6 E Belvedere St

Cold Spring, NY 10516

$850,000F

3 bd · 1.5 ba · 1,332 sqft · Built 1938 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,834/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$701
• HOA: −$0
• Vac / Maint / Mgmt: −$1,225
• Net cashflow: $-550/mo
• Annual: $-6,597/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.77%
• DSCR: 0.88
• 1% rule: 0.69%
• Cash to close: $238,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $850k.
• At list price, monthly cash flow is $-550 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $753k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $583k (31.4% below list).
• It's been on market 29 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $583k (31.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in NY, #1,466 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Haldane Central School District (town): math 65% / reading 83% proficiency, ranked #84 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Haldane Elementary School (math 57% / reading 77%, grade B+, #525 of 2,108 statewide, top 27%, 292 students, 18% FRL); Haldane Middle School (math 57% / reading 82%, grade A, #89 of 729 statewide, top 12%, 197 students, 16% FRL); Haldane High School (math 98% / reading 92%, grade A+, #93 of 1,100 statewide, top 10%, 314 students, 17% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $49k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1938 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.