92 Center St

Highland Falls, NY 10928

$479,000D-

4 bd · 2.0 ba · 1,248 sqft · Built 1910 · MultiFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,564/mo
• Mortgage (P&I): −$2,512
• Tax + insurance: −$668
• HOA: −$0
• Vac / Maint / Mgmt: −$748
• Net cashflow: $-364/mo
• Annual: $-4,368/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.86
• 1% rule: 0.74%
• Cash to close: $134,120

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $479k.
• 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).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $356k (25.6% below list) — sets the bar for 1% rule.
• In year one you build about $50k of equity ($3k loan paydown + $46k appreciation (9.7% local appreciation)).
• 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).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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 1910 — 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.
• 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?
• 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.