11 S South 6th St

Hudson, NY 12534

$995,000C-

4 bd · 2.5 ba · 3,692 sqft · Built 1890 · MultiFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,678/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$1,153
• HOA: −$0
• Vac / Maint / Mgmt: −$1,402
• Net cashflow: $-1,096/mo
• Annual: $-13,149/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.72%
• DSCR: 0.79
• 1% rule: 0.67%
• Cash to close: $278,600

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $995k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-548/mo.
• To cash-flow at today's rent, offer at most $801k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $668k (32.9% below list).
• It's been on market 82 days — a 6% lower offer ($935k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $668k (32.9% below list) — sets the bar for 1% rule.
• In year one you build about $106k of equity ($7k loan paydown + $100k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#430 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+; Watch: commute F, employment F.
• Hudson City School District (town): math 38% / reading 47% proficiency, ranked #494 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Montgomery C Smith Elementary School (math 36% / reading 47%, grade F, #1,409 of 2,108 statewide, top 67%, 723 students, 65% FRL); Hudson Junior High School (math 20% / reading 36%, grade F, #573 of 729 statewide, top 79%, 384 students, 63% FRL); Hudson High School (math 82% / reading 84%, grade A, #435 of 1,100 statewide, top 40%, 454 students, 57% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $325k; list at $995k implies a 206% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$171k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.0% vs local median 3.3% in Hudson — 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.
• At $6,678/mo this rent would consume 110% of the median local household income ($73k/yr) (locally 1083% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 33% 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?
• Built in 1890 — 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.
• 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.