230 State Route 32 N · New Paltz, NY 12561

$775,000

6 bd · 7.5 ba · 2,937 sqft · MultiFamily public records · 1 Days on market

Built 2020 2.90 ac lot

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Why this score? — see what drove the C- 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 +17.6/30.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• 1% rule +5.6/10.0
• DSCR +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

TURN-KEY, FANTASTIC INCOME PRODUCING PROPERTY, completely remodeled, and ready to go! Already filled with reliable tenants, this multi-unit property has tons of attractive features throughout. Set off the road, on 2.9-acres with a huge yard and seasonal views. On Rt. 32N, up and coming as an extension of New Paltz’s Main St. Private, yet close to everything town has to offer and quick access Railtrail for safe walking/biking to town. With 3 units on the same lot, there are multiple options for these practically maintenance-free units as an ideal real estate investment. Insta-income...this place has it all! All 3 units have: Spacious bedrooms, new flooring, fresh paint. Fully remodeled kitchens with new cabinets, sinks/faucets, and appliances (fridges, range ovens, microwave hoods, and dishwashers). Remodeled bathrooms with new flooring, toilets, vanities, sinks/faucets, tub/shower walls and faucets. Also, new: roof, windows, doors, light fixtures, washers/dryers.

Key facts

• New well
• New septic system
• Dishwashers

Tags

• NEW SEPTIC SYSTEM
• NEW WELL
• RESURFACED DRIVEWAY
• IN-UNIT WASHERS DRYERS
• DISHWASHERS
• OUTDOOR SPACE

Property features AI

Exterior

• Parking: Driveway parking; Off-street parking
• Utilities: Septic tank; Cable connected; Electricity connected
• Home design: Triplex
• Construction: Frame and vinyl siding construction
• Exterior features: Vinyl siding; Frame construction; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Five full bathrooms
• Heating & cooling: Ductless cooling; Electric heating; Heat pump
• Interior features: Open floor plan; Breakfast bar; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.5-bath units multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive. Per door: $202/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $775k).
• Cap rate 7.2% vs local median 1.8% in New Paltz — 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 79/100 on livability (#128 in NY, #2,042 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, housing D+, employment D-.
• New Paltz Central School District (suburban): math 67% / reading 88% proficiency, ranked #70 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Duzine School (317 students, 27% FRL); New Paltz Middle School (math 24% / reading 74%, grade C, #280 of 729 statewide, top 40%, 421 students, 28% FRL); New Paltz Senior High School (math 97% / reading 100%, grade A+, #10 of 1,100 statewide, top 1%, 668 students, 27% FRL).
• Market conditions: 92 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $485k; list at $775k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $775,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.06% ✓
• Cap rate: 7.23%
• Cash-on-cash: 3.34%
• DSCR: 1.15
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.60×
• Total profit: $-86,615
• Equity at exit: $115,555

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-23,963
• Equity at exit: $67,008

Cash invested: $217,000 (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 12561

• Active inventory: 92
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $8,241 medium
• Mortgage (P&I): −$4,064
• Tax from tax record: −$1,519 /mo · $18,225/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,731
• Net cashflow: $605

Break-even live

Break-even rent $7,476

Max offer price $775,000

Occupancy floor 88%

Sensitivity live

Price	-10% $1,043	-5% $824	+0% $605	+5% $385	+10% $166
Rent	-10% $-46	-5% $279	+0% $605	+5% $930	+10% $1,256
Rate	-1.0pp $995	-0.5pp $802	base $605	+0.5pp $404	+1.0pp $199

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2.5	$8,241
Total (3 units)			$8,241

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $775,000 Active 1 DOM

ⓘ 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: $18,225 · $1,519/mo
• Projected year-2 tax: $18,225 · $1,519/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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $98,892
• − Mortgage interest: −$43,412
• − Property taxes: −$18,225
• − Insurance: −$3,875
• − Repairs & maintenance: −$7,911
• − Management: −$7,911
• − Depreciation: −$22,545
• Taxable loss: −$4,988
• Est. tax savings @ 24.0%: +$1,197
• After-tax cash flow: $8,452/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: New Paltz Central School District
• NCES district ID: 3620460
• Math proficiency: 67% ▲ 5.00%
• Reading proficiency: 88% ▲ 28.00%
• Median HH income: $68,223
• Composite: 67.25/100
• National rank: #386
• State rank: #70 of 590 in NY

Livability — New Paltz

• Score: 79/100
• State rank: #128
• US rank: #2042

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 18,531

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 11% Two or more races 9% Black 6% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Slovak 3% Scotch-Irish 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 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: ▼ -203.50%
• Current HPI: 331.5122
• Rent YoY: —
• Metro: —
• 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

+124.6% since first listed

12 events — show timeline

• 2026-06-17 Listed $775,000 OneKey® MLS as Distributed by MLS Grid
• 2022-04-25 Sold (Public Records) $485,000 Public Records
• 2020-09-14 Sold (Public Records) $711,250 Public Records
• 2020-09-01 Sold (MLS) $711,250 OneKey® MLS as Distributed by MLS Grid
• 2020-05-04 Listed $737,500 OneKey® MLS as Distributed by MLS Grid
• 2019-09-18 Sold (Public Records) $75,000 Public Records
• 2019-08-12 Sold (MLS) $75,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-12 Sold (MLS) $75,000 HVCRMLS
• 2019-05-14 Listed $89,900 OneKey® MLS as Distributed by MLS Grid
• 2019-05-14 Listed $89,900 HVCRMLS
• 2016-05-05 Sold (Public Records) $50,000 Public Records
• 2005-08-15 Sold (Public Records) $345,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $18,225 · +1.5% YoY. Source: county tax records.