413 Cologne Ave

Plattekill, NY 12589

$145,000A-

3 bd · 1.0 ba · 1,482 sqft · Built 1983 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,046/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $615/mo
• Annual: $7,374/yr
• Cap rate: 11.38%
• Cash-on-cash: 18.16%
• DSCR: 1.81
• 1% rule: 1.41%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#831 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, employment A, housing B; Watch: cost of living D+, amenities F, commute F.
• Wallkill Central School District (suburban): math 54% / reading 56% proficiency, ranked #279 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Plattekill Elementary School (math 22% / reading 57%, grade F, #1,444 of 2,108 statewide, top 71%, 405 students, 43% FRL); John G Borden Middle School (math 32% / reading 47%, grade F, #418 of 729 statewide, top 59%, 432 students, 37% FRL); Wallkill Senior High School (math 97% / reading 75%, grade A, #347 of 1,100 statewide, top 32%, 1,004 students, 34% FRL).
• Market conditions: 100 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.4% vs local median 1.9% in Plattekill — 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

• 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.