79-87 N Old Greenfield Rd

Ellenville, NY 12428

$103,100C-

35 bd · 22.5 ba · 3,395 sqft · Built 1938 · MultiFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,070/mo
• Mortgage (P&I): −$541
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$1,905
• Net cashflow: $6,453/mo
• Annual: $77,434/yr
• Cap rate: 81.40%
• Cash-on-cash: 268.23%
• DSCR: 12.93
• 1% rule: 8.80%
• Cash to close: $28,868

Investor read

• This is a 5 × 7-bed/4.5-bath units multifamily listed at $103k. Condition is rated poor.
• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $103k).
• It's been on market 76 days — a 6% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (6.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($713 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#961 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A-; Watch: crime C-, schools D-, amenities F.
• Ellenville Central School District (town): math 32% / reading 46% proficiency, ranked #534 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $35k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 81.4% vs local median 3.8% in Ellenville — 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

• It's been on market 76 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1938 — 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 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?

Repairs flagged (vision-AI assessment)

• Major: Roof — Signs of wear and potential leaks.
• Major: Siding — Weathered and damaged, exposing framing.
• Major: Windows — Missing or damaged, allowing for drafts and heat loss.
• Major: Flooring — Worn linoleum, needs replacement.
• Major: Paint — Worn and peeling, needs repainting.
• Major: Kitchen and Bath Fixtures — Outdated and in poor condition, needs replacement.