91 Bridge St #93

Catskill, NY 12414

$539,000A-

54 bd · 36.0 ba · 6,112 sqft · Built 1930 · MultiFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,805/mo
• Mortgage (P&I): −$2,827
• Tax + insurance: −$619
• HOA: −$0
• Vac / Maint / Mgmt: −$2,899
• Net cashflow: $7,460/mo
• Annual: $89,524/yr
• Cap rate: 22.90%
• Cash-on-cash: 59.32%
• DSCR: 3.64
• 1% rule: 2.56%
• Cash to close: $150,920

Investor read

• This is a 6 × 9-bed/6.0-bath units multifamily listed at $539k.
• At list price, monthly cash flow is $7k ($90k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $539k).
• It's been on market 28 days — a 2% lower offer ($531k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $531k (1.5% below list) — sets the bar for market timing.
• In year one you build about $58k of equity ($4k loan paydown + $54k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#483 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+; Watch: amenities F, commute F, employment F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Catskill Elementary School (math 47% / reading 47%, grade D-, #1,195 of 2,108 statewide, top 60%, 574 students, 41% FRL); Catskill Middle School (math 17% / reading 37%, grade F, #587 of 729 statewide, top 81%, 303 students, 45% FRL); Catskill Senior High School (math 87% / reading 87%, grade A, #311 of 1,100 statewide, top 30%, 400 students, 38% FRL) — zoned schools at 41% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $435k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $151k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$93k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.9% vs local median 2.9% in Catskill — 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

• 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 1930 — 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.