496 Whitfield Rd

Accord, NY 12404

$595,000B+

3 bd · 2.5 ba · 2,228 sqft · Built 2006 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $20,000/mo
• Mortgage (P&I): −$3,120
• Tax + insurance: −$1,051
• HOA: −$0
• Vac / Maint / Mgmt: −$4,200
• Net cashflow: $11,628/mo
• Annual: $139,541/yr
• Cap rate: 29.75%
• Cash-on-cash: 83.76%
• DSCR: 4.73
• 1% rule: 3.36%
• Cash to close: $166,600

Investor read

• This is a 3-bed/2.5-bath single-family listed at $595k.
• At list price, monthly cash flow is $12k ($140k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $595k).
• It's been on market 68 days — a 6% lower offer ($559k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $559k (6.0% 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 $18k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#638 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living B+; Watch: crime F, amenities F, commute F.
• Rondout Valley Central School District (rural): math 39% / reading 51% proficiency, ranked #447 of 590 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marbletown Elementary School (math 52% / reading 64%, grade B-, #831 of 2,108 statewide, top 39%, 257 students, 36% FRL); Rondout Valley Junior High School (math 27% / reading 42%, grade F, #483 of 729 statewide, top 68%, 243 students, 42% FRL); Rondout Valley High School (math 87% / reading 64%, grade A-, #623 of 1,100 statewide, top 57%, 569 students, 41% FRL).
• Market conditions: 41 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $167k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.7% vs local median 3.9% in Accord — 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 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.