8 Larissa Ln · Myers Corner, NY 12590

$425,000

3 bd · 2.5 ba · 2,248 sqft · MultiFamily public records · 7 Days on market

Built 1975 0.95 ac lot

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Why this score? — see what drove the C+ 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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

ONE LEVEL LIVING AT IT’S FINEST! AMAZING MOTHER DAUGHTER POTENTIAL! This well-maintained Ranch in the Wappingers School District sits on nearly an acre, offering space, flexibility, and comfort. With over 2,200 sq ft, the home features hardwood floors throughout, an open-concept kitchen with SS appliances, living room, dinning room with sliders leading out to a deck overlooking a spacious backyard. The main level offers three generously sized bedrooms and a full bath, while the fully finished walk-out lower level provides incredible versatility with a second living area, office, and bonus room—ideal for guests, or a private workspace. PRICED TO SELL—this one won’t la

Key facts

• Private workspace
• Open concept kitchen
• Spacious backyard

Tags

• ONE LEVEL LIVING
• OPEN CONCEPT KITCHEN
• HARDWOOD FLOORS
• SPACIOUS BACKYARD
• SECOND LIVING AREA
• PRIVATE WORKSPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $425k).
• Cap rate 9.5% vs local median 2.9% in Myers Corner — 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.

Location & tenants

• Location reads 69/100 on livability (#511 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A; Watch: amenities F, commute F, cost of living D-.
• Wappingers Central School District (suburban): math 53% / reading 65% proficiency, ranked #207 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Vassar Road Elementary School (298 students, 16% FRL); Wappingers Junior High School (math 30% / reading 54%, grade D-, #379 of 729 statewide, top 54%, 735 students, 36% FRL); Roy C Ketcham Senior High School (math 90% / reading 92%, grade A+, #203 of 1,100 statewide, top 20%, 1,612 students, 31% FRL).
• Market conditions: Rents soft (-1.1%/yr); 205 active listings in the ZIP; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $5,564/mo this rent would consume 65% of the median local household income ($102k/yr) (locally 786% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $251k; list at $425k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $425,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.31% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.40%
• DSCR: 1.51
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.86×
• Total profit: $-16,380
• Equity at exit: $63,369

10-year hold

• IRR: 1.7%
• Equity multiple: 1.10×
• Total profit: $12,190
• Equity at exit: $36,746

Cash invested: $119,000 (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 12590

• Rents YoY: -1.1%
• Active inventory: 205
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $5,564 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$859 /mo · $10,309/yr
• Insurance: −$177
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,168
• Net cashflow: $1,075

Break-even live

Break-even rent $4,203

Max offer price $425,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,316	-5% $1,195	+0% $1,075	+5% $955	+10% $835
Rent	-10% $636	-5% $855	+0% $1,075	+5% $1,295	+10% $1,515
Rate	-1.0pp $1,289	-0.5pp $1,183	base $1,075	+0.5pp $965	+1.0pp $853

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$5,564
Total (2 units)			$5,564

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-18
   pricestatus $425,000 Active 7 DOM
2. 2026-05-06
   status Pending
3. 2026-03-18
   listed $449,900 Active
4. 2011-08-10
   soldstatus $251,000
5. 1991-04-04
   soldstatus $152,500

ⓘ 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: $10,309 · $859/mo
• Projected year-2 tax: $10,309 · $859/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,768
• − Mortgage interest: −$23,807
• − Property taxes: −$10,309
• − Insurance: −$2,792
• − Repairs & maintenance: −$5,341
• − Management: −$5,341
• − Depreciation: −$12,364
• Taxable income: $6,814
• Est. tax owed @ 24.0%: −$1,635
• After-tax cash flow: $11,266/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: Wappingers Central School District
• NCES district ID: 3629880
• Math proficiency: 53% ▼ -4.00%
• Reading proficiency: 65% ▲ 10.00%
• Median HH income: $83,184
• Composite: 53.38/100
• National rank: #1474
• State rank: #207 of 590 in NY

Livability — Myers Corner

• Score: 69/100
• State rank: #511
• US rank: #9062

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Myers Corner, NY
• County: Dutchess County · 188,048 people
• City population: 35,823
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 35,712
• Household income: $102,285
• Rent vs Own: 30.5% rent · 69.5% own
• Severe rent burden: 786.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 18% Two or more races 8% Black 8% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 7% Dominican 1%
• Common ancestry: Romanian 3% Italian 1% Lithuanian 1%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 3% Chinese 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -411.49%
• Current HPI: 255.2764
• Rent YoY: ▼ -1.08%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• 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

+195.0% since first listed

4 events — show timeline

• 2026-05-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-18 Listed $449,900 OneKey® MLS as Distributed by MLS Grid
• 2011-08-10 Sold (Public Records) $251,000 Public Records
• 1991-04-04 Sold (Public Records) $152,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $10,309 · +2.1% YoY. Source: county tax records.