50 Grandview Ave

Kerhonkson, NY 12446

$69,900B+

1 bd · 1.0 ba · 620 sqft · Built 1947 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,601/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $796/mo
• Annual: $9,553/yr
• Cap rate: 19.96%
• Cash-on-cash: 48.81%
• DSCR: 3.17
• 1% rule: 2.29%
• Cash to close: $19,572

Investor read

• This is a 1-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#552 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-; Watch: amenities F, health & safety D-.
• 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: 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).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 20.0% vs local median 2.4% in Kerhonkson — 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

• Built in 1947 — 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.
• 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?
• 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.