113 S Route 303

Congers, NY 10920

$679,000D-

4 bd · 2.0 ba · 1,519 sqft · Built 1869 · MultiFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,135/mo
• Mortgage (P&I): −$3,561
• Tax + insurance: −$1,184
• HOA: −$0
• Vac / Maint / Mgmt: −$1,078
• Net cashflow: $-688/mo
• Annual: $-8,258/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• 1% rule: 0.76%
• Cash to close: $190,120

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $679k.
• At list price, monthly cash flow is $-688 ($-8k/yr) — negative. Per door: $-344/mo.
• To cash-flow at today's rent, offer at most $557k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $514k (24.4% below list).
• It's been on market 39 days — a 3% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (24.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#479 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, cost of living F, health & safety F.
• Clarkstown Central School District (suburban): math 72% / reading 75% proficiency, ranked #66 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Lakewood Elementary School (math 62% / reading 67%, grade B, #591 of 2,108 statewide, top 31%, 430 students, 23% FRL); Felix Festa Achievement Middle School (math 57% / reading 77%, grade A-, #101 of 729 statewide, top 15%, 640 students, 19% FRL); Clarkstown North Senior High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,234 students, 21% FRL).
• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 8y 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 $280k; list at $679k implies a 142% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 2.3% in Congers — 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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 24% 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 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?