80 County Route 7

Pine Plains, NY 12567

$599,000D

5 bd · 2.5 ba · 3,510 sqft · Built 1850 · MultiFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,375/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$910
• HOA: −$0
• Vac / Maint / Mgmt: −$919
• Net cashflow: $-595/mo
• Annual: $-7,144/yr
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• 1% rule: 0.73%
• Cash to close: $167,720

Investor read

• This is a 5-bed/2.5-bath multifamily listed at $599k.
• At list price, monthly cash flow is $-595 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $494k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $438k (27.0% below list).
• It's been on market 47 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $438k (27.0% below list) — sets the bar for 1% rule.
• In year one you build about $64k of equity ($4k loan paydown + $60k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#746 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: cost of living D+, amenities F, commute F.
• Pine Plains Central School District (rural): math 55% / reading 50% proficiency, ranked #372 of 755 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cold Spring Early Learning Center (165 students, 12% FRL); Stissing Mountain Junior/Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 460 students, 36% FRL) — zoned schools at 24% FRL track the district average.
• Zoned-school proficiency averages 84% at this address vs 52% district-wide (+31 pts) — the actual schools serving this property are materially stronger than the Pine Plains Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $66k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$103k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% vs local median 2.6% in Pine Plains — 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.

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 47 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.