142 Main St

Philmont, NY 12565

$440,000B

6 bd · 4.0 ba · 2,840 sqft · Built 2010 · MultiFamily · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,800/mo
• Mortgage (P&I): −$2,307
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$1,218
• Net cashflow: $1,803/mo
• Annual: $21,630/yr
• Cap rate: 11.21%
• Cash-on-cash: 17.56%
• DSCR: 1.78
• 1% rule: 1.32%
• Cash to close: $123,200

Investor read

• This is a 4 × 2-bed/1-bath units multifamily listed at $440k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $451/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $440k).
• It's been on market 119 days — a 9% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $400k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#958 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: crime F, amenities F, commute F.
• Taconic Hills Central School District (rural): math 53% / reading 51% proficiency, ranked #335 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Taconic Hills Elementary School (math 53% / reading 50%, grade C-, #1,041 of 2,108 statewide, top 50%, 562 students, 57% FRL); Taconic Hillsjunior/Senior High School (math 52% / reading 52%, grade D+, #946 of 1,100 statewide, top 88%, 502 students, 45% FRL).
• Market conditions: 12 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 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 $349k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-0.8% appreciation + 3.0% rent growth), your $123k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.