60 W Catherine St

Nyack, NY 10960

$699,000C-

3 bd · 3.0 ba · 1,760 sqft · Built 1916 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,520/mo
• Mortgage (P&I): −$3,666
• Tax + insurance: −$1,760
• HOA: −$0
• Vac / Maint / Mgmt: −$1,369
• Net cashflow: $-275/mo
• Annual: $-3,303/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• 1% rule: 0.93%
• Cash to close: $195,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $699k.
• At list price, monthly cash flow is $-275 ($-3k/yr) — negative. Per door: $-138/mo.
• To cash-flow at today's rent, offer at most $650k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $652k (6.7% below list).
• It's been on market 62 days — a 6% lower offer ($657k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $650k (7.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#231 in NY, #3,632 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: amenities F, cost of living F.
• Nyack Union Free School District (suburban): math 78% / reading 78% proficiency, ranked #62 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: property tax is 2.5% of price; built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.1%/yr); 116 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 12y 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 $390k; list at $699k implies a 79% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 2.5% in Nyack — 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.
• At $6,520/mo this rent would consume 62% of the median local household income ($126k/yr) (locally 643% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.