235 Smith Ave · Kingston, NY 12401

$449,000

6 bd · 2.5 ba · 2,583 sqft · MultiFamily public records · 54 Days on market

Built 1915 3,220 sqft lot Est $382k · 17% over

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Why this score? — see what drove the D 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 +17.5/30.0
• DSCR +5.5/10.0
• 1% rule +5.2/10.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Have your rental income supplement your monthly expenses. Great location in the heart of Kingston. Multi family with 2 separate large units. First floor apartment consists of 2 bedrooms and one full bath, Second floor, large 2 bedrooms with 2 extra bedrooms on third floor Legal 2 family with 6 bedrooms with a finished third floor with half bath according to city records. Possibly a third apartment with municipal approval Come take a look. Schedule an appointment today!

Key facts

• Finished third floor
• Legal 2 family
• 3,220 sq ft lot

Tags

• FINISHED THIRD FLOOR
• LEGAL 2 FAMILY

Property features AI

Exterior

• Parking: Off-street parking; Other parking
• Utilities: Central Hudson electric; Public sewer; Cable connected; Electricity connected; Natural gas connected; Sewer connected; Water connected; Public trash collection
• Home design: Duplex; Total building area approximately 2,583 sq ft
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating; Oil heating; Wall/window air conditioning units
• Interior features: Finished attic; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive. Per door: $171/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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.

Location & tenants

• 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-, schools D+.
• 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.
• 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).
• At $4,567/mo this rent would consume 79% of the median local household income ($69k/yr) (locally 2045% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $31k; list at $449k implies a 1348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $435,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.02% ✓
• Cap rate: 7.21%
• Cash-on-cash: 3.26%
• DSCR: 1.15
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $382,284
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Prince St	0.58mi	5/— (-1)	2,450 (-5%)	0mo	$374,000	$153	59
12 Prince St	0.61mi	5/4.0 (-1)	2,669 (+3%)	1mo	$396,000	$148	54
23 Van Buren St	0.31mi	6/2.0	2,375 (-8%)	20mo	$289,000	$122	54
442 Hasbrouck Ave	0.59mi	6/2.0	2,310 (-11%)	18mo	$330,000	$143	38

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

Projected returns pro-forma

-3.0% appreciation · 7.81% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.78×
• Total profit: $-27,665
• Equity at exit: $66,947

10-year hold

• IRR: 9.2%
• Equity multiple: 1.87×
• Total profit: $109,658
• Equity at exit: $38,821

Cash invested: $125,720 (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 →

ZIP-level market 12401

• Rents YoY: 7.8%
• Active inventory: 225
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $4,567 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$725 /mo · $8,697/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$959
• Net cashflow: $341

Break-even live

Break-even rent $4,135

Max offer price $449,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$4,568
Total (2 units)			$4,567

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $449,000 Active 54 DOM
2. 2026-06-18
   days on market $449,000 Active 53 DOM
3. 2026-06-17
   days on market $449,000 Active 52 DOM
4. 2026-06-16
   days on market $449,000 Active 51 DOM
5. 2026-06-15
   days on market $449,000 Active 50 DOM
6. 2026-06-14
   days on market $449,000 Active 48 DOM
7. 2026-06-12
   days on market $449,000 Active 47 DOM
8. 2026-06-09
   days on market $449,000 Active 44 DOM
9. 2026-06-08
   days on market $449,000 Active 43 DOM
10. 2026-06-07
    days on market $449,000 Active 42 DOM
11. 2026-06-03
    days on market $449,000 Active 38 DOM
12. 2026-06-02
    days on market $449,000 Active 37 DOM
13. 2026-06-01
    days on market $449,000 Active 36 DOM
14. 2026-05-31
    days on market $449,000 Active 35 DOM
15. 2026-05-30
    days on market $449,000 Active 34 DOM
16. 2026-04-27
    listed $449,000 Active 476-char remark

    Show marketing remark (476 chars)

    Have your rental income supplement your monthly expenses. Great location in the heart of Kingston. Multi family with 2 separate large units. First floor apartment consists of 2 bedrooms and one full bath, Second floor, large 2 bedrooms with 2 extra bedrooms on third floor Legal 2 family with 6 bedrooms with a finished third floor with half bath according to city records. Possibly a third apartment with municipal approval Come take a look. Schedule an appointment today!

17. 2026-04-25
    listed $449,000 Active
18. 1990-10-24
    soldstatus $31,000

ⓘ 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: $8,697 · $725/mo
• Projected year-2 tax: $8,697 · $725/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,804
• − Mortgage interest: −$25,151
• − Property taxes: −$8,697
• − Insurance: −$2,245
• − Repairs & maintenance: −$4,384
• − Management: −$4,384
• − Depreciation: −$13,062
• Taxable loss: −$3,120
• Est. tax savings @ 24.0%: +$749
• After-tax cash flow: $4,846/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.

Schools (NCES district)

• District: Kingston City School District
• NCES district ID: 3616290
• Math proficiency: 44% ▲ 1.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $52,586
• Composite: 44.22/100
• National rank: #2849
• State rank: #355 of 590 in NY

Livability — Kingston

• Score: 82/100
• State rank: #74
• US rank: #1143

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingston, NY
• County: Ulster County · 56,183 people
• City population: 35,136
• Metro: Kingston, NY
• Population (ZIP): 35,136
• Household income: $69,305
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 2045.0

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Black 11% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.90%
• Current HPI: 369.1984
• Rent YoY: ▲ 7.81%
• Metro: Kingston, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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

Price history

+1348.4% since first listed

3 events — show timeline

• 2026-04-27 Listed $449,000 HVCRMLS
• 2026-04-25 Listed $449,000 OneKey® MLS as Distributed by MLS Grid
• 1990-10-24 Sold (Public Records) $31,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $8,697 · +11.0% YoY. Source: county tax records.