Gene Rios Realty · Licensed Real Estate Broker · 175 Boices Lane, Kingston, NY 12401 Fair Housing Notice Operating Procedures
Gene Rios RealtyKingston · Hudson Valley
Investor tools · Ulster & Dutchess

Underwrite it before you tour it.

The same tools we use on every income property: first the Listing X-Ray, which shows what an advertised cap rate leaves out, then a full investment calculator with a deal meter to run your own numbers.

Brick mixed-use, the Rondout

Step 1 · Listing X-Ray

What the listing sheet doesn't show you.

Advertised numbers often leave out the costs a new owner actually pays. Enter what the listing claims, and see the property the way an underwriter would.

Taxes, verifiedWe confirm the current bill and check the assessment against comparable properties so there are no surprises after closing.
Insurance at today's ratesPremiums on older multifamily have climbed fast. Last year's policy is not next year's.
Registration and inspectionsLocal rental registries and inspection programs carry fees and compliance costs.
ManagementPro formas often assume the owner works for free. Your time, or a manager, has a cost.
Vacancy and turnoverEvery unit turns eventually. Zero vacancy is a sales assumption, not a forecast.
Reserves and capital needsAn old roof, a tired boiler and original appliances are bills waiting to arrive.
What the listing advertises
Optional. Add a Ulster County address to check the assessment on file.
$
$/yr
$/yr
Everything the listing deducts
$/yr
$/yr
Adjust for what's missing
% of price
%
% of rent
% of rent
$/unit/yr
$/unit/yr
Near-term capital needs
$
$
$/unit
$
Advertised cap rate
–
X-Ray cap rate
–

From advertised to actual
Advertised net operating income
Adjusted net operating income
Near-term capital needs
Effective price (asking + capital needs)
Cap rate on effective price
Price that delivers the advertised cap rate

Adjustments are general assumptions for discussion, not an appraisal or tax advice. Actual taxes depend on the municipality's assessment and rates; confirm insurance with a quote and capital needs with an inspection.

Step 2 · Investment analysis

Run the numbers on any income property.

Enter the rent, taxes and expenses. You'll see vacancy loss, net operating income, cap rate, debt service and cash flow. The example inputs describe a typical Kingston six-unit; replace them with the property you're looking at.

Property
$
Income
$/mo
$/mo
Laundry, parking, storage
%
Annual operating expenses
$
Use the actual tax bill, not an estimate
$
$
Water, sewer, common electric, heat if included
$
% of rent
% of rent
Enter a fee if you won't self-manage
$/unit
$
Legal, accounting, registrations
Financing
%
%
years
% of price
Deal meter–
Below targetsCloseMeets targets
Market targets: cap rate 6.5%, cash-on-cash 8%, coverage 1.25x Adjust
%
%
x

Defaults reflect typical Hudson Valley small multifamily investor and lender benchmarks. Your criteria may differ — tap Adjust to set your own.

Cap rate
–
Cash flow / yr
–
Cash-on-cash
–
Income% GSI
Gross scheduled income100%
Less vacancy & credit loss
Effective gross income
Operating expenses
Property taxes
Insurance
Utilities
Trash, snow & grounds
Repairs & maintenance
Management
Capital reserves
Other
Total operating expenses
Net operating income
Financing & returns
Loan amount
Annual debt service
Cash flow before tax
Cash invested (down + closing)
Debt service coverage ratio
Price per unit
Gross rent multiplier
Break-even occupancy

This calculator gives an estimate for discussion only. It is not an appraisal, a loan offer, or tax, legal or investment advice. Results depend entirely on the inputs; verify rents, leases, tax bills and expenses during due diligence. In the City of Kingston, units covered by rent stabilization (ETPA) are subject to rent guidelines that can limit increases.

The Gene Rios Verified standard

The due diligence starts before the listing goes live.

Most listings show photos and a price. Every investment listing here comes with a dossier checked against source documents, so you can underwrite the deal before the first showing.

Rents and incomeChecked against leases and the rent ledger or bank deposits, not taken from the seller's summary.
TaxesThe actual county, town and school bills, with the assessed value and equalization rate.
Water and sewerTwelve months of municipal bills, with any unpaid balance flagged.
UtilitiesWhich meters are owner-paid and which are tenant-paid, with twelve months of owner-paid bills.
InsuranceThe current policy declarations page.
Zoning and what you can buildDistrict, permitted uses and bulk limits, compared against the actual lot, with a link to the code section.
Rent stabilizationFor Kingston buildings, whether units are covered and registered under the city's rent stabilization program.
Permits, violations and COsOpen permits, code violations and the legal unit count from the building department.
Flood and environmentalFEMA flood zone, and lead disclosure for buildings built before 1978.

Each item is marked verified with a date, seller-provided, or pending. A dossier supports your due diligence; it does not replace your own inspection, attorney review or lender requirements.

Contact

A private conversation.

Every inquiry is answered personally by Gene Rios, usually the same business day.

Office
175 Boices Lane
Kingston, NY 12401
Office line
845-336-6100
Cell
845-532-4099
Fax
845-336-6107
Email
genem@generiosrealty.com