34 Hoffman St · Poughkeepsie, NY 12601

$475,000

4 bd · None ba · — sqft · MultiFamily · 65 Days on market

Built 1890 Good condition Est $674k · 30% under

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Turn key mixed use property located in a prime waterfront location in Poughkeepsie. Discover the income potential of this well maintained mixed use property located within minutes to Marist University, Culinary Institute of America, Hudson River and Route 9. Ground floor features a commercial space currently rented out to church office offering a quiet and stable tenant with community ties. The second and third floor feature updated 1 bedrooms apartments that are both currently leased. This property offers a rare parking lot providing ample parking for both business's and tenants. In the parking lot you will find a detached 2 car garage that is currently rented out for $200/mo adding to the strong cash flow. 34 Hoffman St is an excellent opportunity for investors or owner occupants seeking a fully rented income producing property in a growing area.

Key facts

• Income potential
• Rare parking lot
• Ample parking

Tags

• WATERFRONT LOCATION
• INCOME POTENTIAL
• WELL MAINTAINED
• UPDATED APARTMENTS
• RARE PARKING LOT
• AMPLE PARKING

🏷️ Possibly a rental listed for sale. The $475,000 price doesn't fit this home's estimated sale value (~$673,871) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $475k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $927 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.4% in Poughkeepsie — 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.

Location & tenants

• Location reads 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Poughkeepsie City School District (suburban): math 29% / reading 42% proficiency, ranked #559 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 189 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $5,329/mo this rent would consume 100% of the median local household income ($64k/yr) (locally 2891% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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 $320k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.37%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $673,871
• List price: $475,000
• Delta: -29.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Delafield St	0.11mi	4/2.0	2,659	4mo	$318,000	$120	79
93 Delafield St	0.16mi	4/2.0	2,750	1mo	$385,000	$140	79
69 Delafield St	0.12mi	4/2.0	2,200	6mo	$377,500	$172	77
49 Delafield St	0.10mi	3/2.0 (-1)	1,784	11mo	$350,000	$196	69
18 Mansion St	0.44mi	4/2.0	—	11mo	$240,000	—	58
32 Balding Ave	0.56mi	4/2.0	2,452	5mo	$405,000	$165	58
29 Delano St	0.58mi	5/2.0 (+1)	—	1mo	$432,500	—	55
190 Union St	0.63mi	4/2.0	2,080	5mo	$425,000	$204	54
2-4 Elm Pl	0.73mi	4/4.0	2,309	6mo	$357,000	$155	48
13 Grand St	0.67mi	5/3.0 (+1)	2,400	6mo	$489,250	$204	46
47 S Bridge St	0.67mi	3/— (-1)	—	6mo	$50,500	—	46
44 Conklin St	0.71mi	5/2.0 (+1)	2,760	12mo	$377,000	$137	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-14,214
• Equity at exit: $70,824

10-year hold

• IRR: 7.6%
• Equity multiple: 1.59×
• Total profit: $79,041
• Equity at exit: $41,069

Cash invested: $133,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12601

• Rents YoY: 3.7%
• Active inventory: 189
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $5,329 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,119
• Net cashflow: $927

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 78%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,328
Total (3 units)			$5,329

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
61 Delafield St Unit 2 Poughkeepsie, NY	3.0	1.0	1400	$2,600	$1.86	14d	1	0.11mi
40 N Clover St Poughkeepsie, NY	3.0	1.0	1000	$2,175	$2.17	44d	1	0.31mi
137 Washington St Apt 2 Poughkeepsie, NY	3.0	1.0	—	$2,300	—	23d	1	0.34mi
40 Parker Ave Apt 1 Poughkeepsie, NY	3.0	1.0	1100	$2,100	$1.91	44d	1	0.49mi
50 Parker Ave Unit 3 Poughkeepsie, NY	3.0	1.0	1300	$2,100	$1.62	44d	1	0.52mi
50 Parker Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1300	$2,150	$1.65	23d	1	0.52mi
52 Parker Ave Unit 2 Poughkeepsie, NY	3.0	1.0	3900	$2,000	$0.51	21d	1	0.53mi
32 Balding Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1226	$2,500	$2.04	44d	1	0.55mi
77 Marshall St Unit 1F Poughkeepsie, NY	3.0	1.0	1050	$2,350	$2.24	44d	1	0.57mi
77 Marshall St Poughkeepsie, NY	3.0	1.0	1050	$2,250	$2.14	44d	1	0.57mi
77 Marshall St Fl 1 Poughkeepsie, NY	3.0	1.0	1050	$2,250	$2.14	23d	1	0.57mi
6mt Carmel PL Unit 2 Poughkeepsie, NY	3.0	1.0	1250	$2,500	$2.00	23d	1	0.59mi
43 High St Unit 1 Poughkeepsie, NY	4.0	1.0	1250	$2,300	$1.84	23d	1	0.78mi
139 N Hamilton St Unit 2 Poughkeepsie, NY	4.0	1.0	955	$1,900	$1.99	14d	1	0.82mi
197 N Hamilton St #2 Poughkeepsie, NY	3.0	1.0	1056	$2,200	$2.08	23d	1	0.84mi
156 N Clinton St Apt 2 Poughkeepsie, NY	3.0	1.0	1300	$1,800	$1.38	23d	1	0.89mi
1 Grove St Poughkeepsie, NY	3.0	1.0	1200	$1,750	$1.46	44d	1	0.89mi
36 Pine St Unit Three Bedroom Waitlist Poughkeepsie, NY	3.0	2.0	1299	$3,300	$2.54	44d	1	0.91mi
1 S Hamilton St Unit 3 Poughkeepsie, NY	3.0	1.0	1100	$2,500	$2.27	44d	1	0.94mi
2 Park Pl Unit 2 Poughkeepsie, NY	3.0	1.0	1380	$1,900	$1.38	23d	1	0.97mi
49 S Hamilton St Unit 2 Poughkeepsie, NY	3.0	1.0	1100	$2,000	$1.82	44d	1	1.03mi
236 Mansion St #2 Poughkeepsie, NY	3.0	1.0	2076	$2,600	$1.25	44d	1	1.03mi
7 Franklin St Unit 1 Poughkeepsie, NY	3.0	1.0	—	$2,100	—	14d	1	1.09mi
25 Lent St #2 Poughkeepsie, NY	3.0	1.0	1008	$2,200	$2.18	44d	1	1.13mi
119 Thompson St Poughkeepsie, NY	3.0	1.5	—	$2,500	—	23d	1	1.15mi
49 Carroll St Unit 1 Poughkeepsie, NY	3.0	1.0	1039	$2,200	$2.12	14d	1	1.16mi
151 Cannon St Unit 3 Poughkeepsie, NY	3.0	1.0	864	$2,100	$2.43	23d	1	1.17mi
1 Dean Pl Poughkeepsie, NY	3.0	2.5	1700	$4,000	$2.35	14d	1	1.18mi
94 Winnikee Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1100	$2,000	$1.82	14d	1	1.25mi
9 Bartlett St Poughkeepsie, NY	3.0	1.0	1080	$2,000	$1.85	23d	1	1.27mi
306 Church St #2 Poughkeepsie, NY	3.0	1.0	—	$1,950	—	23d	1	1.27mi
104 Winnikee Ave #3 Poughkeepsie, NY	3.0	1.0	1100	$2,200	$2.00	44d	1	1.27mi
25 Virginia Ave Unit 1 Poughkeepsie, NY	3.0	1.0	1150	$2,200	$1.91	44d	1	1.27mi
197 Winnikee Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1344	$2,600	$1.93	44d	1	1.29mi
148 Winnikee Ave Unit 2 Poughkeepsie, NY	3.0	1.0	1198	$1,900	$1.59	44d	1	1.31mi
15 Forbus St Poughkeepsie, NY	3.0	1.0	2140	$2,500	$1.17	23d	1	1.34mi
174 South Ave #2 Poughkeepsie, NY	3.0	1.0	864	$1,950	$2.26	14d	1	1.40mi
8 Fox Ter Unit 1 Poughkeepsie, NY	3.0	1.0	1450	$2,200	$1.52	44d	1	1.41mi

Listing history 27 events

1. 2026-06-18
   days on market $475,000 Active 65 DOM
2. 2026-06-17
   days on market $475,000 Active 64 DOM
3. 2026-06-16
   days on market $475,000 Active 63 DOM
4. 2026-06-15
   days on market $475,000 Active 62 DOM
5. 2026-06-14
   days on market $475,000 Active 60 DOM
6. 2026-06-10
   days on market $475,000 Active 57 DOM
7. 2026-06-09
   days on market $475,000 Active 56 DOM
8. 2026-06-08
   days on market $475,000 Active 55 DOM
9. 2026-06-07
   days on market $475,000 Active 54 DOM
10. 2026-06-05
    days on market $475,000 Active 51 DOM
11. 2026-06-03
    days on market $475,000 Active 50 DOM
12. 2026-06-02
    days on market $475,000 Active 49 DOM
13. 2026-06-01
    days on market $475,000 Active 48 DOM
14. 2026-05-31
    days on market $475,000 Active 47 DOM
15. 2026-05-30
    days on market $475,000 Active 46 DOM
16. 2026-04-14
    listed $499,999 Active 862-char remark

    Show marketing remark (862 chars)

    Turn key mixed use property located in a prime waterfront location in Poughkeepsie. Discover the income potential of this well maintained mixed use property located within minutes to Marist University, Culinary Institute of America, Hudson River and Route 9. Ground floor features a commercial space currently rented out to church office offering a quiet and stable tenant with community ties. The second and third floor feature updated 1 bedrooms apartments that are both currently leased. This property offers a rare parking lot providing ample parking for both business's and tenants. In the parking lot you will find a detached 2 car garage that is currently rented out for $200/mo adding to the strong cash flow. 34 Hoffman St is an excellent opportunity for investors or owner occupants seeking a fully rented income producing property in a growing area.

17. 2026-01-05
    historical $1,700
18. 2025-12-16
    listed $1,700
19. 2024-08-12
    status Pending
20. 2024-08-05
    historical
21. 2024-06-25
    price $445,000
22. 2024-04-12
    listed $465,000 Active
23. 2024-04-09
    historical
24. 2024-02-08
    historical
25. 2023-12-11
    listed $475,000 Active
26. 2022-07-12
    soldstatus $320,000
27. 2022-02-28
    listed $340,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $63,948
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$5,116
• − Management: −$5,116
• − Depreciation: −$13,818
• Taxable income: $3,791
• Est. tax owed @ 24.0%: −$910
• After-tax cash flow: $10,218/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with updated interiors and a well-maintained exterior. It offers a good investment opportunity with potential for increased value through cosmetic updates.

Value-add opportunities

• Both Paint the exterior siding — Painting the exterior siding will enhance the curb appeal and increase the property's resale and rental value.
• Both Replace the flooring in the kitchen and living areas — Replacing the flooring will improve the aesthetic and functionality of the living spaces, making the property more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Painting the exterior siding will enhance the curb appeal and increase the property's resale and rental value. ↑
• Both Replace the flooring in the kitchen and living areas — Replacing the flooring will improve the aesthetic and functionality of the living spaces, making the property more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Poughkeepsie City School District
• NCES district ID: 3623760
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 42% ▲ 12.00%
• Median HH income: $39,159
• Composite: 29.68/100
• National rank: #6459
• State rank: #559 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

Amenities B Commute A+ Cost of living C Crime F Employment D+ Housing A- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poughkeepsie, NY
• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 44,164
• Household income: $63,652
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 2891.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Black 24% Hispanic / Latino 22% Two or more races 17% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 3% Iranian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 79% English-only · Spanish 15% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.62%
• Current HPI: 293.9789
• Rent YoY: ▲ 3.67%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+47.1% since first listed

12 events — show timeline

• 2026-04-14 Listed $499,999 OneKey® MLS as Distributed by MLS Grid
• 2026-01-05 Rental Removed $1,700 ONEKEY
• 2025-12-16 Listed for Rent $1,700 ONEKEY
• 2024-08-12 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-08-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-06-25 Price Changed $445,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-12 Listed $465,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-09 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2024-02-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-12-11 Listed $475,000 OneKey® MLS as Distributed by MLS Grid
• 2022-07-12 Sold (MLS) $320,000 OneKey® MLS as Distributed by MLS Grid
• 2022-02-28 Listed $340,000 OneKey® MLS as Distributed by MLS Grid