113 Hone St · Kingston, NY 12401

$599,900

5 bd · 3.0 ba · 2,241 sqft · MultiFamily public records · 209 Days on market

Built 1888 3,735 sqft lot Est $412k · 45% 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 +16.6/30.0
• 1% rule +5.8/10.0
• DSCR +5.1/10.0
• 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: 3 units. confirmed

Listing remarks

This beautifully maintained three-family property offers a unique opportunity in one of Kingston’s most desirable neighborhoods. A perfect blend of modern upgrades and timeless character, it’s ideal for investors or owner-occupants seeking both income and lifestyle. A/O 6/7/26 Each unit has been thoughtfully updated with hardwood floors and tasteful finishes that enhance the home’s original charm. The property features a new on-demand heating and hot water system for energy efficiency and cost savings. A private driveway and one-car garage provide off-street parking, and Bilco doors offer easy access to the basement. Current rental status includes a leased first-floor unit

Key facts

• On-demand heating
• Modern upgrades
• Private driveway

Tags

• THREE-FAMILY PROPERTY
• MODERN UPGRADES
• HARDWOOD FLOORS
• ON-DEMAND HEATING
• HOT WATER SYSTEM
• PRIVATE DRIVEWAY

Property features AI

Exterior

• Parking: Garage; 1 garage space; No carport
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Trash collection (public); Water connected
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: One 3-bedroom unit
• Heating & cooling: Baseboard heating; Radiant heating; No central cooling
• Interior features: Cathedral ceilings; High ceilings; Finished walk-out basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive. Per door: $120/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 1 comparable units currently listed for rent nearby; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• At $6,450/mo this rent would consume 112% 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 $4k of loan paydown is wiped out by about $18k 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 $168k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y 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 $274k; list at $600k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $527,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 days. Have you received any prior offers? Is the seller open to a 12% 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 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.08% ✓
• Cap rate: 7.01%
• Cash-on-cash: 2.56%
• DSCR: 1.11
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $412,344
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Prince St	0.69mi	5/—	2,450 (+9%)	0mo	$374,000	$153	52
11 Third	0.63mi	5/2.0	2,016 (-10%)	5mo	$465,000	$231	46
41 Hemlock Ave	0.67mi	4/3.0 (-1)	2,360 (+5%)	17mo	$434,900	$184	40
442 Hasbrouck Ave	0.67mi	6/2.0 (+1)	2,310 (+3%)	18mo	$330,000	$143	40
60 2nd Ave	0.71mi	5/—	2,428 (+8%)	22mo	$490,000	$202	35
9 Brewster St Unit 7-9	0.47mi	4/2.0 (-1)	2,485 (+11%)	21mo	$360,000	$145	33

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: -6.3%
• Equity multiple: 0.75×
• Total profit: $-41,170
• Equity at exit: $89,447

10-year hold

• IRR: 9.0%
• Equity multiple: 1.86×
• Total profit: $143,814
• Equity at exit: $51,868

Cash invested: $167,972 (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: 23.3×

Monthly cashflow live

• Estimated rent: $6,450 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$1,341 /mo · $16,090/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,354
• Net cashflow: $359

Break-even live

Break-even rent $5,996

Max offer price $599,900

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$6,450
Total (3 units)			$6,450

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 Doris St Staatsburg, NY	4.0	2.0	1564	$3,750	$2.40	23d	1	1.40mi

Listing history 32 events

1. 2026-06-19
   days on market $599,900 Active 209 DOM
2. 2026-06-18
   days on market $599,900 Active 208 DOM
3. 2026-06-17
   days on market $599,900 Active 207 DOM
4. 2026-06-16
   days on market $599,900 Active 206 DOM
5. 2026-06-15
   days on market $599,900 Active 205 DOM
6. 2026-06-14
   days on market $599,900 Active 203 DOM
7. 2026-06-12
   days on market $599,900 Active 202 DOM
8. 2026-06-09
   days on market $599,900 Active 199 DOM
9. 2026-06-08
   days on market $599,900 Active 198 DOM
10. 2026-06-07
    days on market $599,900 Active 197 DOM
11. 2026-06-03
    days on market $599,900 Active 193 DOM
12. 2026-06-02
    days on market $599,900 Active 192 DOM
13. 2026-06-01
    days on market $599,900 Active 191 DOM
14. 2026-05-31
    days on market $599,900 Active 190 DOM
15. 2026-05-30
    days on market $599,900 Active 189 DOM
16. 2026-03-07
    status Active
17. 2026-03-06
    historical
18. 2025-11-21
    listed $599,900 Active
19. 2025-07-31
    historical
20. 2025-06-06
    price $625,000
21. 2025-05-27
    price $625,000
22. 2025-03-31
    listed $649,000 Active
23. 2025-03-28
    listed $649,000 Active
24. 2025-03-24
    historical
25. 2017-09-06
    soldstatus $274,100
26. 2017-06-12
    listed $275,000
27. 2015-04-06
    listed $265,000
28. 2015-04-06
    listed $265,000
29. 2014-01-22
    listed $287,000
30. 2014-01-22
    listed $287,000
31. 2014-01-22
    listed $287,000
32. 1996-03-27
    soldstatus $19,000

ⓘ 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: $16,090 · $1,341/mo
• Projected year-2 tax: $16,090 · $1,341/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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% 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: $77,400
• − Mortgage interest: −$33,604
• − Property taxes: −$16,090
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,192
• − Management: −$6,192
• − Depreciation: −$17,452
• Taxable loss: −$5,129
• Est. tax savings @ 24.0%: +$1,231
• After-tax cash flow: $5,536/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

+3057.4% since first listed

17 events — show timeline

• 2026-03-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-21 Listed $599,900 OneKey® MLS as Distributed by MLS Grid
• 2025-07-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-06-06 Price Changed $625,000 HVCRMLS
• 2025-05-27 Price Changed $625,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-31 Listed $649,000 HVCRMLS
• 2025-03-28 Listed $649,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-24 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2017-09-06 Sold (MLS) $274,100 HVCRMLS
• 2017-06-12 Listed $275,000 HVCRMLS
• 2015-04-06 Listed $265,000 HVCRMLS
• 2015-04-06 Listed $265,000 HVCRMLS
• 2014-01-22 Listed $287,000 HVCRMLS
• 2014-01-22 Listed $287,000 HVCRMLS
• 2014-01-22 Listed $287,000 HVCRMLS
• 1996-03-27 Sold (Public Records) $19,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $16,090 · +11.0% YoY. Source: county tax records.