201-203 Main St. Cold Spg

Cold Spring, NY 10516

$995,000D

None bd · None ba · — sqft · Built 1932 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,310/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$1,714
• HOA: −$0
• Vac / Maint / Mgmt: −$1,535
• Net cashflow: $-1,157/mo
• Annual: $-13,882/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.74%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $278,600

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $995k. Condition is rated good.
• 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).
• It's been on market 36 days — a 3% lower offer ($965k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $731k (26.5% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Watch-outs: flood insurance adds $56/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.

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 36 days. Have you received any prior offers? Is the seller open to a 27% 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 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?