141 Corlies Ave · Poughkeepsie, NY 12601

$299,000

5 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 9 Days on market

Built 1900 0.34 ac lot $137/sqft · 45% below area Est $545k · 45% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Attention all investors, this is a once in a life time 2 family house to come available in the town of poughkeepsie. Come take a look at this property.

Key facts

• Create a 3rd unit
• Double lot
• 3 electrical boxes

Tags

• DOUBLE LOT
• GENEROUS YARD SPACE
• CREATE A 3RD UNIT
• FULL CEILING-HEIGHT ATTIC
• 2 METERS
• 3 ELECTRICAL BOXES

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electricity connected (Central Hudson); Natural gas connected; Public sewer; Public water; Trash collection
• Home design: Duplex
• Construction: Frame construction with vinyl siding; Full unfinished basement (walkup)
• Exterior features: Not waterfront; No additional parcels

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating available; Oil heating; No central cooling
• Interior features: High ceilings; Storage; Porch
• Laundry & utility: Washer/dryer hookup; Laundry in basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $299k).
• Cap rate 13.9% vs local median 3.4% in Poughkeepsie — 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 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Arlington Central School District (suburban): math 77% / reading 65% proficiency, ranked #106 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Arthur S May School (math 70% / reading 90%, grade A+, #178 of 2,108 statewide, top 9%, 532 students, 41% FRL); Lagrange Middle School (math 34% / reading 74%, grade B-, #214 of 729 statewide, top 31%, 865 students, 38% FRL); Arlington High School (math 95% / reading 58%, grade A-, #612 of 1,100 statewide, top 56%, 2,547 students, 26% FRL) — zoned schools average 35% FRL vs 16% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 189 active listings in the ZIP; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $5,683/mo this rent would consume 107% of the median local household income ($64k/yr) (locally 2891% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y 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 $92k; list at $299k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 13.89%
• Cash-on-cash: 27.13%
• DSCR: 2.21
• GRM: 4.4

CMA / ARV

• ARV (median comp): $544,890
• List price: $299,000
• Delta: -45.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Innis Ave	0.11mi	4/2.0 (-1)	2,328 (+7%)	2mo	$375,000	$161	78
228 Mansion St	0.64mi	4/2.0 (-1)	2,200 (+1%)	3mo	$465,000	$211	62
164 Winnikee Ave	0.39mi	4/2.0 (-1)	2,296 (+5%)	10mo	$355,000	$155	60
236 Mansion St	0.62mi	6/2.0 (+1)	2,100 (-4%)	7mo	$444,500	$212	54
13 Springside Ave	0.55mi	4/2.0 (-1)	2,032 (-7%)	8mo	$281,500	$139	51
63 Lent St	0.44mi	4/2.0 (-1)	2,344 (+7%)	15mo	$275,000	$117	50
412 Maple St	0.66mi	4/2.0 (-1)	2,128 (-3%)	15mo	$248,000	$117	48
20 N White St	0.56mi	4/2.0 (-1)	2,322 (+6%)	14mo	$445,000	$192	47
23 Jewett Ave	0.51mi	4/2.0 (-1)	2,000 (-8%)	14mo	$395,000	$198	46
317 Mansion St	0.43mi	4/2.0 (-1)	1,920 (-12%)	14mo	$315,000	$164	43
24 North White St	0.55mi	6/2.0 (+1)	2,400 (+10%)	16mo	$215,000	$90	40
91 Smith St	0.59mi	4/2.0 (-1)	2,400 (+10%)	14mo	$285,000	$119	39

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 · 3.67% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.91×
• Total profit: $76,378
• Equity at exit: $44,582

10-year hold

• IRR: 30.6%
• Equity multiple: 3.86×
• Total profit: $239,464
• Equity at exit: $25,852

Cash invested: $83,720 (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 12601

• Rents YoY: 3.7%
• Active inventory: 189
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $5,683 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$904 /mo · $10,849/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,193
• Net cashflow: $1,893

Break-even live

Break-even rent $3,287

Max offer price $299,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,682
Total (3 units)			$5,683

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-27
   listed $299,000 Active
2. 2017-03-25
   historical
3. 2017-03-07
   listed $149,900 Active
4. 2010-06-25
   soldstatus $92,000
5. 2010-06-15
   soldstatus $92,000

   Show marketing remark (151 chars)

   Attention all investors, this is a once in a life time 2 family house to come available in the town of poughkeepsie. Come take a look at this property.

6. 2010-03-17
   price $124,900

   Show marketing remark (151 chars)

   Attention all investors, this is a once in a life time 2 family house to come available in the town of poughkeepsie. Come take a look at this property.

7. 2010-03-17
   historical

   Show marketing remark (151 chars)

   Attention all investors, this is a once in a life time 2 family house to come available in the town of poughkeepsie. Come take a look at this property.

8. 2010-03-09
   listed $92,000

   Show marketing remark (151 chars)

   Attention all investors, this is a once in a life time 2 family house to come available in the town of poughkeepsie. Come take a look at this property.

ⓘ 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: $10,849 · $904/mo
• Projected year-2 tax: $10,849 · $904/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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,196
• − Mortgage interest: −$16,749
• − Property taxes: −$10,849
• − Insurance: −$1,495
• − Repairs & maintenance: −$5,456
• − Management: −$5,456
• − Depreciation: −$8,698
• Taxable income: $19,494
• Est. tax owed @ 24.0%: −$4,679
• After-tax cash flow: $18,036/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: Arlington Central School District
• NCES district ID: 3603270
• Math proficiency: 77% ▲ 19.00%
• Reading proficiency: 65% ▲ 12.00%
• Median HH income: $83,597
• Composite: 63.47/100
• National rank: #613
• State rank: #106 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 44,164
• Household income: $63,652
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 2891.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Black 24% Hispanic / Latino 22% Two or more races 17% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 3% Iranian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 79% English-only · Spanish 15% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.62%
• Current HPI: 293.9789
• Rent YoY: ▲ 3.67%
• Metro: Poughkeepsie-Newburgh-Middletown, 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

+225.0% since first listed

9 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-27 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2017-03-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-03-07 Listed $149,900 OneKey® MLS as Distributed by MLS Grid
• 2010-06-25 Sold (Public Records) $92,000 Public Records
• 2010-06-15 Sold (MLS) $92,000 HGMLS
• 2010-03-17 Delisted — HGMLS
• 2010-03-17 Price Changed $124,900 HGMLS
• 2010-03-09 Listed $92,000 HGMLS

Property tax history

+6.0%/yr

Latest (2025): $10,849 · +0.3% YoY. Source: county tax records.