222-224 Robinson St

Hudson, NY 12534

$387,200C

9 bd · 5.0 ba · 3,920 sqft · Built 1910 · MultiFamily · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,519/mo
• Mortgage (P&I): −$2,031
• Tax + insurance: −$645
• HOA: −$0
• Vac / Maint / Mgmt: −$739
• Net cashflow: $104/mo
• Annual: $1,251/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $108,416

Investor read

• This is a 9-bed/5.0-bath multifamily listed at $387k.
• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (9.1% below list).
• It's been on market 41 days — a 3% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $352k (9.1% below list) — sets the bar for 1% rule.
• In year one you build about $41k of equity ($3k loan paydown + $39k 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 High School (math 82% / reading 84%, grade A, #435 of 1,100 statewide, top 40%, 454 students, 57% FRL).
• Zoned-school proficiency averages 62% at this address vs 42% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Hudson City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 161 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.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $37k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $108k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.6% 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.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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.