59 Dodge St

Hudson, NY 12534

$699,900A-

12 bd · 4.0 ba · 5,912 sqft · Built 1920 · MultiFamily · Pending · 247 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,403/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$711
• HOA: −$0
• Vac / Maint / Mgmt: −$3,025
• Net cashflow: $6,997/mo
• Annual: $83,963/yr
• Cap rate: 18.38%
• Cash-on-cash: 43.18%
• DSCR: 2.92
• 1% rule: 2.06%
• Cash to close: $195,972

Investor read

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $7k ($84k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $700k).
• It's been on market 247 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• In year one you build about $75k of equity ($5k loan paydown + $70k 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: schools C-, 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.
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 161 active listings in the ZIP; 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.
• 2 sale attempts since 2y 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 $133k; list at $700k implies a 427% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $196k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.4% 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.

Questions for listing agent

• It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.