79-81 Foxhall Ave Ave

Kingston, NY 12401

$389,900B

6 bd · 4.0 ba · 2,535 sqft · Built 1880 · MultiFamily · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,652/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$650
• HOA: −$0
• Vac / Maint / Mgmt: −$977
• Net cashflow: $981/mo
• Annual: $11,767/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• 1% rule: 1.19%
• Cash to close: $109,172

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $390k. Condition is rated fair.
• At list price, monthly cash flow is $981 ($12k/yr) — positive. Per door: $490/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• It's been on market 138 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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: Kingston High School (math 94% / reading 91%, grade A+, #153 of 1,100 statewide, top 14%, 1,856 students, 85% FRL) — zoned schools average 85% FRL vs 45% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 92% at this address vs 52% district-wide (+41 pts) — the actual schools serving this property are materially stronger than the Kingston City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.8%/yr); 388 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.
• 2 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 $210k; list at $390k implies a 86% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $109k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 9.3% 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

• It's been on market 138 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — dated and worn
• Moderate: exterior siding — weathered and discolored
• Minor: landscaping — simple and overgrown