and period trim. Downstairs offers easy flow from living to kitchen. Both allow strong rental income or flexible use for an owner who wants extra space, or to convert to a single family residence. The property sits in a walkable part of Hudson with quick access to the Amtrak station.

Key facts

• Smart layout
• Tall ceilings
• Natural light

Tags

• STEPS FROM WARREN STREET
• CLOSE TO RIVERFRONT PARKS
• TALL CEILINGS
• NATURAL LIGHT
• SMART LAYOUT
• BRIGHT FRONT ROOM

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $485k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $485k).
• Recommended offer: $456k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.6% in Hudson — 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 70/100 on livability (#430 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+; Watch: commute F, employment F.
• Hudson City School District (town): math 38% / reading 47% proficiency, ranked #494 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Montgomery C Smith Elementary School (math 36% / reading 47%, grade F, #1,409 of 2,108 statewide, top 67%, 723 students, 65% FRL); Hudson Junior High School (math 20% / reading 36%, grade F, #573 of 729 statewide, top 79%, 384 students, 63% FRL); Hudson High School (math 82% / reading 84%, grade A, #435 of 1,100 statewide, top 40%, 454 students, 57% FRL).
• Market conditions: Rents rising fast (+10.9%/yr); 203 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $52k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $136k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$83k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($456k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago 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.
• Current owner paid $45k; list at $485k implies a 978% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $455,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.09% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.07%
• DSCR: 1.45
• GRM: 7.6

CMA / ARV

• ARV (median comp): $613,885
• List price: $485,000
• Delta: -21.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
539 State St	0.02mi	4/— (-1)	1,920 (-11%)	1mo	$603,000	$314	74
316 State St	0.40mi	4/— (-1)	2,112 (-2%)	8mo	$425,000	$201	67
534 Washington St	0.12mi	4/2.0 (-1)	1,990 (-8%)	16mo	$469,000	$236	63
309 - 311 Union St	0.45mi	4/— (-1)	2,088 (-3%)	20mo	$380,000	$182	52
12 Mckinstry Pl	0.37mi	6/— (+1)	2,454 (+14%)	14mo	$530,000	$216	43
5 Worth Ave	0.37mi	4/— (-1)	1,888 (-12%)	16mo	$300,000	$159	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 3.69×
• Total profit: $364,661
• Equity at exit: $436,926

10-year hold

• IRR: 30.7%
• Equity multiple: 9.00×
• Total profit: $1,085,937
• Equity at exit: $942,248

Cash invested: $135,800 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 3 under contract
• Months of supply: 30.0 mo (3%/mo absorbed)
• Median asking: $475,000 ($245/sqft)
• Median days on market: 40 d
• This list price: 60% of active listings are priced below it
• ARV vs active asking: +16.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12534

• Home prices YoY: 5.6%
• Rents YoY: 10.9%
• Active inventory: 203
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $5,300 high
• Mortgage (P&I): −$2,543
• Tax from tax record: −$301 /mo · $3,617/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,113
• Net cashflow: $1,140

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$5,300
Total (2 units)			$5,300

Break-even live

Break-even rent $3,857

Max offer price $485,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,415	-5% $1,277	+0% $1,140	+5% $1,003	+10% $866
Rent	-10% $721	-5% $931	+0% $1,140	+5% $1,349	+10% $1,559
Rate	-1.0pp $1,384	-0.5pp $1,263	base $1,140	+0.5pp $1,014	+1.0pp $887

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: $121,250
• Closing costs: $14,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
76 N 7th St Hudson, NY	1.0–3.0	1.0–2.0	837	$2,738	$3.27	15d	24	0.12mi
437 State St Hudson, NY	3.0	3.0	1800	$8,000	$4.44	93d	1	0.18mi
442 Columbia St Hudson, NY	2.0	1.0	1100	$1,850	$1.68	93d	1	0.18mi
613 Warren St Unit 1 Hudson, NY	1.0	1.0	950	$4,000	$4.21	93d	1	0.18mi
707 Warren St Unit 2 Hudson, NY	1.0	1.0	700	$1,850	$2.64	93d	1	0.21mi
720 Warren St Unit 2 Hudson, NY	1.0	1.0	650	$1,875	$2.88	93d	1	0.22mi
438 Warren St Hudson, NY	2.0	1.5	1181	$2,850	$2.41	93d	1	0.22mi
432 Warren St Unit 2r Hudson, NY	2.0	1.0	860	$2,800	$3.26	93d	1	0.23mi
72-74 Green St Unit 72a Hudson, NY	2.0	1.5	911	$3,000	$3.29	93d	1	0.28mi
72-74 Green St Unit 72b Hudson, NY	2.0	1.0	594	$2,750	$4.63	93d	1	0.28mi
72-74 Green St Unit 74a Hudson, NY	2.0	1.5	831	$2,900	$3.49	93d	1	0.28mi
823-825 Columbia St Unit 3 Hudson, NY	3.0	1.0	1100	$2,400	$2.18	93d	1	0.30mi
328 Columbia St Unit 2 Hudson, NY	3.0	1.0	800	$2,600	$3.25	68d	1	0.38mi
258 Warren St Hudson, NY	3.0	2.0	2464	$5,300	$2.15	72d	1	0.48mi
224 Warren St Unit 1 Hudson, NY	2.0	1.0	1700	$2,750	$1.62	16d	1	0.55mi
227 Warren St Unit 2 Hudson, NY	3.0	1.0	1500	$2,750	$1.83	16d	1	0.55mi
227 Warren St Unit 3 Hudson, NY	3.0	1.0	1400	$2,600	$1.86	72d	1	0.55mi
214 Robinson St Unit 2 Hudson, NY	2.0	1.0	800	$1,800	$2.25	72d	1	0.56mi
208 Warren St Unit 3 Hudson, NY	2.0	1.0	1000	$2,567	$2.57	63d	1	0.60mi
208 Warren St Unit 3 Hudson, NY	1.0	1.0	700	$2,250	$3.21	93d	1	0.60mi
208 Warren St Unit 1 Hudson, NY	1.0	1.0	700	$2,800	$4.00	93d	1	0.60mi
208 Warren St Unit 6 Hudson, NY	2.0	1.0	1000	$2,850	$2.85	93d	1	0.60mi
208 Warren St Unit 2 Hudson, NY	2.0	1.0	1000	$3,150	$3.15	93d	1	0.60mi
208 Warren St Unit 4 Hudson, NY	2.0	1.0	4104	$2,850	$0.69	16d	1	0.60mi
208 Warren St Unit 5 Hudson, NY	1.0	1.0	700	$2,399	$3.43	16d	1	0.60mi
210 Allen St Hudson, NY	2.0	1.0	1400	$2,900	$2.07	72d	1	0.62mi
30 Union St Unit 2 Hudson, NY	2.0	1.0	900	$2,500	$2.78	72d	1	0.73mi
1 Warren St Unit 4 Hudson, NY	2.0	1.0	2250	$2,000	$0.89	16d	1	0.79mi

Property features AI

Exterior

• Parking: Rear-facing garagePaved driveway1-car garage
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewer
• Home design: Duplex (residential income)Wood siding
• Construction: Wood siding constructionAsphalt shingle roof
• Exterior features: Level lotGarage(s) on property

Interior

• Kitchen: RangeRefrigerator
• Flooring: HardwoodTile
• Heating & cooling: Oil heatingNo central cooling
• Interior features: RangeRefrigeratorHardwood floorsTile floorsFull basementBasement laundry (in basement)
• Laundry & utility: Laundry in basement

Listing history 50 events

1. 2026-08-08
   days on market $485,000 Active 69 DOM
2. 2026-08-07
   days on market $485,000 Active 68 DOM
3. 2026-08-06
   days on market $485,000 Active 67 DOM
4. 2026-08-05
   days on market $485,000 Active 66 DOM
5. 2026-08-04
   days on market $485,000 Active 65 DOM
6. 2026-08-03
   days on market $485,000 Active 64 DOM
7. 2026-07-31
   days on market $485,000 Active 61 DOM
8. 2026-07-30
   days on market $485,000 Active 60 DOM
9. 2026-07-29
   days on market $485,000 Active 59 DOM
10. 2026-07-27
    days on market $485,000 Active 57 DOM
11. 2026-07-25
    days on market $485,000 Active 55 DOM
12. 2026-07-24
    days on market $485,000 Active 54 DOM
13. 2026-07-23
    days on market $485,000 Active 53 DOM
14. 2026-07-22
    days on market $485,000 Active 52 DOM
15. 2026-07-21
    days on market $485,000 Active 51 DOM
16. 2026-07-18
    days on market $485,000 Active 48 DOM
17. 2026-07-16
    days on market $485,000 Active 46 DOM
18. 2026-07-15
    days on market $485,000 Active 45 DOM
19. 2026-07-14
    days on market $485,000 Active 44 DOM
20. 2026-07-13
    days on market $485,000 Active 43 DOM
21. 2026-07-12
    days on market $485,000 Active 42 DOM
22. 2026-07-12
    days on market $485,000 Active 41 DOM
23. 2026-07-11
    days on market $485,000 Active 40 DOM
24. 2026-07-09
    days on market $485,000 Active 39 DOM
25. 2026-07-09
    days on market $485,000 Active 38 DOM
26. 2026-07-07
    days on market $485,000 Active 37 DOM
27. 2026-07-06
    days on market $485,000 Active 36 DOM
28. 2026-07-05
    days on market $485,000 Active 35 DOM
29. 2026-07-04
    days on market $485,000 Active 34 DOM
30. 2026-07-03
    days on market $485,000 Active 33 DOM
31. 2026-07-02
    days on market $485,000 Active 32 DOM
32. 2026-07-01
    days on market $485,000 Active 31 DOM
33. 2026-06-30
    days on market $485,000 Active 30 DOM
34. 2026-06-29
    days on market $485,000 Active 29 DOM
35. 2026-06-28
    days on market $485,000 Active 28 DOM
36. 2026-06-27
    days on market $485,000 Active 27 DOM
37. 2026-06-26
    days on market $485,000 Active 25 DOM
38. 2026-06-22
    days on market $485,000 Active 22 DOM
39. 2026-06-21
    days on market $485,000 Active 21 DOM
40. 2026-06-19
    days on market $485,000 Active 19 DOM
41. 2026-06-18
    days on market $485,000 Active 18 DOM
42. 2026-06-17
    days on market $485,000 Active 17 DOM
43. 2026-06-16
    days on market $485,000 Active 16 DOM
44. 2026-06-15
    days on market $485,000 Active 15 DOM
45. 2026-06-14
    days on market $485,000 Active 13 DOM
46. 2026-06-12
    days on market $485,000 Active 12 DOM
47. 2026-06-09
    days on market $485,000 Active 9 DOM
48. 2026-06-08
    days on market $485,000 Active 8 DOM
49. 2026-06-07
    days on market $485,000 Active 7 DOM
50. 2026-06-04
    days on market $485,000 Active 3 DOM

ⓘ 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: $3,617 · $301/mo
• Projected year-2 tax: $5,907 · $492/mo
• Expected delta: +$2,290/yr (+$191/mo · 63.3%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,600
• − Mortgage interest: −$27,168
• − Property taxes: −$3,617
• − Insurance: −$2,425
• − Repairs & maintenance: −$5,088
• − Management: −$5,088
• − Depreciation: −$14,109
• Taxable income: $6,106
• Est. tax owed @ 24.0%: −$1,465
• After-tax cash flow: $12,216/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $53,900–$97,020 screening

This multi-family property in Hudson, NY, requires extensive repairs and updates to its roof, exterior, flooring, interior, and HVAC system. While the location is prime, the current condition significantly impacts its value. Investing in these improvements will significantly increase its resale and rental value.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding is peeling and in need of repainting.
• Major flooring — The flooring in the interior photos appears to be worn and in need of replacement.
• Major interior walls — The interior walls show signs of wear and tear, with some areas appearing to be in need of repainting.
• Major bathrooms — The bathrooms appear to be in poor condition, with outdated fixtures and potential plumbing issues.
• Major HVAC system — The HVAC system appears to be outdated and may need replacement or repair.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and increase its value for both resale and rental. ↑
• Both exterior siding and painting — A fresh coat of paint and new siding will improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both flooring replacement — New flooring will improve the home's appearance and increase its value for both resale and rental. ↑
• Both interior painting and updates — Fresh paint and updated fixtures will improve the home's appearance and increase its value for both resale and rental. ↑
• Both HVAC system replacement — A new HVAC system will improve the home's comfort and energy efficiency, increasing its value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Montgomery C Smith Elementary School F NY #1,409/2,108 Nat'l #18,859/41,679 Middle Hudson Junior High School F NY #573/729 Nat'l #9,545/14,009 High Hudson High School A NY #435/1,100 Nat'l #864/17,239

Schools (NCES district)

• District: Hudson City School District
• NCES district ID: 3614940
• Math proficiency: 38% ▲ 4.00%
• Reading proficiency: 47% ▲ 7.00%
• Median HH income: $44,663
• Composite: 36.03/100
• National rank: #4779
• State rank: #494 of 590 in NY

B Composite livability gradescore 70/100

Livability — Hudson

• Score: 70/100
• State rank: #430
• US rank: #7443

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hudson, NY
• County: Columbia County · 58,662 people
• City population: 17,176
• Metro: Hudson, NY
• Population (ZIP): 17,176
• Household income: $72,741
• Rent vs Own: 36.4% rent · 63.6% own
• Severe rent burden: 8% of renters

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Population outlook (Columbia County) Hauer SSP2

• Today (2025): 58,662 people
• By 2030: 56,557 · -3.6%
• By 2040: 51,324 · -12.5%
• By 2050: 45,790 · -21.9%
• By 2075: 35,232 · -39.9%
• By 2100: 25,846 · -55.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 7% Black 7% Hispanic / Latino 7% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Iranian 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Chinese 1%

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Political lean MEDSL · Columbia

• 2024 margin: D (+14.7) · D 57.4% · R 42.6%
• 2008→2024 swing: +1.3pp toward D · 2008: 13.4pp · 2024: 14.7pp
• All cycles: 2024: D+14.7 2020: D+16.7 2016: D+1.4 2012: D+11.7 2008: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.98%
• Current HPI: 490.0412
• Rent YoY: ▲ 10.88%
• Metro: Hudson, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Exterior

• Parking: Rear-facing garagePaved driveway1-car garage
• Security: Smoke detectorsCarbon monoxide detectors
• Utilities: Public waterPublic sewer
• Home design: Duplex (residential income)Wood siding
• Construction: Wood siding constructionAsphalt shingle roof
• Exterior features: Level lotGarage(s) on property

Interior

• Kitchen: RangeRefrigerator
• Flooring: HardwoodTile
• Heating & cooling: Oil heatingNo central cooling
• Interior features: RangeRefrigeratorHardwood floorsTile floorsFull basementBasement laundry (in basement)
• Laundry & utility: Laundry in basement

Price history

+977.8% since first listed

8 events — show timeline

• 2026-05-31 Listed $485,000 HVCRMLS
• 2026-04-28 Listing Removed — Global MLS
• 2026-01-14 Price Changed $574,900 HVCRMLS
• 2026-01-14 Price Changed $574,900 Global MLS
• 2025-11-13 Listed $599,000 HVCRMLS
• 2025-11-13 Listed $599,000 Global MLS
• 2018-10-04 Listed $339,000 HVCRMLS
• 2002-01-08 Sold (Public Records) $45,000 Public Records

Property tax history

+12.0%/yr

Latest (2025): $3,617 · +15.3% YoY. Source: county tax records.