356 - 358 State St

Hudson, NY 12534

$679,900C+

9 bd · 9.0 ba · 1,772 sqft · Built 1890 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,693/mo
• Mortgage (P&I): −$3,565
• Tax + insurance: −$1,133
• HOA: −$0
• Vac / Maint / Mgmt: −$1,406
• Net cashflow: $589/mo
• Annual: $7,066/yr
• Cap rate: 7.33%
• Cash-on-cash: 3.71%
• DSCR: 1.17
• 1% rule: 0.98%
• Cash to close: $190,372

Investor read

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $680k. Condition is rated good.
• At list price, monthly cash flow is $589 ($7k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $669k (1.6% below list).
• It's been on market 23 days — a 2% lower offer ($670k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $669k (1.6% below list) — sets the bar for 1% rule.
• In year one you build about $73k of equity ($5k loan paydown + $68k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#430 in NY) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+; Watch: schools C-, commute F, employment F.
• Hudson City School District (town): math 38% / reading 47% proficiency, ranked #494 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.9%/yr); 162 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.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $190k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$117k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.3% vs local median 3.3% in Hudson — 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.
• At $6,693/mo this rent would consume 110% of the median local household income ($73k/yr) (locally 1083% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1890 — 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.