112 Hone St · Kingston, NY 12401

$125,000

4 bd · 2.0 ba · 2,401 sqft · MultiFamily public records · 18 Days on market

Built 1900 5,625 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• 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

Substantial rehab opportunity in the City of Kingston. This property was previously a multi-family home and offers strong potential for investors, contractors, or buyers seeking a full renovation project. Sold AS-IS. Buyer to verify code compliance and renovation feasibility. Zoned T4N -- T4 Neighborhood, offering potential within Kingston's walkable neighborhood zoning framework. See Documents for Zoning with Permitted Uses.

Key facts

• Multi-family home
• Zoned t4n
• 5,625 sq ft lot

Tags

• MULTI-FAMILY HOME
• ZONED T4N
• WALKABLE NEIGHBORHOOD

Property features AI

Finance

• Other: Zoned T4N

Exterior

• Security: Security fencing
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Multi-family duplex; Two stories
• Exterior features: Back yard; Security fencing

Interior

• Flooring: Wood
• Heating & cooling: Baseboard heating; Natural gas
• Interior features: Wood flooring; Baseboard heating; Natural gas heating

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.8% 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.

Location & tenants

• 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-, schools D+.
• 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.
• Market conditions: Rents rising fast (+7.8%/yr); 225 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).
• This rent runs 45% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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 + 7.8% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $26k; list at $125k implies a 381% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.06% ✓
• Cap rate: 18.80%
• Cash-on-cash: 44.66%
• DSCR: 2.99
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $367,353
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Prince St	0.68mi	5/— (+1)	2,450 (+2%)	0mo	$374,000	$153	60
9 Brewster St Unit 7-9	0.47mi	4/2.0	2,485 (+4%)	21mo	$360,000	$145	55
41 Hemlock Ave	0.65mi	4/3.0	2,360 (-2%)	17mo	$434,900	$184	48
60 2nd Ave	0.69mi	5/— (+1)	2,428 (+1%)	22mo	$490,000	$202	43
12 Prince St	0.67mi	5/4.0 (+1)	2,669 (+11%)	1mo	$396,000	$148	37

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 · 7.81% rent growth · sell at horizon

5-year hold

• IRR: 46.7%
• Equity multiple: 3.16×
• Total profit: $75,723
• Equity at exit: $18,638

10-year hold

• IRR: 54.4%
• Equity multiple: 7.62×
• Total profit: $231,768
• Equity at exit: $10,808

Cash invested: $35,000 (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 12401

• Rents YoY: 7.8%
• Active inventory: 225
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,572 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$22 /mo · $262/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $1,303

Break-even live

Break-even rent $923

Max offer price $125,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,373	-5% $1,338	+0% $1,303	+5% $1,125	+10% $1,082
Rent	-10% $1,099	-5% $1,201	+0% $1,303	+5% $1,404	+10% $1,506
Rate	-1.0pp $1,366	-0.5pp $1,334	base $1,303	+0.5pp $1,270	+1.0pp $1,237

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $125,000 Active 18 DOM
2. 2026-06-18
   days on market $125,000 Active 17 DOM
3. 2026-06-17
   days on market $125,000 Active 16 DOM
4. 2026-06-16
   days on market $125,000 Active 15 DOM
5. 2026-06-15
   days on market $125,000 Active 14 DOM
6. 2026-06-14
   days on market $125,000 Active 12 DOM
7. 2026-06-12
   days on market $125,000 Active 11 DOM
8. 2026-06-09
   days on market $125,000 Active 8 DOM
9. 2026-06-08
   days on market $125,000 Active 7 DOM
10. 2026-06-07
    days on market $125,000 Active 6 DOM
11. 2026-06-03
    days on market $125,000 Active 2 DOM
12. 2026-06-01
    days on marketlisting id $125,000 Active 1 DOM
13. 2026-05-31
    days on market $125,000 Active 3 DOM
14. 2026-05-30
    days on market $125,000 Active 2 DOM
15. 2026-05-27
    listed $125,000 Active
16. 2010-08-18
    listed $165,000
17. 1997-11-06
    soldstatus $26,000
18. 1988-04-29
    soldstatus $62,250

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $262 · $22/mo
• Projected year-2 tax: $1,187 · $99/mo
• Expected delta: +$925/yr (+$77/mo · 353.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,867
• − Mortgage interest: −$7,002
• − Property taxes: −$262
• − Insurance: −$625
• − Repairs & maintenance: −$2,469
• − Management: −$2,469
• − Depreciation: −$3,636
• Taxable income: $14,404
• Est. tax owed @ 24.0%: −$3,457
• After-tax cash flow: $12,175/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.

Schools (NCES district)

• District: Kingston City School District
• NCES district ID: 3616290
• Math proficiency: 44% ▲ 1.00%
• Reading proficiency: 59% ▲ 20.00%
• Median HH income: $52,586
• Composite: 44.22/100
• National rank: #2849
• State rank: #355 of 590 in NY

Livability — Kingston

• Score: 82/100
• State rank: #74
• US rank: #1143

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingston, NY
• County: Ulster County · 56,183 people
• City population: 35,136
• Metro: Kingston, NY
• Population (ZIP): 35,136
• Household income: $69,305
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 2045.0

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Black 11% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -262.90%
• Current HPI: 369.1984
• Rent YoY: ▲ 7.81%
• Metro: Kingston, 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

+100.8% since first listed

4 events — show timeline

• 2026-05-27 Listed $125,000 HVCRMLS
• 2010-08-18 Listed $165,000 HVCRMLS
• 1997-11-06 Sold (Public Records) $26,000 Public Records
• 1988-04-29 Sold (Public Records) $62,250 Public Records

Property tax history

-22.5%/yr

Latest (2025): $262 · +0.0% YoY. Source: county tax records.