92 Center St · Highland Falls, NY 10928

$479,000

4 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 11 Days on market

Built 1910 2,526 sqft lot Est $431k · 11% 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).

• Appreciation +9.8/10.0
• Cash flow +9.1/30.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• ARV discount +2.4/15.0

Multi-family units

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

Listing remarks MLS

Multi-family home now available for sale in the Village of Highland Falls. Building consists of (2 )two bedrooms and one bathroom apartments . Features a new roof , hot water heaters and hardwood floors in each unit. Tenants are responsible for their own utilities. Off-street parking is available for tenants during those winter months . Walking distance to village amenities. Close to Bear Mountain state park , Military Academy at West Point and Metro north train station .

Key facts

• Scenic hiking trails
• New flooring
• 2,526 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• STRONG RENTAL POTENTIAL
• NEW FLOORING
• FRESHLY PAINTED UNITS
• EASY ACCESS TO LOCAL SHOPS
• SCENIC HIKING TRAILS

Property features AI

Exterior

• Parking: Driveway parking for two vehicles
• Utilities: Public sewer; Trash collection (public); Electric service by Orange & Rockland
• Home design: Duplex
• Construction: Vinyl siding
• Exterior features: Corner lot; No special exterior features listed

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Two 2-bedroom units
• Flooring: Laminate flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; No central air
• Interior features: Eat-in kitchen; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $479k.

Deal economics

• At list price, monthly cash flow is $-364 ($-4k/yr) — negative. Per door: $-182/mo.
• To cash-flow at today's rent, offer at most $415k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $356k (25.6% below list).
• Recommended offer: $356k (25.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#335 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living D, amenities F, commute F.
• Highland Falls Central School District (rural): math 53% / reading 47% proficiency, ranked #328 of 590 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fort Montgomery Elementary School (201 students, 52% FRL); Highland Falls Intermediate School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 324 students, 56% FRL); James I O'Neill High School (math 87% / reading 70%, grade A-, #568 of 1,100 statewide, top 52%, 424 students, 30% FRL).
• Market conditions: 18 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).

Forward outlook

• In year one you build about $50k of equity ($3k loan paydown + $46k appreciation (9.7% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $356,400 (25.6% below list)

Questions for the listing agent

1. 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?
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 1910 — 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. 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?
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: 0.74% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.86
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $430,560
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
92 Center St	0.00mi	4/2.0	1,248 (0%)	15mo	$430,000	$345	88

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

Projected returns pro-forma

9.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.70×
• Total profit: $227,718
• Equity at exit: $420,937

10-year hold

• IRR: 19.3%
• Equity multiple: 6.12×
• Total profit: $686,242
• Equity at exit: $896,735

Cash invested: $134,120 (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 10928

• Home prices YoY: 3.5%
• Active inventory: 18
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $3,564 medium
• Mortgage (P&I): −$2,512
• Tax from tax record: −$468 /mo · $5,616/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$748
• Net cashflow: $-364

Break-even live

Break-even rent $4,025

Max offer price $414,699

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,564
Total (2 units)			$3,564

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: $119,750
• Closing costs: $14,370
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29 Tobins Ln #1 Highland Falls, NY	3.0	1.0	1000	$2,850	$2.85	23d	1	0.06mi
29 Tobins Ln Unit 2 Highland Falls, NY	3.0	1.0	840	$2,550	$3.04	43d	1	0.06mi
51 Schneider Ave Unit 2A Highland Falls, NY	3.0	1.0	900	$2,795	$3.11	14d	1	0.10mi
44 Center St Unit 1 Highland Falls, NY	3.0	1.0	975	$2,050	$2.10	14d	1	0.10mi

Listing history 9 events

1. 2026-06-18
   days on market $479,000 Active 11 DOM
2. 2026-06-17
   days on market $479,000 Active 10 DOM
3. 2026-06-16
   days on market $479,000 Active 9 DOM
4. 2026-06-15
   days on market $479,000 Active 8 DOM
5. 2026-06-14
   days on market $479,000 Active 6 DOM
6. 2026-06-10
   days on market $479,000 Active 3 DOM
7. 2026-06-09
   days on market $479,000 Active 2 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $479,000 Active 1 DOM

ⓘ 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: $5,616 · $468/mo
• Projected year-2 tax: $6,856 · $571/mo
• Expected delta: +$1,239/yr (+$103/mo · 22.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $42,768
• − Mortgage interest: −$26,831
• − Property taxes: −$5,616
• − Insurance: −$2,395
• − Repairs & maintenance: −$3,421
• − Management: −$3,421
• − Depreciation: −$13,935
• Taxable loss: −$12,852
• Est. tax savings @ 24.0%: +$3,085
• After-tax cash flow: $-1,283/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: Highland Falls Central School District
• NCES district ID: 3614430
• Math proficiency: 53% ▼ -2.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $79,944
• Composite: 45.68/100
• National rank: #2577
• State rank: #328 of 590 in NY

Livability — Highland Falls

• Score: 73/100
• State rank: #335
• US rank: #5653

Category grades

Amenities F Commute F Cost of living D Crime A Employment A+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Falls, NY
• Population (ZIP): 5,273

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 44% Hispanic / Latino 30% Two or more races 21% Black 16% Asian 5%
• Hispanic origin (detail): Puerto Rican 13% Cuban 1% Dominican 12%
• Common ancestry: Hispanic 6% Romanian 3% Scotch-Irish 3%
• Foreign-born: 19% · Canada, China
• Languages at home: 72% English-only · Spanish 16% French/Haitian/Cajun 6% Chinese 2%

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: ▲ 9.70%
• Current HPI: 284.3368
• Rent YoY: —
• Metro: —
• 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

+312.9% since first listed

25 events — show timeline

• 2026-06-05 Listed $479,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-09 Sold (Public Records) $430,000 Public Records
• 2025-03-28 Sold (MLS) $430,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-01-21 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-11-17 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-11-02 Listed $450,000 OneKey® MLS as Distributed by MLS Grid
• 2016-11-02 Sold (Public Records) $120,000 Public Records
• 2016-11-01 Sold (MLS) $120,000 HGMLS
• 2016-11-01 Price Changed $120,000 HGMLS
• 2016-10-31 Sold (MLS) $120,000 OneKey® MLS as Distributed by MLS Grid
• 2016-07-29 Contingent — HGMLS
• 2016-07-29 Price Changed $145,000 HGMLS
• 2016-05-26 Price Changed $145,000 HGMLS
• 2016-01-06 Price Changed $149,000 HGMLS
• 2015-11-07 Listed $185,000 HGMLS
• 2015-11-07 Listed $145,000 OneKey® MLS as Distributed by MLS Grid
• 2011-04-14 Sold (Public Records) $136,000 Public Records
• 2011-04-04 Sold (MLS) $136,000 HGMLS
• 2011-01-08 Price Changed $178,000 HGMLS
• 2011-01-08 Delisted — HGMLS
• 2008-07-10 Listed $136,000 HGMLS
• 1998-08-04 Sold (Public Records) $82,500 Public Records
• 1998-07-31 Sold (Public Records) $78,500 Public Records
• 1989-04-11 Sold (Public Records) $116,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $5,616 · +40.4% YoY. Source: county tax records.