356 Union St

Hudson, NY 12534

$1,550,000C

6 bd · None ba · 10,692 sqft · Built 1900 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,258/mo
• Mortgage (P&I): −$8,128
• Tax + insurance: −$1,486
• HOA: −$0
• Vac / Maint / Mgmt: −$2,364
• Net cashflow: $-721/mo
• Annual: $-8,648/yr
• Cap rate: 5.74%
• Cash-on-cash: -1.99%
• DSCR: 0.91
• 1% rule: 0.73%
• Cash to close: $434,000

Investor read

• This is a 6-bed/?-bath multifamily listed at $1.55M.
• At list price, monthly cash flow is $-721 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.42M (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.13M (27.4% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $1.13M (27.4% below list) — sets the bar for 1% rule.
• In year one you build about $166k of equity ($11k loan paydown + $155k 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: 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.
• Zoned schools: Montgomery C Smith Elementary School (math 36% / reading 47%, grade F, #1,409 of 2,108 statewide, top 67%, 723 students, 65% FRL); Hudson Junior High School (math 20% / reading 36%, grade F, #573 of 729 statewide, top 79%, 384 students, 63% FRL); Hudson High School (math 82% / reading 84%, grade A, #435 of 1,100 statewide, top 40%, 454 students, 57% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 162 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.
• 4 sale attempts since 6y ago 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 $1.10M; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$266k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.7% vs local median 3.3% in Hudson — 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.
• At $11,258/mo this rent would consume 186% 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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.