41 County Road 40 · Windham, NY 12496

$549,000

35 bd · 30.0 ba · 4,800 sqft · MultiFamily · 405 Days on market

Built 1975 Fair condition 4.00 ac lot

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A Great Investment Opportunity with a 5 Unit Multi-family & a Large Barn in Windham - in the Charming Hamlet of Hensonville! The annual rent roll is 62,700. There are 4 units with 2 bedrooms and 1 bath and 1 unit with 3 bedrooms and 2 baths. There's ample parking, a front covered patio, a 2nd floor covered deck, yard space, a huge barn, and 3 driveway entrances. It has great proximity to the area's destinations and attractions as it's 5 minutes to Windham Ski Mountain, 10 minutes to Hunter Mountain, 15 minutes to Colgate Lake, 15 minutes to Zoom Flume Water Park, 3 minutes to Windham Country Club, 5 minutes to CD Lane Park, & 20 minutes to North-South Lake Campground. View our 3D virtual tours of the property and multi-media website.

Key facts

• Ample parking
• Front covered patio
• 5 unit multi-family

Tags

• 5 UNIT MULTI-FAMILY
• LARGE BARN
• FRONT COVERED PATIO
• 2ND FLOOR COVERED DECK
• YARD SPACE
• AMPLE PARKING

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×3bd/2ba units multifamily listed at $549k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $549k).
• Recommended offer: $483k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.3% vs local median 3.4% in Windham — 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.

Location & tenants

• Location reads 60/100 on livability (#964 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment B+; Watch: schools C-, crime D+, cost of living D+.
• Windham-Ashland-Jewett Central School District (rural): math 55% / reading 40% proficiency, ranked #517 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 141 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($4k loan paydown + $28k appreciation (5.1% local appreciation)).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $154k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 405 days — a 12% lower offer ($483k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $483,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 405 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. 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.

Investment metrics

• 1% rule: 2.35% ✓
• Cap rate: 20.31%
• Cash-on-cash: 50.06%
• DSCR: 3.23
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.2%
• Equity multiple: 4.47×
• Total profit: $532,732
• Equity at exit: $312,982

10-year hold

• IRR: 55.0%
• Equity multiple: 9.20×
• Total profit: $1,260,736
• Equity at exit: $541,717

Cash invested: $153,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12496

• Home prices YoY: 1.2%
• Active inventory: 141
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $12,920 medium
• Mortgage (P&I): −$2,879
• Tax est. 1.5%: −$686 /mo · $8,235/yr
• Insurance: −$229
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,713
• Net cashflow: $6,346

Break-even live

Break-even rent $4,887

Max offer price $549,000

Occupancy floor 46%

Sensitivity live

Price	-10% $6,726	-5% $6,536	+0% $6,346	+5% $6,157	+10% $5,967
Rent	-10% $5,326	-5% $5,836	+0% $6,346	+5% $6,857	+10% $7,367
Rate	-1.0pp $6,623	-0.5pp $6,486	base $6,346	+0.5pp $6,204	+1.0pp $6,059

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,864
1× unit	3	2	$3,056
Total (5 units)			$12,920

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $549,000 Active 405 DOM
2. 2026-06-17
   days on market $549,000 Active 404 DOM
3. 2026-06-16
   days on market $549,000 Active 403 DOM
4. 2026-06-15
   days on market $549,000 Active 402 DOM
5. 2026-06-13
   days on market $549,000 Active 400 DOM
6. 2026-06-12
   days on market $549,000 Active 399 DOM
7. 2026-06-09
   days on market $549,000 Active 396 DOM
8. 2026-06-08
   days on market $549,000 Active 395 DOM
9. 2026-06-07
   days on market $549,000 Active 394 DOM
10. 2026-06-07
    days on market $549,000 Active 393 DOM
11. 2026-06-04
    days on market $549,000 Active 390 DOM
12. 2026-06-02
    days on market $549,000 Active 389 DOM
13. 2026-06-01
    days on market $549,000 Active 388 DOM
14. 2026-05-31
    days on market $549,000 Active 387 DOM
15. 2023-10-14
    listed $549,000 Active 754-char remark

    Show marketing remark (754 chars)

    A Great Investment Opportunity with a 5 Unit Multi-family & a Large Barn in Windham - in the Charming Hamlet of Hensonville! The annual rent roll is 62,700. There are 4 units with 2 bedrooms and 1 bath and 1 unit with 3 bedrooms and 2 baths. There's ample parking, a front covered patio, a 2nd floor covered deck, yard space, a huge barn, and 3 driveway entrances. It has great proximity to the area's destinations and attractions as it's 5 minutes to Windham Ski Mountain, 10 minutes to Hunter Mountain, 15 minutes to Colgate Lake, 15 minutes to Zoom Flume Water Park, 3 minutes to Windham Country Club, 5 minutes to CD Lane Park, & 20 minutes to North-South Lake Campground. View our 3D virtual tours of the property and multi-media website.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $155,040
• − Mortgage interest: −$30,753
• − Property taxes: −$8,235
• − Insurance: −$3,542
• − Repairs & maintenance: −$12,403
• − Management: −$12,403
• − Depreciation: −$15,971
• Taxable income: $71,733
• Est. tax owed @ 24.0%: −$17,216
• After-tax cash flow: $58,940/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs to its roof and exterior, with potential for significant value increase through painting and driveway sealing.

Repairs flagged

• Major Rusty metal roof — Significant rust and wear
• Major Weathered siding — Peeling paint and overall poor condition
• Minor Concrete driveway — Visible cracks and wear

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Seal driveway cracks — Improves safety and extends driveway life

Renovation cost estimate screening

Repair item	Severity	Est. cost
Rusty metal roof · Significant rust and wear	Major	$15,000–50,000
Weathered siding · Peeling paint and overall poor condition	Major	$15,000–50,000
Concrete driveway · Visible cracks and wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Seal driveway cracks — Improves safety and extends driveway life ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Windham-Ashland-Jewett Central School District
• NCES district ID: 3631590
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 40% ▼ -10.00%
• Median HH income: $46,942
• Composite: 42.57/100
• National rank: #6842
• State rank: #517 of 755 in NY

Livability — Windham

• Score: 60/100
• State rank: #964
• US rank: #18888

Category grades

Amenities F Commute F Cost of living D+ Crime D+ Employment B+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,241

Population outlook (Greene County) Hauer SSP2

• Today (2025): 44,963 people
• By 2030: 43,126 · -4.1%
• By 2040: 38,756 · -13.8%
• By 2050: 34,913 · -22.4%
• By 2075: 28,156 · -37.4%
• By 2100: 22,296 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 5% Black 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Hispanic 4% Lithuanian 3%
• Foreign-born: 18% · Canada
• Languages at home: 75% English-only · Russian/Polish/Slavic 10% French/Haitian/Cajun 7% Other Indo-European 4%

Political lean MEDSL · Greene

• 2024 margin: R (+17.0) · D 41.5% · R 58.5%
• 2008→2024 swing: -7.1pp toward R · 2008: -9.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+15.6 2016: R+27.4 2012: R+11.1 2008: R+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.06%
• Current HPI: 425.2138
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2023-10-14 Listed $549,000 HVCRMLS