343 Washington Ave

Kingston, NY 12401

$649,900B

24 bd · 16.0 ba · 3,085 sqft · Built 1900 · MultiFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,966/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$1,447
• HOA: −$0
• Vac / Maint / Mgmt: −$2,093
• Net cashflow: $3,018/mo
• Annual: $36,218/yr
• Cap rate: 11.97%
• Cash-on-cash: 20.27%
• DSCR: 1.90
• 1% rule: 1.53%
• Cash to close: $181,972

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $650k.
• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $755/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $650k).
• It's been on market 30 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#74 in NY, #1,143 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime C-.
• Kingston City School District (urban): math 44% / reading 59% proficiency, ranked #355 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: George Washington School (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 449 students, 52% FRL); J Watson Bailey Middle School (math 22% / reading 48%, grade F, #480 of 729 statewide, top 66%, 968 students, 53% FRL); Kingston High School (math 94% / reading 91%, grade A+, #153 of 1,100 statewide, top 14%, 1,856 students, 85% FRL) — zoned schools average 63% FRL vs 45% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.8%/yr); 225 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 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 $200k; list at $650k implies a 225% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $182k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.0% vs local median 3.0% in Kingston — 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

• 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 1900 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.