171 Greenkill Ave

Kingston, NY 12401

$379,999B-

4 bd · 3.0 ba · 1,810 sqft · Built 1900 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,876/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$875
• HOA: −$0
• Vac / Maint / Mgmt: −$1,444
• Net cashflow: $2,565/mo
• Annual: $30,776/yr
• Cap rate: 14.57%
• Cash-on-cash: 29.55%
• DSCR: 2.31
• 1% rule: 1.81%
• Cash to close: $106,400

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $380k.
• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $855/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $380k).
• It's been on market 21 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $374k (1.5% 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 $11k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#74 in NY, #1,143 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime C-.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harry L Edson School (math 32% / reading 32%, grade F, #1,646 of 2,108 statewide, top 80%, 418 students, 55% FRL); J Watson Bailey Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 968 students, 53% FRL); Kingston High School (math 94% / reading 91%, grade A+, #153 of 1,100 statewide, top 14%, 1,856 students, 85% FRL) — zoned schools average 64% FRL vs 45% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.8%/yr); 225 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.
• 10 sale attempts since 5y ago; this cycle's ask has dropped $35k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $275k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $106k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.6% vs local median 3.0% in Kingston — 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

• 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.