6339-6347 Route 32

Round Top, NY 12414

$385,000C

4 bd · 4.0 ba · — sqft · Built 1962 · MultiFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,783/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$642
• HOA: −$0
• Vac / Maint / Mgmt: −$794
• Net cashflow: $328/mo
• Annual: $3,935/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $107,800

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $385k. Condition is rated fair.
• At list price, monthly cash flow is $328 ($4k/yr) — positive. Per door: $164/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $378k (1.7% below list).
• It's been on market 23 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $378k (1.7% below list) — sets the bar for 1% rule.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Catskill Elementary School (math 47% / reading 47%, grade D-, #1,195 of 2,108 statewide, top 60%, 574 students, 41% FRL); Catskill Middle School (math 17% / reading 37%, grade F, #587 of 729 statewide, top 81%, 303 students, 45% FRL); Catskill Senior High School (math 87% / reading 87%, grade A, #311 of 1,100 statewide, top 30%, 400 students, 38% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 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.
• 2 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% 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 ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,783/mo this rent would consume 62% of the median local household income ($73k/yr) (locally 318% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen appliances — The kitchen appliances appear outdated and could be replaced with modern ones.
• Minor: Bathroom updates — The bathrooms could benefit from updates to fixtures and possibly a new paint job.
• Minor: Landscaping — The landscaping could be improved to enhance the curb appeal and add value.