42 Manitou Ave · Poughkeepsie, NY 12603

$419,000

4 bd · 2.0 ba · 2,288 sqft · MultiFamily public records · 86 Days on market

Built 1925 3,920 sqft lot Est $617k · 32% under

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +11.1/30.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• DSCR +3.2/10.0
• Rent growth +3.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

South side City of Poughkeepsie two family featuring spacious two bedroom units. Layouts feature living room, dining room, eat-in kitchen w/large pantry, bathroom & two well proportioned bedrooms. Second floor unit includes newer appliances, quartz counters & tile backsplash. Washer & dryer hookups in-unit. Hardwood floors throughout. Front and rear porches for outdoor enjoyment this summer. Two car garage plus large driveway for ample parking. Unfinished basement and walk-up attic for storage. Enjoy the convenience of natural gas for heating, hot water & cooking. Central location with easy access to shopping, restaurants, schools, hospitals, trains and commuter routes. Ideal for investor or owner occupant.

Key facts

• Quartz counters
• Newer appliances
• Eat-in kitchen

Tags

• SPACIOUS TWO BEDROOM UNITS
• EAT-IN KITCHEN
• LARGE PANTRY
• NEWER APPLIANCES
• QUARTZ COUNTERS
• TILE BACKSPLASH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $419k.

Deal economics

• At list price, monthly cash flow is $-171 ($-2k/yr) — negative. Per door: $-86/mo.
• To cash-flow at today's rent, offer at most $389k (7.2% below list).
• Meets the 1% rule at list price ($4k rent vs $419k).
• Recommended offer: $389k (7.2% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 3.4% in Poughkeepsie — 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.

Location & tenants

• Location reads 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Poughkeepsie City School District (suburban): math 29% / reading 42% proficiency, ranked #559 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Poughkeepsie Middle School (math 8% / reading 37%, grade F, #650 of 729 statewide, top 90%, 877 students, 82% FRL); Poughkeepsie High School (math 59% / reading 67%, grade B-, #819 of 1,100 statewide, top 74%, 1,165 students, 74% FRL).
• Market conditions: Rents rising (+2.0%/yr); 213 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $4,196/mo this rent would consume 49% of the median local household income ($104k/yr) (locally 1404% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $290k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $388,763 (7.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 8.3

CMA / ARV

• ARV (median comp): $616,803
• List price: $419,000
• Delta: -32.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Fulton Ave	0.47mi	4/2.0	2,250 (-2%)	6mo	$431,900	$192	70
20 N White St	0.40mi	4/2.0	2,322 (+2%)	14mo	$445,000	$192	68
23 Musselman Dr	0.52mi	3/2.0 (-1)	2,322 (+2%)	4mo	$429,000	$185	65
164 Winnikee Ave	0.56mi	4/2.0	2,296 (+0%)	10mo	$355,000	$155	65
115 Innis Ave	0.72mi	4/2.0	2,328 (+2%)	2mo	$375,000	$161	62
30 S White St	0.28mi	5/2.0 (+1)	2,100 (-8%)	8mo	$380,000	$181	62
328 Church St	0.33mi	5/2.0 (+1)	2,473 (+8%)	8mo	$340,000	$137	59
11 Forbus St	0.50mi	4/2.0	2,464 (+8%)	11mo	$448,500	$182	55
23 Jewett Ave	0.30mi	4/2.0	2,000 (-13%)	14mo	$395,000	$198	54
13 Springside Ave	0.47mi	4/2.0	2,032 (-11%)	8mo	$281,500	$139	53
150 Franklin St	0.71mi	4/2.0	2,380 (+4%)	10mo	$325,000	$137	52
91 Smith St	0.69mi	4/2.0	2,400 (+5%)	14mo	$285,000	$119	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.96% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.29×
• Total profit: $-82,718
• Equity at exit: $62,474

10-year hold

• IRR: -16.4%
• Equity multiple: 0.13×
• Total profit: $-101,799
• Equity at exit: $36,227

Cash invested: $117,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12603

• Rents YoY: 2.0%
• Active inventory: 213
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $4,196 high
• Mortgage (P&I): −$2,197
• Tax from tax record: −$1,114 /mo · $13,370/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $-171

Break-even live

Break-even rent $4,413

Max offer price $388,763

Occupancy floor 99%

Sensitivity live

Price	-10% $66	-5% $-53	+0% $-171	+5% $-290	+10% $-408
Rent	-10% $-503	-5% $-337	+0% $-171	+5% $-5	+10% $160
Rate	-1.0pp $40	-0.5pp $-65	base $-171	+0.5pp $-280	+1.0pp $-390

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,196
Total (2 units)			$4,196

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $104,750
• Closing costs: $12,570
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 S Cherry St Unit 2 Poughkeepsie, NY	4.0	1.5	3100	$2,950	$0.95	15d	1	0.36mi
15 Forbus St Poughkeepsie, NY	3.0	1.0	2140	$2,500	$1.17	25d	1	0.49mi
236 Mansion St #2 Poughkeepsie, NY	3.0	1.0	2076	$2,600	$1.25	45d	1	0.73mi
50 Crestwood Blvd Poughkeepsie, NY	3.0	2.0	1600	$2,595	$1.62	15d	1	1.02mi
1 Dean Pl Poughkeepsie, NY	3.0	2.5	1700	$4,000	$2.35	15d	1	1.11mi
32 Salt Point Tpke Poughkeepsie, NY	3.0	2.5	1761	$3,000	$1.70	23d	1	1.27mi

Listing history 22 events

1. 2026-06-21
   days on market $419,000 Active 86 DOM
2. 2026-06-18
   days on market $419,000 Active 83 DOM
3. 2026-06-17
   days on market $419,000 Active 82 DOM
4. 2026-06-16
   days on market $419,000 Active 81 DOM
5. 2026-06-15
   days on market $419,000 Active 80 DOM
6. 2026-06-14
   days on market $419,000 Active 78 DOM
7. 2026-06-10
   days on market $419,000 Active 75 DOM
8. 2026-06-09
   days on market $419,000 Active 74 DOM
9. 2026-06-08
   days on market $419,000 Active 73 DOM
10. 2026-06-07
    days on market $419,000 Active 72 DOM
11. 2026-06-05
    days on market $419,000 Active 69 DOM
12. 2026-06-03
    days on market $419,000 Active 68 DOM
13. 2026-06-02
    days on market $419,000 Active 67 DOM
14. 2026-06-01
    days on market $419,000 Active 66 DOM
15. 2026-05-31
    days on market $419,000 Active 65 DOM
16. 2026-05-30
    days on market $419,000 Active 64 DOM
17. 2026-03-27
    listed $419,000 Active 732-char remark

    Show marketing remark (732 chars)

    South side City of Poughkeepsie two family featuring spacious two bedroom units. Layouts feature living room, dining room, eat-in kitchen w/large pantry, bathroom & two well proportioned bedrooms. Second floor unit includes newer appliances, quartz counters & tile backsplash. Washer & dryer hookups in-unit. Hardwood floors throughout. Front and rear porches for outdoor enjoyment this summer. Two car garage plus large driveway for ample parking. Unfinished basement and walk-up attic for storage. Enjoy the convenience of natural gas for heating, hot water & cooking. Central location with easy access to shopping, restaurants, schools, hospitals, trains and commuter routes. Ideal for investor or owner occupant.

18. 2022-05-31
    soldstatus $290,000
19. 2020-08-05
    soldstatus $220,000
20. 2020-07-30
    soldstatus $220,000 1010-char remark

    Show marketing remark (1010 chars)

    A desirable southside location surrounds this two family home with detached two car garage, off the street parking and separate utilities (gas & electric) being sold As Is. Home displays new roof, mainly hardwood floors, kitchens with range, refrigerator, washer & dryer, full basement and walk up attic***Twenty four hour (24) notice needed to show***All showings are subject to the state's COVID-19 orders, recommendations, guidance, and all CDC and local health mandates and/or guidance regarding listing showings.,InteriorFeatures:Washer Connection,Electric Dryer Connection,French Doors,Gas Stove Connection,FOUNDATION:Block,Below Grnd Sq Feet:900,AboveGrade:2288,ExteriorFeatures:Storm Doors,Landscaped,FLOORING:Tile,Vinyl,Wide Board,Wood,Heating:Gas,ROOF:Asphalt Shingles,AMENITIES:Pool,Medical Facility,Basement:Interior Access,MISCELANES:Washer/Dryer All,Unfinished Square Feet:1300,Cooling:Ceiling Fan,OwnerPays:Garbage/Trash,Taxes,Fire Insurance Additional Information: AnnWaterExpense:1000,

21. 2020-02-10
    listed $215,000 1010-char remark

    Show marketing remark (1010 chars)

    A desirable southside location surrounds this two family home with detached two car garage, off the street parking and separate utilities (gas & electric) being sold As Is. Home displays new roof, mainly hardwood floors, kitchens with range, refrigerator, washer & dryer, full basement and walk up attic***Twenty four hour (24) notice needed to show***All showings are subject to the state's COVID-19 orders, recommendations, guidance, and all CDC and local health mandates and/or guidance regarding listing showings.,InteriorFeatures:Washer Connection,Electric Dryer Connection,French Doors,Gas Stove Connection,FOUNDATION:Block,Below Grnd Sq Feet:900,AboveGrade:2288,ExteriorFeatures:Storm Doors,Landscaped,FLOORING:Tile,Vinyl,Wide Board,Wood,Heating:Gas,ROOF:Asphalt Shingles,AMENITIES:Pool,Medical Facility,Basement:Interior Access,MISCELANES:Washer/Dryer All,Unfinished Square Feet:1300,Cooling:Ceiling Fan,OwnerPays:Garbage/Trash,Taxes,Fire Insurance Additional Information: AnnWaterExpense:1000,

22. 1994-06-20
    soldstatus $110,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $13,370 · $1,114/mo
• Projected year-2 tax: $13,370 · $1,114/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,352
• − Mortgage interest: −$23,471
• − Property taxes: −$13,370
• − Insurance: −$2,095
• − Repairs & maintenance: −$4,028
• − Management: −$4,028
• − Depreciation: −$12,189
• Taxable loss: −$8,829
• Est. tax savings @ 24.0%: +$2,119
• After-tax cash flow: $65/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Poughkeepsie City School District
• NCES district ID: 3623760
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 42% ▲ 12.00%
• Median HH income: $39,159
• Composite: 29.68/100
• National rank: #6459
• State rank: #559 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

Amenities B Commute A+ Cost of living C Crime F Employment D+ Housing A- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poughkeepsie, NY
• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 42,304
• Household income: $103,538
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 1404.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 13% Black 11% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 2% Iranian 1%
• Foreign-born: 15% · Canada, China
• Languages at home: 81% English-only · Spanish 8% Other Indo-European 4% German/W. Germanic 2%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -377.61%
• Current HPI: 252.7003
• Rent YoY: ▲ 1.96%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+280.9% since first listed

6 events — show timeline

• 2026-03-27 Listed $419,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-31 Sold (Public Records) $290,000 Public Records
• 2020-08-05 Sold (Public Records) $220,000 Public Records
• 2020-07-30 Sold (MLS) $220,000 OneKey® MLS as Distributed by MLS Grid
• 2020-02-10 Listed $215,000 OneKey® MLS as Distributed by MLS Grid
• 1994-06-20 Sold (Public Records) $110,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $13,370 · +24.8% YoY. Source: county tax records.