3 Pearl St · Kerhonkson, NY 12446

$235,000

4 bd · 2.0 ba · 1,942 sqft · MultiFamily public records · 102 Days on market

Built 1910 Fair condition 0.27 ac lot $121/sqft · 55% below area

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Why this score? — see what drove the B+ 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).

• Cash flow +29.5/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks MLS

CALLING ALL INVESTORS!! This fully occupied, 2 family home, is the perfect income property. First floor apartment has 3 bedrooms and 2 bathrooms and is currently being rented for $875/month. Access to side, fenced in yard from apartment. Second floor apartment has 3 bedrooms and 1 bathroom, and is rented for $925/month. Both apartments share the front porch and parking lot (fits 6 cars). There are separate electric meters. House is on corner lot on quiet street in Kerhonkson.

Key facts

• 0.27 acre lot
• Built 1910
• Listed 102 days

🏷️ Possibly a rental listed for sale. The $235,000 price doesn't fit this home's estimated sale value (~$524,391) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $843 ($10k/yr) — positive. Per door: $421/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#552 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-; Watch: amenities F, health & safety D-.
• Rondout Valley Central School District (rural): math 39% / reading 51% proficiency, ranked #447 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kerhonkson Elementary School (math 15% / reading 54%, grade F, #1,574 of 2,108 statewide, top 75%, 209 students, 54% FRL); Rondout Valley Junior High School (math 27% / reading 42%, grade F, #483 of 729 statewide, top 68%, 243 students, 42% FRL); Rondout Valley High School (math 87% / reading 64%, grade A-, #623 of 1,100 statewide, top 57%, 569 students, 41% FRL).
• Market conditions: 86 active listings in the ZIP; solid renter incomes; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 14y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $235k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 8→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. 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: 1.37% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.37%
• DSCR: 1.68
• GRM: 6.1

CMA / ARV

• ARV (median comp): $524,391
• List price: $235,000
• Delta: -55.19%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
50 Carlo Dr	0.65mi	4/2.0	1,820 (-6%)	4mo	$285,000	$157	56
1683 Berme Rd	0.73mi	3/3.0 (-1)	1,948 (+0%)	9mo	$525,000	$270	49
31 Pearl St	0.08mi	4/3.0	2,237 (+15%)	28mo	$325,000	$145	47
50 Brooks Dr	0.67mi	4/2.0	2,018 (+4%)	23mo	$368,000	$182	43
45 Samsonville Rd	0.83mi	3/2.0 (-1)	1,894 (-2%)	18mo	$375,000	$198	40
108 Minnewaska Trl	0.68mi	3/1.5 (-1)	1,772 (-9%)	9mo	$255,000	$144	39
117 Minnewaska Trl	0.72mi	3/2.5 (-1)	1,856 (-4%)	18mo	$555,000	$299	37
40 Highland Ave	0.34mi	3/1.5 (-1)	1,546 (-20%)	21mo	$162,250	$105	34
8 Cedar Ln	1.32mi	3/2.0 (-1)	1,860 (-4%)	23mo	$425,000	$228	34
26 Samsonville Rd	0.84mi	3/2.0 (-1)	1,800 (-7%)	27mo	$425,000	$236	28
129 Samsonville Rd	1.22mi	3/2.0 (-1)	2,140 (+10%)	34mo	$210,000	$98	23
38 Turkey Hill Rd	1.04mi	3/2.0 (-1)	1,743 (-10%)	33mo	$170,000	$98	23

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.7%
• Equity multiple: 3.76×
• Total profit: $181,768
• Equity at exit: $211,707

10-year hold

• IRR: 30.7%
• Equity multiple: 8.50×
• Total profit: $493,246
• Equity at exit: $456,553

Cash invested: $65,800 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $314,900 ($164/sqft)
• Median days on market: 29 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +64.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12446

• Home prices YoY: 8.7%
• Active inventory: 86
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,218 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$369 /mo · $4,428/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $843

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,218
Total (2 units)			$3,218

Break-even live

Break-even rent $2,151

Max offer price $235,000

Occupancy floor 69%

Sensitivity live

Price	-10% $976	-5% $909	+0% $843	+5% $776	+10% $710
Rent	-10% $589	-5% $716	+0% $843	+5% $970	+10% $1,097
Rate	-1.0pp $961	-0.5pp $903	base $843	+0.5pp $782	+1.0pp $720

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: $58,750
• Closing costs: $7,050
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
329 Main St Unit 3 Kerhonkson, NY	1.0	1.0	600	$1,500	$2.50	93d	1	0.18mi
214 Maple Ave Unit 2L Kerhonkson, NY	2.0	1.0	600	$1,795	$2.99	93d	1	0.21mi
1364 Berme Rd Kerhonkson, NY	1.0	1.0	750	$1,499	$2.00	72d	1	0.50mi
390 Foordmore Rd Unit 3 Kerhonkson, NY	2.0	1.0	—	$1,600	—	72d	1	0.82mi

Property features AI

Exterior

• Parking: Driveway parkingOn-street parking
• Utilities: Public sewerElectricity connected
• Home design: Duplex
• Construction: Vinyl siding construction
• Exterior features: Vinyl sidingNot waterfront

Interior

• Bedrooms: Two 2-bedroom units (duplex)
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heatingHot water heatingOil heatingOther heatingNo central cooling
• Interior features: Unspecified interior features

Listing history 50 events

1. 2026-07-18
   days on market $235,000 Active 102 DOM
2. 2026-07-16
   days on market $235,000 Active 100 DOM
3. 2026-07-16
   days on market $235,000 Active 99 DOM
4. 2026-07-14
   days on market $235,000 Active 98 DOM
5. 2026-07-13
   days on market $235,000 Active 97 DOM
6. 2026-07-12
   days on market $235,000 Active 96 DOM
7. 2026-07-11
   days on market $235,000 Active 95 DOM
8. 2026-07-10
   days on market $235,000 Active 94 DOM
9. 2026-07-09
   days on market $235,000 Active 93 DOM
10. 2026-07-08
    days on market $235,000 Active 92 DOM
11. 2026-07-07
    days on market $235,000 Active 91 DOM
12. 2026-07-06
    days on market $235,000 Active 90 DOM
13. 2026-07-05
    days on market $235,000 Active 89 DOM
14. 2026-07-04
    days on market $235,000 Active 88 DOM
15. 2026-07-03
    days on market $235,000 Active 87 DOM
16. 2026-07-02
    days on market $235,000 Active 86 DOM
17. 2026-07-01
    days on market $235,000 Active 85 DOM
18. 2026-06-30
    days on market $235,000 Active 84 DOM
19. 2026-06-29
    days on market $235,000 Active 83 DOM
20. 2026-06-28
    days on market $235,000 Active 82 DOM
21. 2026-06-28
    days on market $235,000 Active 81 DOM
22. 2026-06-27
    days on market $235,000 Active 80 DOM
23. 2026-06-26
    days on market $235,000 Active 79 DOM
24. 2026-06-22
    days on market $235,000 Active 76 DOM
25. 2026-06-21
    days on market $235,000 Active 75 DOM
26. 2026-06-19
    days on market $235,000 Active 73 DOM
27. 2026-06-18
    days on market $235,000 Active 72 DOM
28. 2026-06-17
    days on market $235,000 Active 71 DOM
29. 2026-06-16
    days on market $235,000 Active 70 DOM
30. 2026-06-15
    days on market $235,000 Active 69 DOM
31. 2026-06-14
    days on market $235,000 Active 67 DOM
32. 2026-06-12
    days on market $235,000 Active 66 DOM
33. 2026-06-09
    days on market $235,000 Active 63 DOM
34. 2026-06-08
    days on market $235,000 Active 62 DOM
35. 2026-06-07
    days on market $235,000 Active 61 DOM
36. 2026-06-03
    days on market $235,000 Active 57 DOM
37. 2026-06-02
    days on market $235,000 Active 56 DOM
38. 2026-06-01
    days on market $235,000 Active 55 DOM
39. 2026-05-31
    days on market $235,000 Active 54 DOM
40. 2026-05-30
    days on market $235,000 Active 53 DOM
41. 2026-04-07
    listed $250,000 Active 436-char remark
42. 2018-11-01
    soldstatus $81,600 534-char remark

    Show marketing remark (534 chars)

    CALLING ALL INVESTORS!! This fully occupied, 2 family home, is the perfect income property. First floor apartment has 3 bedrooms and 2 bathrooms and is currently being rented for $875/month. Access to side, fenced in yard from apartment. Second floor apartment has 3 bedrooms and 1 bathroom, and is rented for $925/month. Both apartments share the front porch and parking lot (fits 6 cars). There are separate electric meters. House is on corner lot on quiet street in Kerhonkson. Additional Information: HeatingFuel:Oil Above Ground,

43. 2018-04-15
    listed $99,000

    Show marketing remark (534 chars)

    CALLING ALL INVESTORS!! This fully occupied, 2 family home, is the perfect income property. First floor apartment has 3 bedrooms and 2 bathrooms and is currently being rented for $875/month. Access to side, fenced in yard from apartment. Second floor apartment has 3 bedrooms and 1 bathroom, and is rented for $925/month. Both apartments share the front porch and parking lot (fits 6 cars). There are separate electric meters. House is on corner lot on quiet street in Kerhonkson. Additional Information: HeatingFuel:Oil Above Ground,

44. 2018-04-15
    listed $99,000 534-char remark

    Show marketing remark (534 chars)

    CALLING ALL INVESTORS!! This fully occupied, 2 family home, is the perfect income property. First floor apartment has 3 bedrooms and 2 bathrooms and is currently being rented for $875/month. Access to side, fenced in yard from apartment. Second floor apartment has 3 bedrooms and 1 bathroom, and is rented for $925/month. Both apartments share the front porch and parking lot (fits 6 cars). There are separate electric meters. House is on corner lot on quiet street in Kerhonkson. Additional Information: HeatingFuel:Oil Above Ground,

45. 2018-02-28
    historical
46. 2017-08-28
    listed $99,000
47. 2017-08-28
    listed $99,000
48. 2017-06-21
    historical
49. 2016-12-21
    listed $99,000
50. 2016-12-21
    listed $99,000

ⓘ 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: $4,428 · $369/mo
• Projected year-2 tax: $4,428 · $369/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 6/10 Major FEMA zone X (unshaded) · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,616
• − Mortgage interest: −$13,164
• − Property taxes: −$4,428
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,089
• − Management: −$3,089
• − Depreciation: −$6,836
• Taxable income: $6,834
• Est. tax owed @ 24.0%: −$1,640
• After-tax cash flow: $8,475/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 · 3 photos

Fair 45/100 Moderate rehab Est. rehab $48,550–$87,390 screening

This two-family property requires moderate repairs and maintenance to improve its condition and value. Potential buyers should consider the cost of repairs and the value of the property as is.

Deferred maintenance Est. $30,000–$90,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — Some windows appear to be broken or missing, indicating a need for immediate repair.
• Major Exterior (exterior) — The siding and exterior paint appear to be peeling and in poor condition, requiring extensive repairs.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major siding — Worn and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both paint exterior — Fresh paint enhances curb appeal and value ↑
• Both landscaping — Well-maintained landscaping improves curb appeal and rental value ↑
• Both repair roof — A new roof ensures structural integrity and reduces maintenance costs ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Kerhonkson Elementary School F NY #1,574/2,108 Nat'l #23,070/41,679 Middle Rondout Valley Junior High School F NY #483/729 Nat'l #7,581/14,009 High Rondout Valley High School A- NY #623/1,100 Nat'l #1,517/17,239

Schools (NCES district)

• District: Rondout Valley Central School District
• NCES district ID: 3624960
• Math proficiency: 39% ▼ -9.00%
• Reading proficiency: 51% ▲ 5.00%
• Median HH income: $59,408
• Composite: 39.5/100
• National rank: #3949
• State rank: #447 of 590 in NY

C Composite livability gradescore 68/100

Livability — Kerhonkson

• Score: 68/100
• State rank: #552
• US rank: #9921

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kerhonkson, NY
• County: Ulster · 175,887 people
• City population: 5,232
• Metro: Kingston, NY
• Population (ZIP): 5,232
• Household income: $83,344
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 3% of renters

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Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 13% Two or more races 11% Black 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 4% Cuban 3%
• Common ancestry: Iranian 8% Romanian 6% Italian 3%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 4% Russian/Polish/Slavic 2%

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Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.32%
• Current HPI: 380.6732
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Exterior

• Parking: Driveway parkingOn-street parking
• Utilities: Public sewerElectricity connected
• Home design: Duplex
• Construction: Vinyl siding construction
• Exterior features: Vinyl sidingNot waterfront

Interior

• Bedrooms: Two 2-bedroom units (duplex)
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heatingHot water heatingOil heatingOther heatingNo central cooling
• Interior features: Unspecified interior features

Price history

+840.0% since first listed

21 events — show timeline

• 2026-05-29 Price Changed $235,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-07 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2018-11-01 Sold (MLS) $81,600 OneKey® MLS as Distributed by MLS Grid
• 2018-04-15 Listed $99,000 OneKey® MLS as Distributed by MLS Grid
• 2018-04-15 Listed $99,000 HVCRMLS
• 2018-02-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-08-28 Listed $99,000 OneKey® MLS as Distributed by MLS Grid
• 2017-08-28 Listed $99,000 HVCRMLS
• 2017-06-21 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-12-21 Listed $99,000 OneKey® MLS as Distributed by MLS Grid
• 2016-12-21 Listed $99,000 HVCRMLS
• 2016-11-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-04-13 Listed $118,900 HVCRMLS
• 2015-04-06 Listed $108,900 OneKey® MLS as Distributed by MLS Grid
• 2013-10-18 Listed $124,900 HVCRMLS
• 2013-04-11 Listed $129,900 HVCRMLS
• 2013-03-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-09-04 Listed $107,000 OneKey® MLS as Distributed by MLS Grid
• 2003-12-08 Sold (Public Records) $130,000 Public Records
• 1999-10-06 Sold (Public Records) $55,000 Public Records
• 1984-09-25 Sold (Public Records) $25,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $4,428 · +5.4% YoY. Source: county tax records.