Investment Property

or Private Home

$24k Price Drop

was   $399,000

now   $375,000

looking southbound from S Chestnut St. (from Google Maps street view)

“as is” (see details)

** NEW **
( April 27, 2023 )
** NEW **
( April 20, 2023 )
** NEW **
( April 14, 2023 )

65 South Chestnut St.

Lots #3 and #4

New Paltz, NY  12561

Ideas

for developing the property:

(A) Existing 2-family + second lot* to build another 1 or 2 family

* April 27, 2023 subdivision feasibility report

OR

(B) Expand the current 2-family home*

* no plans, but could easily be nine bedrooms between the two apartments on the big lot

OR

(C) Tear-down + build 3 or 4 townhouses*

* no plans, might need variances

OR

(D) Tear-down + build a custom single or 2-family home*

* keep the large level yard + woods in the back

OR

(E) Renovate the existing house as a single or 2-family home*

* large walk-out lower level with higher ceilings (keep the large level yard + woods in the back)

Scenarios above and information provided herein are presented in good faith, but not guaranteed.

Location

map of 65 S Chestnut St New Platz, NY 12561

Photos

looking northbound from S Chestnut St. (from Google Maps street view)
above: looking northbound from S Chestnut St. (from Google Maps street view)
looking southbound from S Chestnut St. (from Google Maps street view)
above: looking southbound from S Chestnut St. (from Google Maps street view)
looking westbound from S Chestnut St. (from Google Maps street view)
above: looking westbound from S Chestnut St. (from Google Maps street view)
Looking northwest from S Chestnut St, across corner of the yard of the neighbor to the south
above: Looking northwest from S Chestnut St, across corner of the yard of the neighbor to the south
concrete steps on the south side, used to enter/exit the studio apartment. A vertical metal pole in the ground is not plumb, giving an exaggerated appearance that the concrete is heavily leaning (see other photos).
above: concrete steps on the south side, used to enter/exit the studio apartment. A vertical metal pole in the ground is not plumb, giving an exaggerated appearance that the concrete is heavily leaning (see other photos)
Fire hydrant on south corner of property
above: Fire hydrant on the south corner of property
Streetlight next to driveway entrance
above: Streetlight next to the property's driveway entrance
2-family certificate of occupancy (March, 1994)
above: 2-family certificate of occupancy (March, 1994)
Layout of 2-family upper floor (Aug, 1993)
above: Building Inspector's approved upper floor layout (Aug, 1993). Next photo zooms-in on the layout.
Layout of 2-family upper floor (Aug, 1993)
above: Layout of 2-family upper floor (Aug, 1993)
cover for 1988 subdivision application (from Village building department)
above: cover for 1988 subdivision application, from Village building department ( click for details )
annotated survey from 1988 subdivision application (from Village building department)
above: annotated 1988 subdivision application ( click for details ) Next image is a "clean" copy without my notes:
survey from 1988 subdivision application (from Village building department)
above: survey from 1988 subdivision application (from Village building department)
existing 2-family building from 1988 (from Village building department)
above: existing 2-family building (from 1988 survey via Village building department file)
image showing rough exterior footprint measurements
above: rough exterior footprint measurements
image showing ROUGH interior layout
above: approximate interior layout (measured 4/13/2023)
back of the house, facing south
above: back of the house, facing south
81 inch height of the east/west doorway in the back driveway
above: 81 inch height of the east/west doorway in the back driveway (to the left when facing the exterior of the garage doors)
facing south, showing the western side of the garage
above: facing south, showing the western side of the garage (** UPDATE: On 4/13/2023 the certified home inspector carefully examined this chipping concrete and confirmed: (1) the cause is water flowing down the driveway and eroding the concrete and soil - an easy fix; and (2) this is a cosmetic issue (not structural) and there's no need to hire an engineer **)
Oct 2020 police report of water leak from stolen pipes (from Village building department)
above: Oct 2020 police report of water leak from stolen pipes (from Village building department)

More Photos

of the property + Building Dept's file on Medium.com

(opens in a new window)

Even MORE Photos

mostly interior photos, via Dropbox

(opens in a new window)


Video Walk-Through

authentic (not one frame of video has been edited)

above: video of upper and lower levels (not including studio apt)
above: video of studio apartment (flips 90° shortly)

Radon Test Results

click image below to see full report

screenshot from home home inspector's email showing house PASSED radon test
above: screenshot from home home inspector's email (click to see the full report)

New Survey (April 2023)

click image below to see the full-res PDF

screenshot of new survey
above: screenshot of April 2023 survey (click to see the full-res PDF)

Subdivision Feasibility Report

New: April 27, 2023

click image below to see the full-res PDF

Willingham Engineering (183 Main Street, New Paltz, NY 12561) has analyzed the new boundary survey and the town's requirements and created the feasibility report below.

While not a guarantee, the report conveys that it is viable to subdivide the property and create a 2nd building lot.

Summary:  Yes, it's feasible to subdivide!

A new building on the 2nd lot can have 5 bedrooms (max), such as a new duplex with 2BR + 3BR units.

“It really comes down to bedrooms. You are allowed one bedroom per 2,420 square feet of lot area. The lot is 23,884 square feet so you can have 9 bedrooms (you are 316 sf short for the 10th bedroom)”

screenshot of willingham engineering logo
above: Willingham Engineering logo. Click to see the report (PDF - new window)

Details

( in good faith, but not guaranteed )

  • Address:  65 South Chestnut St. New Paltz, NY 12561  ( lots #3 and #4 )
  • Asking price:  $399,000   $375,000  ( $24k price cut )
  • Ideal closing date:  On or about May 25, 2023
  • How to win the deal:  We're flexible, but the following is how to automatically win, without a bidding war: The first $399,000 bid in writing, with 10% down payment, no contingencies, "as-is" (see below) and a closing date on or about May 25, 2023 wins the deal. In this exact case, we would not accept higher bids from competitors (though we would would accept backup bids).
  • "As-Is":  As detailed below, and in the images above, and to-be-posted* home inspection, oil tank sweep and civil engineering reports, the existing 2-family house has unfinished repairs and renovations, but appears to have "good bones" and be structurally sound. This is an "as-is" transaction. Issues with this building include:
    • currently vacant (easy to quickly renovate or tear-down)
    • older roof that needs to be replaced now or soon. There are signs of minor leaks or ice dams in the ceilings of 2 closets. Update: 4/13/2023 Home Inspection confirmed the roof shingles need to be replaced before winter. Decking & gutters seem fine. full home inspection (PDF)
    • studio apartment kitchen needs cabinets & refrigerator
    • the 3 or 4 bedroom apartment kitchen needs a refrigerator and refreshed (or new) cabinets
    • pipes & water meter were stolen in 2020 (more details below, but a water meter and nearby parts cost about $650)
    • lower walk-out basement level had water damage from the pipe thieves (thankfully most water flowed outside and down the hill). Drywall, etc. was quickly removed and we didn't observe any signs of mold, but stay tuned - we will post a full home inspection report ASAP.
    • both full bathrooms need to be re-plumbed and updated
    • not sure whether there's a separate electric panel for each unit. It's inexpensive to add this. Once done, tenants pay for their own electricity
    • ideally, add one ductless mini-split heat pump to the studio unit, so they have full control and can pay their own (efficient) heat & air conditioning costs (need own electric service)
    • exterior concrete & pavement has cracks, etc. - needs touch-up

    ** Click to get updates when new inspection & engineering reports, etc. are posted **

  • Lot size:  1/2 acre (technically a bit larger: .548 acres)
  • Is this currently subdivided into 2 lots?  We aren't 100% sure (see details of the 1988 subdivision application below), but even though lots #3 and #4 are listed on the property description in the Ulster County Clerk's Office, it's VERY likely still one large lot right now. A new survey and current civil engineer's feasibility opinion about subdividing will be posted here ASAP.
  • Benefit of owning both lot #3 and #4:  It's much easier to move property lines, add easements, etc. when you own both.
  • Existing 2-family building:  Yes. Ulster County's property description report (use the "Click here for public access" button) reads: "Property Class: 220 - 2 Family Res"  Also, see the 2-family Certificate of Occupancy, issued March 1994.
  • Number of bedrooms:  The house is listed in Ulster County and the Village of New Paltz's records as 5 bedrooms (studio apartment + 4 bedroom apartment).
     
    However, the current permitted & approved layout is uncertain, but appears to be only 4 total bedrooms (studio + 3 bedrooms), per this Aug. 1993 drawing in the Building Dept's file.
     
    Apparently, work was begun (but not completed) to create a 4th bedroom in the living room on the upper floor, with the intention of moving the living room to the lower level.
     
    Related to this, for safety (but without the effect of creating a properly permitted additional bedroom), an egress window was installed in the living room. Click to see the building permit and window location on the south side of the building.
     
    There are no drawings or permits in the file showing a 4th bedroom in the 3 bedroom apartment, on either the upper or lower level.
     
    The lower level (with higher ceilings) appears to have had finished living space that was removed* after the pipes were stolen in 2020 and water flowed in.
     
    * it seems like most drywall, studs etc. was removed, to prevent mold issues
     
    The Building Dept does not have permits or approval records for this lower-level living space. It's not clear what, if anything, of this lower-level living space, might be grandfathered-in or able to be rebuilt properly with permits.
     
    The lower level has higher ceilings and a walkout doorway (direct egress) to the driveway in back of the building (see the “back of the house, facing south” photo showing the white door on the left)
  • Confirmed studio ceiling tiles do NOT have asbestos - screenshot from 39th second of this walkthrough video (2nd one) shows ceiling tiles are Armstrong 231F (company has never made ceiling tiles with asbestos, according to both their ceiling subsidiary "kanopi" and inspectopedia.
    screenshot from 40 seconds into studio apartment video shows ceiling tiles are Armstrong 231f (no asbestos)
  • School district:  New Paltz
  • Map:  (link) Google Maps
  • On Zillow:  NOT actively listed (link) property's Zillow page
  • On Realtor.com:  NOT actively listed (link) property's Realtor.com page
  • On Redfin:  NOT actively listed (link) property's Redfin page
  • SBL:  86.41-2-20
  • SWIS:  513801
  • Zoning code:  R2 - Residential
  • Site Property Class:  220 - 2 Family Res
  • Year Built:  1981
  • Ulster County Parcel Viewer:  (link) SBL 86.41-2-20 on UlsterCountyNY.gov
  • Property description:  

    ALL that certain plot, piece or parcel of land, with the buildings and improvements theron erected, situate, lying and being in the Town and Village of New Paltz, County of Ulster and State of New York, being known as Lot # 3 and # 4 as found on a map entitled “Property of Iver Miller”, said map filed in the Ulster County Clerk's Office as filed map #931, bounded and described as follows:

    BEGINNING at a point on the Westerly side of South Chestnut Street, AKA Route 208 said point marking the Southerly division line of the herein described parcel and the Northerly line of land now or formerly Lyons (Liber 1131, Page 1115), running thence Northwesterly along the same North 52 degrees 04' 00" West 150.00 feet to a point marking the Westerly division line of the herein described parcel and the Easterly line of lands now or formerly N.P. Assoc. (Liber 1459, Page 914), running thence along said N.P. Assoc. the following, North 32 degrees 18' 00" East 160.00 feet and South 52 degrees 04' 00" East 150.00 feet to a point on the Westerly side of the aforementioned South Chestnut Street, running thence Southerly along the same South 32 degrees 18' 00" West 160.00 feet to the point or place of beginning.

    Containing 0.548 acres of land, more or less.

  • 1988 Subdivision Application:  

    An application was found in the Village of New Paltz building dept. file, marked "closed" in red pen ink.

    No decision, outcome or notes were found in the Building Dept's file.

    HOWEVER, the Building Dept very helpfully investigated the history of this application and here's what they found in the 1988 meeting book, which is a record of what happened in planning meetings:

    • A 1988 subdivision application from (or on behalf of) prior owner David Sankis was submitted.
    • The planning board requested some revision or information (unfortunately, there are no details noted).
    • Over the course of the next several meetings, the applicant kept "checking-in" (my wording), saying the requested changes or info was coming soon.
    • Finally, the notes indicate the applicant simply stopped showing-up or communicating, without any explanation, so no decision was ever made.
  • Stolen pipes & water meter:  Fall 2020, someone broke into the property and stole copper pipes and the water meter. Water flowed in (and thankfully drained out the back of the house and down the hill). Water damage was limited to the downstairs and those materials were removed.
  • Ulster County:  (link) Property Description Report (click the "Click Here for Public Access" button)
  • Ownership status:  We are under contract to purchase the property and are actively investing in surveys, structural engineering reports, etc. that remove risk and add value. Get notified when this info is posted.
  • No Underground oil tanks:  (update 4/14/2023) Accurate Tank Testing LLC did "sweep" on 4/13 and confirmed there are NO underground oil tanks - click to see the report (PDF)
  • Water source:  Municipal water
  • Sewer / septic:  Municipal sewer system
  • Electricity source:  Central Hudson
  • Heat:  Nearly new (2020?) oil furnace and indoor oil tank
  • Trash / recycling:  Pickup at street (County Waste and Recycling)
  • Sidewalks:  Yes, on both sides of S. Chestnut Street
  • Streetlights:  Yes. See the photo captioned Streetlight next to the property's driveway entrance
  • Nearest Fire Hydrant:  On the property's south corner. See the photo captioned Fire hydrant on the south corner of property

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Fair Housing

We are an Equal Opportunity Housing Provider and fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

We do not discriminate on the basis of race, color, national origin, religion, sex, age, disability or familial status.

Real Estate Agents Protected

We respect real estate professionals and will happily pay 3% buyer's agent commission, provided the agent makes the first introduction of the property to their successful buyer.

To be eligible for commission, you must * click here * and register each of your buyers. To protect privacy, we only ask for any 5 consecutive letters in your buyer's last name + their zip code.

HOWEVER, once we have had contact via text, telephone, email or in-person communication with any buyer or potential buyer, prior to an agent's registration (link above) OR agent's introduction of the property to that buyer or any spouse, relative, partner, investor, co-investor, etc. of that buyer, we will no longer pay a buyer's agent commission.

In other words, we won't pay commission to buyer's agents who try to attach themselves to a deal after we have connected with the buyer, partners, etc. (in that case, they would have to compensate you directly).

Please know that we would NEVER try to reduce or avoid paying an earned commission, or circumvent you, or steal your client.

** Please do NOT contact to solicit a listing or to represent us as a seller's agent **

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