50 Glanhope Rd #23

Chelsea Cove, NY 12533

$55,000B

1 bd · 1.0 ba · 750 sqft · Built 1945 · Condo · Pending · 407 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,856/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$191
• Vac / Maint / Mgmt: −$390
• Net cashflow: $895/mo
• Annual: $10,741/yr
• Cap rate: 25.82%
• Cash-on-cash: 69.74%
• DSCR: 4.10
• 1% rule: 3.37%
• Cash to close: $15,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $55k. Condition is rated fair.
• At list price, monthly cash flow is $895 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• It's been on market 407 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Wappingers Central School District (suburban): math 53% / reading 65% proficiency, ranked #207 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 202 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 25.8% vs local median 2.5% in Chelsea Cove — 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.
• This rent is only 16% of the median local income ($142k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 407 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Moderate: exterior siding — visible wear and tear
• Moderate: interior walls — paint peeling and discoloration
• Moderate: windows — some screens missing