201-203 Main St. Cold Spg · Cold Spring, NY 10516

$995,000

None bd · None ba · — sqft · MultiFamily · 36 Days on market

Built 1932 Good condition Est $1571k · 37% 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 +7.8/30.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.9/10.0
• 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

A 2 family village home in great location for the commuter and for village activities. One unit has living room, dining room and kitchen on main level with 2 bedrooms (with electric baseboard heat) and full bath on 2nd. There are wood floors on both floors. The second unit (which was owner occupied) has bedroom and bath on main floor, living room with wood burning insert, dining room, 1/2 bath and eat in kitchen. The 2nd floor has 2 bedrooms and full bath and access to attic. The basement is for storage and utilities with 2 furnaces and 2 fuel tanks. There is a two level 2 car garage with this home. Additional Information: HeatingFuel:Oil Above Ground,ParkingFeatures:2 Car Attached,

Key facts

• Formal dining
• Living room
• Private den

Tags

• CORNER LOT
• PRIVATE YARD
• BABBLING BROOK
• FORMAL DINING
• LIVING ROOM
• PRIVATE DEN

Property features AI

Exterior

• Parking: Driveway; On-street parking; 2-car garage
• Utilities: Public sewer; Cable connected; Electricity connected; Phone connected; Public trash collection; Water connected
• Home design: Duplex property; Updated/Remodeled condition
• Construction: Frame construction; Foam insulation
• Exterior features: No waterfront

Interior

• Heating & cooling: Electric heating; Propane heating; Solar heating; Other heating types; Ductwork for cooling; Zoned cooling
• Interior features: Updated/remodeled interior; Basement with full height and storage space

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $995k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-578/mo.
• To cash-flow at today's rent, offer at most $828k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $731k (26.5% below list).
• Recommended offer: $731k (26.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#97 in NY, #1,466 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Haldane Central School District (town): math 65% / reading 83% proficiency, ranked #84 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Haldane Elementary School (math 57% / reading 77%, grade B+, #525 of 2,108 statewide, top 27%, 292 students, 18% FRL); Haldane Middle School (math 57% / reading 82%, grade A, #89 of 729 statewide, top 12%, 197 students, 16% FRL); Haldane High School (math 98% / reading 92%, grade A+, #93 of 1,100 statewide, top 10%, 314 students, 17% FRL).
• Market conditions: 38 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($965k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $550k; list at $995k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $731,000 (26.5% 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 36 days. Have you received any prior offers? Is the seller open to a 27% 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 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.73% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.74%
• DSCR: 0.79
• GRM: 11.3

CMA / ARV

• ARV (median comp): $1,570,788
• List price: $995,000
• Delta: -36.66%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
197-199 Main St	0.01mi	4/2.0	2,280	17mo	$745,000	$327	73
68 Pearl St	0.36mi	4/2.0	2,024	21mo	$675,000	$333	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.8%
• Equity multiple: 0.16×
• Total profit: $-234,770
• Equity at exit: $148,358

10-year hold

• IRR: -20.4%
• Equity multiple: -0.07×
• Total profit: $-298,723
• Equity at exit: $86,029

Cash invested: $278,600 (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 10516

• Home prices YoY: -31.9%
• Active inventory: 38
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $7,310 high
• Mortgage (P&I): −$5,218
• Tax est. 1.5%: −$1,244 /mo · $14,925/yr
• Insurance: −$415
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,535
• Net cashflow: $-1,157

Break-even live

Break-even rent $8,774

Max offer price $827,600

Occupancy floor —

Sensitivity live

Price	-10% $-469	-5% $-813	+0% $-1,157	+5% $-1,501	+10% $-1,844
Rent	-10% $-1,734	-5% $-1,446	+0% $-1,157	+5% $-868	+10% $-579
Rate	-1.0pp $-656	-0.5pp $-904	base $-1,157	+0.5pp $-1,415	+1.0pp $-1,677

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$7,310
Total (2 units)			$7,310

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Morris Ave Unit 203 Cold Spring, NY	2.0	1.0	740	$2,795	$3.78	14d	1	0.05mi
6 Church St Cold Spring, NY	3.0	1.5	1440	$8,000	$5.56	24d	1	0.15mi
76 Main St Unit 72 Cold Spring, NY	1.0	1.0	700	$2,200	$3.14	24d	1	0.26mi
11 The Blvd Unit A4 Cold Spring, NY	2.0	1.5	984	$3,400	$3.46	44d	1	0.27mi
3 Forge Gate Dr Unit B6A Cold Spring, NY	2.0	1.5	984	$3,400	$3.46	14d	1	0.27mi
72 Main St Unit 2A Cold Spring, NY	1.0	1.0	700	$2,200	$3.14	44d	1	0.27mi
70 Main St Cold Spring, NY	2.0	1.0	850	$2,500	$2.94	21d	1	0.28mi
261 Main St Cold Spring, NY	1.0	1.0	700	$2,025	$2.89	14d	1	0.39mi

Listing history 18 events

1. 2026-06-18
   days on market $995,000 Active 36 DOM
2. 2026-06-17
   days on market $995,000 Active 35 DOM
3. 2026-06-16
   days on market $995,000 Active 34 DOM
4. 2026-06-15
   days on market $995,000 Active 33 DOM
5. 2026-06-14
   days on market $995,000 Active 31 DOM
6. 2026-06-10
   days on market $995,000 Active 28 DOM
7. 2026-06-09
   days on market $995,000 Active 27 DOM
8. 2026-06-08
   days on market $995,000 Active 26 DOM
9. 2026-06-07
   days on market $995,000 Active 25 DOM
10. 2026-06-03
    days on market $995,000 Active 21 DOM
11. 2026-06-02
    days on market $995,000 Active 20 DOM
12. 2026-06-01
    days on market $995,000 Active 19 DOM
13. 2026-05-31
    days on market $995,000 Active 18 DOM
14. 2026-05-30
    days on market $995,000 Active 17 DOM
15. 2026-05-13
    listed $995,000 Active 1331-char remark
16. 2017-08-18
    soldstatus $550,000 Sold 691-char remark

    Show marketing remark (691 chars)

    A 2 family village home in great location for the commuter and for village activities. One unit has living room, dining room and kitchen on main level with 2 bedrooms (with electric baseboard heat) and full bath on 2nd. There are wood floors on both floors. The second unit (which was owner occupied) has bedroom and bath on main floor, living room with wood burning insert, dining room, 1/2 bath and eat in kitchen. The 2nd floor has 2 bedrooms and full bath and access to attic. The basement is for storage and utilities with 2 furnaces and 2 fuel tanks. There is a two level 2 car garage with this home. Additional Information: HeatingFuel:Oil Above Ground,ParkingFeatures:2 Car Attached,

17. 2017-06-09
    historical Pending 691-char remark

    Show marketing remark (691 chars)

    A 2 family village home in great location for the commuter and for village activities. One unit has living room, dining room and kitchen on main level with 2 bedrooms (with electric baseboard heat) and full bath on 2nd. There are wood floors on both floors. The second unit (which was owner occupied) has bedroom and bath on main floor, living room with wood burning insert, dining room, 1/2 bath and eat in kitchen. The 2nd floor has 2 bedrooms and full bath and access to attic. The basement is for storage and utilities with 2 furnaces and 2 fuel tanks. There is a two level 2 car garage with this home. Additional Information: HeatingFuel:Oil Above Ground,ParkingFeatures:2 Car Attached,

18. 2017-04-14
    listed $595,000 Active 691-char remark

    Show marketing remark (691 chars)

    A 2 family village home in great location for the commuter and for village activities. One unit has living room, dining room and kitchen on main level with 2 bedrooms (with electric baseboard heat) and full bath on 2nd. There are wood floors on both floors. The second unit (which was owner occupied) has bedroom and bath on main floor, living room with wood burning insert, dining room, 1/2 bath and eat in kitchen. The 2nd floor has 2 bedrooms and full bath and access to attic. The basement is for storage and utilities with 2 furnaces and 2 fuel tanks. There is a two level 2 car garage with this home. Additional Information: HeatingFuel:Oil Above Ground,ParkingFeatures:2 Car Attached,

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,720
• − Mortgage interest: −$55,735
• − Property taxes: −$14,925
• − Insurance: −$5,642
• − Repairs & maintenance: −$7,018
• − Management: −$7,018
• − Depreciation: −$28,945
• Taxable loss: −$31,563
• Est. tax savings @ 24.0%: +$7,575
• After-tax cash flow: $-6,307/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with updated interiors and a well-maintained exterior. It offers a good investment opportunity with potential for further updates to enhance its resale and rental value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both landscaping — improves curb appeal and rental value
• Both update flooring — enhances aesthetic and value
• Both update kitchen appliances — enhances functionality and value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both landscaping — improves curb appeal and rental value ↑
• Both update flooring — enhances aesthetic and value ↑
• Both update kitchen appliances — enhances functionality and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Haldane Central School District
• NCES district ID: 3613230
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 83% ▲ 11.00%
• Median HH income: $81,824
• Composite: 65.66/100
• National rank: #462
• State rank: #84 of 590 in NY

Livability — Cold Spring

• Score: 81/100
• State rank: #97
• US rank: #1466

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cold Spring, NY
• Population (ZIP): 5,607

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Black 5% Two or more races 4%
• Common ancestry: Russian 5% Romanian 4% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 4% French/Haitian/Cajun 3% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.80%
• Current HPI: 259.5306
• Rent YoY: —
• Metro: —
• 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

+67.2% since first listed

4 events — show timeline

• 2026-05-13 Listed $995,000 OneKey® MLS as Distributed by MLS Grid
• 2017-08-18 Sold (MLS) $550,000 OneKey® MLS as Distributed by MLS Grid
• 2017-06-09 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2017-04-14 Listed $595,000 OneKey® MLS as Distributed by MLS Grid