62 Liftside Dr #341

Hunter, NY 12442

$32,500D+

3 bd · 2.0 ba · 1,435 sqft · Built 2005 · Condo · Active · 231 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$170
• Tax + insurance: −$54
• HOA: −$1,818
• Vac / Maint / Mgmt: −$420
• Net cashflow: $-463/mo
• Annual: $-5,551/yr
• Cap rate: -10.79%
• Cash-on-cash: -61.00%
• DSCR: -1.71
• 1% rule: 6.15%
• Cash to close: $9,100

Investor read

• This is a 3-bed/2.0-bath condo listed at $32k.
• At list price, monthly cash flow is $-463 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• It's been on market 231 days — a 12% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $225 of loan paydown is wiped out by about $975 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#971 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: housing D+, crime F, amenities F.
• Hunter-Tannersville Central School District (rural): math 55% / reading 50% proficiency, ranked #425 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 91% of rent.
• Market conditions: 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate -10.8% vs local median 1.6% in Hunter — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?