11 Myrtle Ave

Walden, NY 12586

$285,000D

4 bd · 2.5 ba · 2,296 sqft · Built 1971 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$832
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-35/mo
• Annual: $-425/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• 1% rule: 1.02%
• Cash to close: $79,800

Investor read

• This is a 4-bed/2.5-bath single-family listed at $285k.
• At list price, monthly cash flow is $-35 ($-425/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (2.2% below list).
• Meets the 1% rule at list price ($3k rent vs $285k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $279k (2.2% 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 $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#587 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A; Watch: cost of living D, amenities F, commute F.
• Valley Central School District (Montgomery) (rural): math 54% / reading 53% proficiency, ranked #299 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Walden Elementary School (math 22% / reading 42%, grade F, #1,646 of 2,108 statewide, top 80%, 411 students, 48% FRL); Valley Central Middle School (math 28% / reading 42%, grade F, #480 of 729 statewide, top 66%, 982 students, 41% FRL); Valley Central High School (math 95% / reading 87%, grade A+, #203 of 1,100 statewide, top 20%, 1,346 students, 39% FRL) — zoned schools average 43% FRL vs 25% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.0% of price.
• Market conditions: 72 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts 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.
• Cap rate 6.1% vs local median 2.5% in Walden — 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

• 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?
• Built in 1971 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.