3 Pearl St · Kerhonkson, NY 12446

$235,000

4 bd · 2.0 ba · 1,942 sqft · MultiFamily public records · 75 Days on market

Built 1910 0.27 ac lot $121/sqft · 64% 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 +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Fully rented!! This two-family property offers separate utilities, with tenants responsible for their own electric, heat, and hot water-making it an ideal income-producing opportunity. The home does require some TLC, but with the right vision and updates, it can truly shine. Being sold as is, this property is perfectly suited for investors/buyers looking to add value. Conveniently located--this is a great buy you won't want to miss!

Key facts

• 0.27 acre lot
• Built 1910
• Listed 74 days

What this means for you Summary

Snapshot

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

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: $221k (6.0% 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: 68 active listings in the ZIP; 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 75 days — a 6% lower offer ($221k) 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: moderate 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 $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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): $643,975
• List price: $235,000
• Delta: -63.51%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

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 →

ZIP-level market 12446

• Home prices YoY: 8.7%
• Active inventory: 68
• 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

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

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

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
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   days on market $235,000 Active 75 DOM
2. 2026-06-19
   days on market $235,000 Active 73 DOM
3. 2026-06-18
   days on market $235,000 Active 72 DOM
4. 2026-06-17
   days on market $235,000 Active 71 DOM
5. 2026-06-16
   days on market $235,000 Active 70 DOM
6. 2026-06-15
   days on market $235,000 Active 69 DOM
7. 2026-06-14
   days on market $235,000 Active 67 DOM
8. 2026-06-12
   days on market $235,000 Active 66 DOM
9. 2026-06-09
   days on market $235,000 Active 63 DOM
10. 2026-06-08
    days on market $235,000 Active 62 DOM
11. 2026-06-07
    days on market $235,000 Active 61 DOM
12. 2026-06-03
    days on market $235,000 Active 57 DOM
13. 2026-06-02
    days on market $235,000 Active 56 DOM
14. 2026-06-01
    days on market $235,000 Active 55 DOM
15. 2026-05-31
    days on market $235,000 Active 54 DOM
16. 2026-05-30
    days on market $235,000 Active 53 DOM
17. 2026-04-07
    listed $250,000 Active 436-char remark

    Show marketing remark (436 chars)

    Fully rented!! This two-family property offers separate utilities, with tenants responsible for their own electric, heat, and hot water-making it an ideal income-producing opportunity. The home does require some TLC, but with the right vision and updates, it can truly shine. Being sold as is, this property is perfectly suited for investors/buyers looking to add value. Conveniently located--this is a great buy you won't want to miss!

18. 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,

19. 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,

20. 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,

21. 2018-02-28
    historical
22. 2017-08-28
    listed $99,000
23. 2017-08-28
    listed $99,000
24. 2017-06-21
    historical
25. 2016-12-21
    listed $99,000
26. 2016-12-21
    listed $99,000
27. 2016-11-03
    historical
28. 2015-04-13
    listed $118,900
29. 2015-04-06
    listed $108,900
30. 2013-10-18
    listed $124,900
31. 2013-04-11
    listed $129,900
32. 2013-03-18
    historical
33. 2012-09-04
    listed $107,000
34. 2003-12-08
    soldstatus $130,000
35. 1999-10-06
    soldstatus $55,000
36. 1984-09-25
    soldstatus $25,000

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 2/10 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.

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

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
• City population: 5,232
• Population (ZIP): 5,232

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%

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%

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

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

+900.0% since first listed

20 events — show timeline

• 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.