239 W Main St

Goshen, NY 10924

$899,000B-

8 bd · 4.0 ba · 5,037 sqft · Built 1847 · MultiFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,576/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,302
• HOA: −$0
• Vac / Maint / Mgmt: −$2,431
• Net cashflow: $3,129/mo
• Annual: $37,543/yr
• Cap rate: 10.47%
• Cash-on-cash: 14.91%
• DSCR: 1.66
• 1% rule: 1.29%
• Cash to close: $251,720

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $782/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $899k).
• It's been on market 32 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $872k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#246 in NY, #3,863 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, employment A, amenities B+; Watch: commute F, cost of living F.
• Goshen Central School District (suburban): math 38% / reading 47% proficiency, ranked #438 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Scotchtown Avenue School (547 students, 23% FRL); C J Hooker Middle School (math 17% / reading 46%, grade F, #522 of 729 statewide, top 73%, 660 students, 29% FRL); Goshen Central High School (math 94% / reading 74%, grade A, #403 of 1,100 statewide, top 37%, 1,017 students, 32% FRL).
• Zoned-school proficiency averages 58% at this address vs 42% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Goshen Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1847 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts since 24y 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 $250k; list at $899k implies a 260% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~8 years — after that, you're playing with house money.
• 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.
• Cap rate 10.5% vs local median 1.3% in Goshen — 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

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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 1847 — 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 A-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?
• 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.