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Investor Special | Double Lot | Endless Potential — 56 Shipp St, Newburgh, NY 12550 Here's your opportunity to transform a diamond in the rough into something truly special. Set on an oversized double lot spanning 0. 32 acres, this vintage 1920 single-family home on a quiet, private street in Newburgh is ready for the visionary buyer willing to roll up their sleeves and bring it back to life. The property features 2 bedrooms, 1 bath, 7 rooms total, and a 1–2 car garage — all sitting on a large, level yard that offers tremendous outdoor space, room to expand, or potential for additional improvements. The generous lot size alone sets this property apart in today's market. Location checks every box: convenient to schools, shopping, and public transportation, yet tucked away on a tranquil street that offers the privacy and quiet that buyers crave. Whether you're a seasoned flipper, a buy-and-hold investor, or a homeowner looking to build equity through sweat equity, the bones are here. Property Highlights: Double lot | 0. 32 acres | Large level yard 7-room layout | 2 bed / 1 bath | 1–2 car garage Built 1920 — full of old-world character and charm Quiet, private street Close to schools, shopping & public transportation Priced to reflect AS-IS condition The Bottom Line: The home does need work to be restored to its full glory — but the opportunity, the lot, and the location make this a deal worth a serious look. Bring your contractor and your vision. Sold AS-IS. Cash or renovation financing preferred. Do not miss this one.
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$179,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
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|---|---|---|---|
| Loan Amount | $143,200 | $143,200 | $143,200 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.875% | 6.375% | 5.375% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.313% | 6.487% | 5.614% |
| Monthly Tax Payment | $654 | $654 | $654 |
| H/O Insurance Payment | $75 | $75 | $75 |
| Initial Principal & Interest Pmt | $847 | $893 | $1,161 |
| Total Monthly Payment | $1,576 | $1,622 | $1,890 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.