26 E Catherine St

Nyack, NY 10960

$469,000D+

2 bd · 2.0 ba · 1,061 sqft · Built 1927 · MultiFamily · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,668/mo
• Mortgage (P&I): −$2,459
• Tax + insurance: −$1,169
• HOA: −$0
• Vac / Maint / Mgmt: −$980
• Net cashflow: $60/mo
• Annual: $717/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• 1% rule: 1.00%
• Cash to close: $131,320

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $469k.
• At list price, monthly cash flow is $60 ($717/yr) — positive. Per door: $30/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $467k (0.5% below list).
• It's been on market 64 days — a 6% lower offer ($441k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $441k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#231 in NY, #3,632 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: amenities F, cost of living F.
• Nyack Union Free School District (suburban): math 78% / reading 78% proficiency, ranked #62 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Liberty Elementary School (math 34% / reading 64%, grade D, #1,085 of 2,108 statewide, top 56%, 427 students, 47% FRL); Nyack Middle School (math 72% / reading 82%, grade A, #41 of 729 statewide, top 6%, 657 students, 39% FRL); Nyack Senior High School (math 92% / reading 72%, grade A, #452 of 1,100 statewide, top 44%, 877 students, 36% FRL) — zoned schools average 40% FRL vs 25% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.1%/yr); 118 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $469k implies a 369% gain — meaningful room to come down on a strong offer.
• 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 6.4% vs local median 2.6% in Nyack — 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.
• This rent runs 45% of the median local income ($126k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?