208 Warren St

Hudson, NY 12534

$1,600,000D

8 bd · 6.0 ba · 4,104 sqft · Built 1969 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,208/mo
• Mortgage (P&I): −$8,391
• Tax + insurance: −$2,667
• HOA: −$0
• Vac / Maint / Mgmt: −$1,304
• Net cashflow: $-6,153/mo
• Annual: $-73,835/yr
• Cap rate: 1.68%
• Cash-on-cash: -16.48%
• DSCR: 0.27
• 1% rule: 0.39%
• Cash to close: $448,000

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $1.60M.
• At list price, monthly cash flow is $-6k ($-74k/yr) — negative. Per door: $-3k/mo.
• To cash-flow at today's rent, offer at most $710k (55.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $621k (61.2% below list).
• It's been on market 123 days — a 12% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $621k (61.2% below list) — sets the bar for 1% rule.
• In year one you build about $171k of equity ($11k loan paydown + $160k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#430 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+; Watch: schools C-, 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.
• Market conditions: Rents rising fast (+10.9%/yr); 161 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $150k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$275k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.7% vs local median 3.3% in Hudson — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $6,208/mo this rent would consume 102% of the median local household income ($73k/yr) (locally 1083% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 123 days. Have you received any prior offers? Is the seller open to a 61% 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 1969 — 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.
• 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?