13 & 15 Underwood St · Saugerties, NY 12477

$250,000

4 bd · 2.0 ba · — sqft · MultiFamily · 57 Days on market

Built 1933 Poor condition 0.31 ac 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 +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Located just minutes from the Village of Saugerties and tucked near the scenic Esopus Creek, this legal two family property at 13–15 Underwood Street presents a rare opportunity for investors looking to capitalize on a growing Hudson Valley market. This ~1,900 sq ft multi family built in 1933 sits on a .31 acre lot and features two units with a total of 4 bedrooms and 2 bathrooms, offering strong upside for rental income or resale after renovation. The property is in need of a full rehab, making it ideal for seasoned investors, flippers, or anyone looking to create long term value through improvements. With the right vision, this asset can be transformed into a high performing income property or a desirable owner occupied investment. Recent renovations are already underway in the immediate area, with a neighboring property currently being fully renovated highlighting the ongoing investment and revitalization happening in this pocket of Saugerties. Saugerties continues to gain traction as an up and coming Hudson Valley destination, known for its proximity to Kingston, Woodstock, and the NYS Thruway, along with its growing appeal for both full time residents and weekend buyers. Demand for renovated multi family properties in the area remains strong, especially those within close distance to the village, restaurants, and waterfront.

Key facts

• 0.31 acre lot
• Built 1933
• Listed 56 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $832/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 2.6% in Saugerties — 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 61/100 on livability (#916 in NY) — a middle-class / working-renter tenant base. Strengths: crime A-, housing B+; Watch: schools C-, cost of living C-, amenities F.
• Saugerties Central School District (suburban): math 38% / reading 57% proficiency, ranked #419 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• At $4,294/mo this rent would consume 64% of the median local household income ($81k/yr) (locally 725% 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.
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.72% ✓
• Cap rate: 14.28%
• Cash-on-cash: 28.54%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $905,415
• List price: $250,000
• Delta: -72.39%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
252-254 Partition St	0.30mi	4/2.0	2,682	16mo	$340,000	$127	60
24 Mcdonald St	0.38mi	4/4.0	2,326	15mo	$580,000	$249	50
214 Partition St	0.38mi	3/2.0 (-1)	1,760	21mo	$475,000	$270	48
41 Russell St	0.45mi	5/2.0 (+1)	2,432	18mo	$325,000	$134	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 22.8%
• Equity multiple: 1.94×
• Total profit: $65,571
• Equity at exit: $37,276

10-year hold

• IRR: 30.8%
• Equity multiple: 3.77×
• Total profit: $193,875
• Equity at exit: $21,615

Cash invested: $70,000 (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 12477

• Home prices YoY: -18.1%
• Active inventory: 173
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $4,294 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$902
• Net cashflow: $1,665

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,294
Total (2 units)			$4,294

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Montross St Unit A Saugerties, NY	3.0	1.5	1300	$2,400	$1.85	23d	1	0.42mi

Listing history 18 events

1. 2026-06-19
   days on market $250,000 Active 57 DOM
2. 2026-06-18
   days on market $250,000 Active 56 DOM
3. 2026-06-17
   days on market $250,000 Active 55 DOM
4. 2026-06-16
   days on market $250,000 Active 54 DOM
5. 2026-06-15
   days on market $250,000 Active 53 DOM
6. 2026-06-14
   days on market $250,000 Active 51 DOM
7. 2026-06-12
   days on market $250,000 Active 50 DOM
8. 2026-06-09
   days on market $250,000 Active 47 DOM
9. 2026-06-08
   days on market $250,000 Active 46 DOM
10. 2026-06-07
    days on market $250,000 Active 45 DOM
11. 2026-06-05
    days on market $250,000 Active 42 DOM
12. 2026-06-03
    days on market $250,000 Active 41 DOM
13. 2026-06-02
    days on market $250,000 Active 40 DOM
14. 2026-06-01
    days on market $250,000 Active 39 DOM
15. 2026-05-31
    days on market $250,000 Active 38 DOM
16. 2026-05-30
    days on market $250,000 Active 37 DOM
17. 2026-04-24
    listed $250,000 Active 1361-char remark

    Show marketing remark (1361 chars)

    Located just minutes from the Village of Saugerties and tucked near the scenic Esopus Creek, this legal two family property at 13–15 Underwood Street presents a rare opportunity for investors looking to capitalize on a growing Hudson Valley market. This ~1,900 sq ft multi family built in 1933 sits on a .31 acre lot and features two units with a total of 4 bedrooms and 2 bathrooms, offering strong upside for rental income or resale after renovation. The property is in need of a full rehab, making it ideal for seasoned investors, flippers, or anyone looking to create long term value through improvements. With the right vision, this asset can be transformed into a high performing income property or a desirable owner occupied investment. Recent renovations are already underway in the immediate area, with a neighboring property currently being fully renovated highlighting the ongoing investment and revitalization happening in this pocket of Saugerties. Saugerties continues to gain traction as an up and coming Hudson Valley destination, known for its proximity to Kingston, Woodstock, and the NYS Thruway, along with its growing appeal for both full time residents and weekend buyers. Demand for renovated multi family properties in the area remains strong, especially those within close distance to the village, restaurants, and waterfront.

18. 2026-04-20
    historical $250,000 1361-char remark

    Show marketing remark (1361 chars)

    Located just minutes from the Village of Saugerties and tucked near the scenic Esopus Creek, this legal two family property at 13–15 Underwood Street presents a rare opportunity for investors looking to capitalize on a growing Hudson Valley market. This ~1,900 sq ft multi family built in 1933 sits on a .31 acre lot and features two units with a total of 4 bedrooms and 2 bathrooms, offering strong upside for rental income or resale after renovation. The property is in need of a full rehab, making it ideal for seasoned investors, flippers, or anyone looking to create long term value through improvements. With the right vision, this asset can be transformed into a high performing income property or a desirable owner occupied investment. Recent renovations are already underway in the immediate area, with a neighboring property currently being fully renovated highlighting the ongoing investment and revitalization happening in this pocket of Saugerties. Saugerties continues to gain traction as an up and coming Hudson Valley destination, known for its proximity to Kingston, Woodstock, and the NYS Thruway, along with its growing appeal for both full time residents and weekend buyers. Demand for renovated multi family properties in the area remains strong, especially those within close distance to the village, restaurants, and waterfront.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,528
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,122
• − Management: −$4,122
• − Depreciation: −$7,273
• Taxable income: $17,007
• Est. tax owed @ 24.0%: −$4,082
• After-tax cash flow: $15,893/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This legal two-family property requires extensive rehabilitation to bring it up to code and improve its value. The property is in poor condition and in need of repairs and maintenance to make it move-in ready.

Repairs flagged

• Major exterior siding — Peeling paint and general disrepair
• Major interior walls — Peeling paint and general disrepair
• Major flooring — Damaged and uneven
• Major kitchen countertops — Damaged and exposed subflooring
• Major bathroom fixtures — Damaged and exposed subflooring
• Major windows — Damaged and discolored

Value-add opportunities

• Both exterior siding and paint — Enhances curb appeal and property value
• Both interior walls and paint — Enhances interior appearance and property value
• Both flooring — Improves comfort and property value
• Both kitchen countertops and appliances — Enhances functionality and property value
• Both bathroom fixtures and appliances — Enhances functionality and property value
• Both windows — Enhances natural light and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling paint and general disrepair	Major	$15,000–50,000
interior walls · Peeling paint and general disrepair	Major	$15,000–50,000
flooring · Damaged and uneven	Major	$15,000–50,000
kitchen countertops · Damaged and exposed subflooring	Major	$15,000–50,000
bathroom fixtures · Damaged and exposed subflooring	Major	$15,000–50,000
windows · Damaged and discolored	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding and paint — Enhances curb appeal and property value ↑
• Both interior walls and paint — Enhances interior appearance and property value ↑
• Both flooring — Improves comfort and property value ↑
• Both kitchen countertops and appliances — Enhances functionality and property value ↑
• Both bathroom fixtures and appliances — Enhances functionality and property value ↑
• Both windows — Enhances natural light and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Saugerties Central School District
• NCES district ID: 3625800
• Math proficiency: 38% ▼ -16.00%
• Reading proficiency: 57% ▲ 8.00%
• Median HH income: $56,897
• Composite: 41.3/100
• National rank: #3515
• State rank: #419 of 590 in NY

Livability — Saugerties

• Score: 61/100
• State rank: #916
• US rank: #17946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saugerties, NY
• County: Ulster County · 56,183 people
• Metro: Kingston, NY
• Population (ZIP): 19,066
• Household income: $80,861
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 725.0

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 12% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.47%
• Current HPI: 327.9975
• Rent YoY: —
• Metro: Kingston, 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

+0.0% since first listed

2 events — show timeline

• 2026-04-24 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-20 Coming Soon $250,000 OneKey® MLS as Distributed by MLS Grid