43 Lafayette Dr

New Windsor, NY 12553

$225,000C-

2 bd · 1.0 ba · 715 sqft · Built 1954 · Townhouse · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,111/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$384
• HOA: −$0
• Vac / Maint / Mgmt: −$443
• Net cashflow: $104/mo
• Annual: $1,242/yr
• Cap rate: 6.85%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• 1% rule: 0.94%
• Cash to close: $63,000

Investor read

• This is a 2-bed/1.0-bath townhouse listed at $225k.
• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (6.2% below list).
• It's been on market 22 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (6.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#529 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, employment B+; Watch: crime C-, cost of living D+, amenities F.
• Cornwall Central School District (suburban): math 66% / reading 69% proficiency, ranked #133 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Cornwall-On-Hudson Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 242 students, 15% FRL); Cornwall Middle School (math 52% / reading 62%, grade B, #192 of 729 statewide, top 28%, 895 students, 22% FRL); Cornwall Central High School (math 96% / reading 90%, grade A+, #147 of 1,100 statewide, top 14%, 1,027 students, 20% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 169 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 7 sale attempts since 27y 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 $188k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.8% in New Windsor — 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

• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.