90 Jomar Ln

Shokan, NY 12461

$599,900D-

3 bd · 3.0 ba · 2,488 sqft · Built 2004 · SingleFamily · Active · 131 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,094/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$795
• HOA: −$0
• Vac / Maint / Mgmt: −$650
• Net cashflow: $-1,497/mo
• Annual: $-17,968/yr
• Cap rate: 3.30%
• Cash-on-cash: -10.70%
• DSCR: 0.52
• 1% rule: 0.52%
• Cash to close: $167,972

Investor read

• This is a 3-bed/3.0-bath single-family listed at $600k.
• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (44.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (48.4% below list).
• It's been on market 131 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $309k (48.4% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($4k loan paydown + $10k appreciation (1.7% local appreciation)).
• Location reads 62/100 on livability (#888 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, housing A-; Watch: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Onteora High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 413 students, 44% FRL).
• Zoned-school proficiency averages 91% at this address vs 58% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Onteora Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 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.
• Current owner paid $23k; list at $600k implies a 2508% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.3% vs local median 1.8% in Shokan — 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

• 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 131 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.