2 Stuart Ave · Wappingers Falls, NY 12590

$259,000

2 bd · 1.0 ba · 864 sqft · MultiFamily public records · 3 Days on market

Built 1954 2,614 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• 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 MLS

OWN FOR LESS THAN RENT with ultra-low taxes and no Homeowners association fees! This beautiful, move in ready duplex townhouse has been meticulously updated and features: Six panel interior doors; Kitchen with granite counter tops and oak cabinets; Economical natural gas heat and cooking; Updates include Windows, Roof, Furnace, Water heater, Appliances, Bath, Shed, Patio, Fence, Insulation, Front Porch Railing and more. Hardwood flooring throughout this home (No carpeting) and freshly painted. Southern Dutchess commuter's dream location, near to Metro North trains, Route I-84, Newburgh Beacon bridge, Mall, Colleges, Hospitals, Businesses, more. Why should the landlord have the profit and equity when it can belong to you? There is nothing better than being your own boss.,ExteriorFeatures:Landscaped,Outside Lighting,Heating:Gas,ROOF:Asphalt Shingles,AboveGrade:864,EQUIPMENT:Carbon Monoxide Detector,Smoke Detectors,Level 2 Desc:2 BEDROOMS, FULL BATH,Level 1 Desc:LIVING ROOM, KITCHEN, LAUNDRY,FLOORING:Wood,Ceramic Tile,InteriorFeatures:Gas Dryer Connection,Other,Washer Connection,FOUNDATION:Slab,AMENITIES:Medical Facility

Key facts

• Municipal water
• No hoa fees
• Unbeatable location

Tags

• FULLY FENCED BACKYARD
• MUNICIPAL WATER
• NATURAL GAS UTILITIES
• NO HOA FEES
• UNBEATABLE LOCATION

Property features AI

Exterior

• Parking: Off-street parking; No carport
• Utilities: Public sewer; Cable connected; Electricity connected
• Home design: Townhouse; Single-family residence; Living area reported from public records
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 4 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot air heating; Natural gas heating; Wall/window cooling unit(s)
• Interior features: Open floor plan; No basement; No attic
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $259k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $259k).
• Cap rate 11.8% vs local median 3.5% in Wappingers Falls — 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 76/100 on livability (#225 in NY, #3,541 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, commute A-, housing A-; Watch: crime C-, amenities C-, employment 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: James S Evans Elementary School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 317 students, 33% 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) — zoned schools average 34% FRL vs 15% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.1%/yr); 206 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $4,118/mo this rent would consume 48% 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 $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $73k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $165k; list at $259k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $259,000

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.59% ✓
• Cap rate: 11.84%
• Cash-on-cash: 19.81%
• DSCR: 1.88
• GRM: 5.2

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: 8.2%
• Equity multiple: 1.31×
• Total profit: $22,447
• Equity at exit: $38,618

10-year hold

• IRR: 14.5%
• Equity multiple: 1.99×
• Total profit: $72,020
• Equity at exit: $22,394

Cash invested: $72,520 (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: 206
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $4,118 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$590 /mo · $7,077/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$865
• Net cashflow: $1,197

Break-even live

Break-even rent $2,602

Max offer price $259,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,344	-5% $1,271	+0% $1,197	+5% $1,124	+10% $1,051
Rent	-10% $872	-5% $1,035	+0% $1,197	+5% $1,360	+10% $1,523
Rate	-1.0pp $1,328	-0.5pp $1,263	base $1,197	+0.5pp $1,130	+1.0pp $1,062

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,118
Total (2 units)			$4,118

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
799 Sergeant Palmateer Way Unit C12 Wappingers Falls, NY	2.0	1.0	741	$2,300	$3.10	15d	1	0.03mi
46 N Gilmore Blvd Wappingers Falls, NY	2.0	1.5	864	$2,800	$3.24	45d	1	0.16mi
9 Colonial Dr Unit D4 Wappingers Falls, NY	1.0	1.0	645	$1,600	$2.48	24d	1	0.33mi
5118 Princess Cir Unit Two Bedroom / One Bath Wappingers Falls, NY	2.0	1.0	880	$1,800	$2.05	24d	1	0.34mi
5118 Princess Cir Unit Two Bedroom Wappingers Falls, NY	2.0	2.0	1020	$2,250	$2.21	24d	1	0.34mi
14 Franklindale Ave Unit B Wappingers Falls, NY	1.0	1.0	815	$1,900	$2.33	24d	1	0.54mi
10 Market St Unit C Wappingers Falls, NY	2.0	2.0	935	$2,650	$2.83	45d	1	0.55mi
10 Market St Unit B Wappingers Falls, NY	2.0	2.0	1000	$2,700	$2.70	15d	1	0.55mi
10 Market St Unit D Wappingers Falls, NY	1.0	1.0	605	$2,175	$3.60	45d	1	0.55mi
10 Market St Wappingers Falls, NY	1.0	1.0	600	$2,150	$3.58	45d	1	0.55mi
81 Market St Unit 3 Wappingers Falls, NY	2.0	1.0	1065	$2,500	$2.35	15d	1	0.76mi
1668 Route 9 Unit 4F Wappingers Falls, NY	2.0	1.0	876	$2,300	$2.63	45d	1	0.76mi
1668 Route 9 Unit 5M Wappingers Falls, NY	2.0	1.0	911	$2,200	$2.41	45d	1	0.76mi
94 Old Post Rd Unit 15B Wappingers Falls, NY	1.0	1.0	800	$1,700	$2.12	24d	1	1.12mi
5 Wildwood Dr Unit 12C Wappingers Falls, NY	2.0	1.0	840	$2,250	$2.68	45d	1	1.39mi

Listing history 8 events

1. 2026-05-21
   listed $259,000 Active
2. 2019-05-16
   soldstatus $165,000
3. 2019-05-07
   historical
4. 2019-05-03
   status Pending
5. 2019-05-01
   soldstatus $165,000 1135-char remark

   Show marketing remark (1135 chars)

   OWN FOR LESS THAN RENT with ultra-low taxes and no Homeowners association fees! This beautiful, move in ready duplex townhouse has been meticulously updated and features: Six panel interior doors; Kitchen with granite counter tops and oak cabinets; Economical natural gas heat and cooking; Updates include Windows, Roof, Furnace, Water heater, Appliances, Bath, Shed, Patio, Fence, Insulation, Front Porch Railing and more. Hardwood flooring throughout this home (No carpeting) and freshly painted. Southern Dutchess commuter's dream location, near to Metro North trains, Route I-84, Newburgh Beacon bridge, Mall, Colleges, Hospitals, Businesses, more. Why should the landlord have the profit and equity when it can belong to you? There is nothing better than being your own boss.,ExteriorFeatures:Landscaped,Outside Lighting,Heating:Gas,ROOF:Asphalt Shingles,AboveGrade:864,EQUIPMENT:Carbon Monoxide Detector,Smoke Detectors,Level 2 Desc:2 BEDROOMS, FULL BATH,Level 1 Desc:LIVING ROOM, KITCHEN, LAUNDRY,FLOORING:Wood,Ceramic Tile,InteriorFeatures:Gas Dryer Connection,Other,Washer Connection,FOUNDATION:Slab,AMENITIES:Medical Facility

6. 2019-03-17
   listed $154,900 Active

   Show marketing remark (1135 chars)

   OWN FOR LESS THAN RENT with ultra-low taxes and no Homeowners association fees! This beautiful, move in ready duplex townhouse has been meticulously updated and features: Six panel interior doors; Kitchen with granite counter tops and oak cabinets; Economical natural gas heat and cooking; Updates include Windows, Roof, Furnace, Water heater, Appliances, Bath, Shed, Patio, Fence, Insulation, Front Porch Railing and more. Hardwood flooring throughout this home (No carpeting) and freshly painted. Southern Dutchess commuter's dream location, near to Metro North trains, Route I-84, Newburgh Beacon bridge, Mall, Colleges, Hospitals, Businesses, more. Why should the landlord have the profit and equity when it can belong to you? There is nothing better than being your own boss.,ExteriorFeatures:Landscaped,Outside Lighting,Heating:Gas,ROOF:Asphalt Shingles,AboveGrade:864,EQUIPMENT:Carbon Monoxide Detector,Smoke Detectors,Level 2 Desc:2 BEDROOMS, FULL BATH,Level 1 Desc:LIVING ROOM, KITCHEN, LAUNDRY,FLOORING:Wood,Ceramic Tile,InteriorFeatures:Gas Dryer Connection,Other,Washer Connection,FOUNDATION:Slab,AMENITIES:Medical Facility

7. 2019-03-17
   listed $154,900 1135-char remark

   Show marketing remark (1135 chars)

   OWN FOR LESS THAN RENT with ultra-low taxes and no Homeowners association fees! This beautiful, move in ready duplex townhouse has been meticulously updated and features: Six panel interior doors; Kitchen with granite counter tops and oak cabinets; Economical natural gas heat and cooking; Updates include Windows, Roof, Furnace, Water heater, Appliances, Bath, Shed, Patio, Fence, Insulation, Front Porch Railing and more. Hardwood flooring throughout this home (No carpeting) and freshly painted. Southern Dutchess commuter's dream location, near to Metro North trains, Route I-84, Newburgh Beacon bridge, Mall, Colleges, Hospitals, Businesses, more. Why should the landlord have the profit and equity when it can belong to you? There is nothing better than being your own boss.,ExteriorFeatures:Landscaped,Outside Lighting,Heating:Gas,ROOF:Asphalt Shingles,AboveGrade:864,EQUIPMENT:Carbon Monoxide Detector,Smoke Detectors,Level 2 Desc:2 BEDROOMS, FULL BATH,Level 1 Desc:LIVING ROOM, KITCHEN, LAUNDRY,FLOORING:Wood,Ceramic Tile,InteriorFeatures:Gas Dryer Connection,Other,Washer Connection,FOUNDATION:Slab,AMENITIES:Medical Facility

8. 2006-02-16
   soldstatus $205,600

ⓘ 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: $7,077 · $590/mo
• Projected year-2 tax: $7,077 · $590/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $49,416
• − Mortgage interest: −$14,508
• − Property taxes: −$7,077
• − Insurance: −$1,295
• − Repairs & maintenance: −$3,953
• − Management: −$3,953
• − Depreciation: −$7,535
• Taxable income: $11,095
• Est. tax owed @ 24.0%: −$2,663
• After-tax cash flow: $11,705/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 — Wappingers Falls

• Score: 76/100
• State rank: #225
• US rank: #3541

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wappingers Falls, NY
• County: Dutchess County · 188,048 people
• City population: 35,712
• 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

+26.0% since first listed

8 events — show timeline

• 2026-05-21 Listed $259,000 OneKey® MLS as Distributed by MLS Grid
• 2019-05-16 Sold (Public Records) $165,000 Public Records
• 2019-05-07 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-05-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-05-01 Sold (MLS) $165,000 OneKey® MLS as Distributed by MLS Grid
• 2019-03-17 Listed $154,900 OneKey® MLS as Distributed by MLS Grid
• 2019-03-17 Listed $154,900 OneKey® MLS as Distributed by MLS Grid
• 2006-02-16 Sold (Public Records) $205,600 Public Records

Property tax history

+6.1%/yr

Latest (2025): $7,077 · +20.5% YoY. Source: county tax records.