23 Howard Rd

Titusville, NY 12603

$335,000D

3 bd · 1.0 ba · 1,524 sqft · Built 1940 · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,039/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$986
• HOA: −$0
• Vac / Maint / Mgmt: −$638
• Net cashflow: $-342/mo
• Annual: $-4,106/yr
• Cap rate: 5.07%
• Cash-on-cash: -4.38%
• DSCR: 0.81
• 1% rule: 0.91%
• Cash to close: $93,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $335k.
• At list price, monthly cash flow is $-342 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (9.3% below list).
• It's been on market 61 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $275k (18.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#585 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F, cost of living D-.
• Arlington Central School District (suburban): math 77% / reading 65% proficiency, ranked #106 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Overlook Primary School (402 students, 25% FRL); Union Vale Middle School (math 67% / reading 77%, grade A, #76 of 729 statewide, top 11%, 907 students, 21% FRL); Arlington High School (math 95% / reading 58%, grade A-, #612 of 1,100 statewide, top 56%, 2,547 students, 26% FRL).
• Watch-outs: property tax is 3.0% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.0%/yr); 213 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Current owner paid $12k; list at $335k implies a 2580% gain — meaningful room to come down on a strong offer.
• This rent runs 35% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 61 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.