41 County Road 40

Windham, NY 12496

$549,000B+

35 bd · 30.0 ba · 4,800 sqft · Built 1975 · MultiFamily · Active · 407 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,920/mo
• Mortgage (P&I): −$2,879
• Tax + insurance: −$981
• HOA: −$0
• Vac / Maint / Mgmt: −$2,713
• Net cashflow: $6,346/mo
• Annual: $76,156/yr
• Cap rate: 20.31%
• Cash-on-cash: 50.06%
• DSCR: 3.23
• 1% rule: 2.35%
• Cash to close: $153,720

Investor read

• This is a 4×2bd/1ba + 1×3bd/2ba units multifamily listed at $549k. Condition is rated fair.
• 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).
• It's been on market 407 days — a 12% lower offer ($483k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $483k (12.0% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($4k loan paydown + $28k appreciation (5.1% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 145 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• It's been on market 407 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.

Repairs flagged (vision-AI assessment)

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