9 Mongaup Rd

Hurleyville, NY 12747

$595,000A-

5 bd · 4.0 ba · 4,800 sqft · Built 1920 · MultiFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,143/mo
• Mortgage (P&I): −$3,120
• Tax + insurance: −$992
• HOA: −$0
• Vac / Maint / Mgmt: −$1,920
• Net cashflow: $3,111/mo
• Annual: $37,333/yr
• Cap rate: 12.57%
• Cash-on-cash: 22.41%
• DSCR: 2.00
• 1% rule: 1.54%
• Cash to close: $166,600

Investor read

• This is a 5-bed/4.0-bath multifamily listed at $595k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $595k).
• It's been on market 282 days — a 12% lower offer ($524k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $524k (12.0% below list) — sets the bar for market timing.
• In year one you build about $64k of equity ($4k loan paydown + $60k appreciation (10.0% local appreciation)).
• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Fallsburg Central School District (town): math 29% / reading 27% proficiency, ranked #583 of 590 in NY (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% 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 $167k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$102k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Appliances — Outdated and worn
• Major: Bathroom fixtures — Worn and outdated
• Moderate: Exterior siding — Weathered
• Moderate: Hardwood floors — Worn
• Major: Paint — Chipped and faded