662 Willow Brook Rd

Salt Point, NY 12514

$350,000C-

3 bd · 1.0 ba · 1,078 sqft · Built 1969 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,945/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$476
• HOA: −$0
• Vac / Maint / Mgmt: −$618
• Net cashflow: $15/mo
• Annual: $181/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• 1% rule: 0.84%
• Cash to close: $98,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $15 ($181/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 $295k (15.9% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $295k (15.9% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 34/100 on livability (#1,193 in NY) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: crime A; Watch: amenities F, commute F, employment F.
• Rhinebeck Central School District (town): math 64% / reading 60% proficiency, ranked #221 of 755 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Chancellor Livingston Elementary School (math 74% / reading 74%, grade A, #314 of 2,108 statewide, top 17%, 383 students, 14% FRL); Bulkeley Middle School (math 90% / reading 75%, grade A+, #20 of 729 statewide, top 3%, 232 students, 20% FRL); Rhinebeck Senior High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 322 students, 18% FRL).
• Zoned-school proficiency averages 80% at this address vs 62% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Rhinebeck Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 active listings in the ZIP; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.3% vs local median 2.3% in Salt Point — 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

• Built in 1969 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.