108-110 Academy Ave · Middletown, NY 10940

$399,999

4 bd · 2.0 ba · 2,352 sqft · MultiFamily · 4 Days on market

Built 1895 Fair condition 10,197 sqft lot Est $428k · 7% under

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Why this score? — see what drove the C+ 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 +22.5/30.0
• ARV discount +10.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Rent growth +4.6/5.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Condition / age +2.2/5.0
• 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

Incredible Investment or Perfect House-Hack in a Prime Location! Maximize your portfolio with this fantastic two-family property! Whether you're a seasoned investor looking for solid cash flow or an owner-occupant wanting to offset your mortgage, this duplex delivers. The vacant upstairs unit is completely turn-key and meticulously renovated—boasting a brand-new kitchen, pristine bathroom, gorgeous new flooring, and fresh paint throughout. Downstairs, you'll find a reliably occupied, generously sized 2-bedroom unit featuring a massive living room, an inviting eat-in kitchen, and an exceptionally spacious primary bedroom. Bonus features: Say goodbye to parking headaches with an expansi

Key facts

• New kitchen
• New bathroom
• New flooring

Tags

• CONVENIENT LOCATION
• COMPLETELY UPDATED
• NEW KITCHEN
• NEW BATHROOM
• NEW FLOORING
• EAT-IN KITCHEN

Property features AI

Exterior

• Parking: Driveway with parking for 5 vehicles
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Trash collection (public); Water connected
• Home design: Duplex
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Not waterfront; No additional parcels

Interior

• Bedrooms: Two 2-bedroom units
• Flooring: Combination flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heat; Hot water heat; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Full basement; Dormer attic

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Cap rate 8.3% vs local median 3.3% in Middletown — 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 (#79 in NY, #1,219 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute C-.
• Middletown City School District (suburban): math 41% / reading 55% proficiency, ranked #411 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Presidential Park Elementary School (math 19% / reading 37%, grade F, #1,774 of 2,108 statewide, top 84%, 1,300 students, 76% FRL); Middletown Twin Towers Middle School (math 10% / reading 42%, grade F, #595 of 729 statewide, top 82%, 858 students, 78% FRL); Middletown High School (math 90% / reading 92%, grade A+, #203 of 1,100 statewide, top 20%, 2,523 students, 71% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 273 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• At $4,353/mo this rent would consume 60% of the median local household income ($87k/yr) (locally 1846% 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 $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,999

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1895 — 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. 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.
8. 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.
9. 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: 8.32%
• Cash-on-cash: 7.23%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $428,064
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Houston Ave	0.38mi	5/2.0 (+1)	2,440 (+4%)	4mo	$370,000	$152	67
75 Academy Ave	0.19mi	5/2.0 (+1)	2,247 (-4%)	22mo	$430,000	$191	60
48 Mulberry St	0.33mi	4/2.0	2,076 (-12%)	16mo	$340,000	$164	52
2 Mountain Ave	0.71mi	5/2.0 (+1)	2,447 (+4%)	7mo	$445,000	$182	49

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $1,217
• Equity at exit: $59,641

10-year hold

• IRR: 14.5%
• Equity multiple: 2.44×
• Total profit: $161,352
• Equity at exit: $34,585

Cash invested: $112,000 (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 10940

• Home prices YoY: -18.7%
• Rents YoY: 8.2%
• Active inventory: 273
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $4,353 high
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$914
• Net cashflow: $675

Break-even live

Break-even rent $3,499

Max offer price $399,999

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,354
Total (2 units)			$4,353

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Washington St Unit 2 Middletown, NY	3.0	1.0	2274	$2,100	$0.92	43d	1	0.28mi
7 Mulberry St Middletown, NY	4.0	1.5	1696	$2,800	$1.65	44d	1	0.40mi
128 W Main St Unit 1 Middletown, NY	5.0	3.5	2350	$3,500	$1.49	43d	1	0.68mi
14 Smith St Middletown, NY	3.0	2.0	1852	$3,600	$1.94	14d	1	0.92mi
52 Horton Ave Middletown, NY	3.0	2.5	2340	$3,000	$1.28	43d	1	1.09mi
186 Highland Ave Unit 1 Middletown, NY	3.0	2.0	2160	$2,800	$1.30	43d	1	1.32mi

Listing history 7 events

1. 2026-06-18
   days on market $399,999 Coming Soon 4 DOM
2. 2026-06-17
   days on market $399,999 Coming Soon 3 DOM
3. 2026-06-16
   remarks 693-char remark
4. 2026-06-16
   days on market $399,999 Coming Soon 2 DOM
5. 2026-06-15
   remarks 605-char remark
6. 2026-06-15
   remarks 397-char remark
7. 2026-06-15
   listed $399,999 Coming Soon 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,236
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,179
• − Management: −$4,179
• − Depreciation: −$11,636
• Taxable income: $1,836
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $7,654/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 · 2 photos

Fair 45/100 Cosmetic rehab

This two-family property offers a good investment opportunity with a vacant unit that is completely renovated and move-in ready. The property needs some landscaping and exterior siding repairs to fully maximize its value.

Repairs flagged

• Minor Landscaping — Overgrown lawn needs trimming
• Moderate Exterior Siding — Siding appears worn

Value-add opportunities

• Both Landscaping — Improves curb appeal and property value
• Both Exterior Siding — Enhances property value and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Overgrown lawn needs trimming	Minor	$500–3,000
Exterior Siding · Siding appears worn	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Landscaping — Improves curb appeal and property value ↑
• Both Exterior Siding — Enhances property value and curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Middletown City School District
• NCES district ID: 3619320
• Math proficiency: 41% ▼ -2.00%
• Reading proficiency: 55% ▲ 19.00%
• Median HH income: $54,612
• Composite: 41.52/100
• National rank: #3453
• State rank: #411 of 590 in NY

Livability — Middletown

• Score: 82/100
• State rank: #79
• US rank: #1219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, NY
• County: Orange County · 267,004 people
• City population: 68,033
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 53,611
• Household income: $87,080
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1846.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 379,830 people
• By 2030: 378,955 · -0.2%
• By 2040: 375,444 · -1.2%
• By 2050: 369,311 · -2.8%
• By 2075: 354,233 · -6.7%
• By 2100: 318,150 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Hispanic / Latino 32% Black 20% Two or more races 13% Asian 4% Native American 3%
• Hispanic origin (detail): Mexican 9% Puerto Rican 13% Dominican 3%
• Common ancestry: Romanian 3% Italian 1% Iranian 1%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Orange

• 2024 margin: Lean R (+8.4) · D 45.8% · R 54.2%
• 2008→2024 swing: -12.5pp toward R · 2008: 4.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+0.2 2016: R+6.5 2012: D+5.2 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.68%
• Current HPI: 311.5969
• Rent YoY: ▲ 8.23%
• Metro: Poughkeepsie-Newburgh-Middletown, 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

1 event — show timeline

• 2026-06-15 Coming Soon $399,999 OneKey® MLS as Distributed by MLS Grid