551 Old Route 17 · Livingston Manor, NY 12758

$249,900

4 bd · 2.0 ba · 1,859 sqft · MultiFamily public records · 21 Days on market

Built 1920 0.29 ac lot Est $227k · 10% over

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Why this score? — see what drove the C 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 +19.9/30.0
• Appreciation +10.0/10.0
• DSCR +6.3/10.0
• 1% rule +5.8/10.0
• Schools +4.5/10.0
• ARV discount +2.9/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Opportunity meets flexibility in the heart of Livingston Manor. Just a short two-minute walk to Main Street shops, dining, breweries, and everything this sought-after Catskills destination has to offer, this multifamily property presents an increasingly rare chance to secure long-term rental income in an area where quality housing remains in limited supply. Currently configured as a two-unit multifamily, the property offers flexibility for investors seeking rental income, owner-occupants looking to offset expenses, or buyers envisioning a conversion back into one larger single-family home. The units are in need of renovation and updates, making this an ideal opportunity for investors, contr

Key facts

• Two unit multifamily
• Multifamily property
• 0.29 acre lot

Tags

• MULTIFAMILY PROPERTY
• TWO UNIT MULTIFAMILY
• PUBLIC WATER AND SEWER
• WALKING DISTANCE TO SHOPS
• YEAR ROUND RECREATION

Property features AI

Exterior

• Parking: Driveway; Parking for 3 vehicles
• Utilities: Public sewer; Electricity connected (NYSEG); Cable connected
• Home design: Duplex; Total building area approximately 1859
• Construction: Wood frame construction; Stone foundation
• Exterior features: Waterfront property; No additional parcels

Interior

• Bedrooms: One 3-bedroom unit
• Flooring: Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot water heat; Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; First-floor full bath; High-speed internet; Walk-in closet(s); Unfinished basement
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.0% in Livingston Manor — 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 50/100 on livability (#1,173 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A; Watch: amenities F, commute F, employment F.
• Livingston Manor Central School District (rural): math 55% / reading 45% proficiency, ranked #456 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Livingston Manor Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 227 students, 40% FRL).
• Zoned-school proficiency averages 62% at this address vs 50% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Livingston Manor Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 81 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,151 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $226,798
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
40 River St	0.50mi	5/2.0 (+1)	1,800 (-3%)	4mo	$220,000	$122	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 3.22×
• Total profit: $155,577
• Equity at exit: $225,130

10-year hold

• IRR: 24.5%
• Equity multiple: 7.33×
• Total profit: $443,121
• Equity at exit: $485,501

Cash invested: $69,972 (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 12758

• Home prices YoY: 15.4%
• Active inventory: 81
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $2,700 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$414 /mo · $4,971/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $304

Break-even live

Break-even rent $2,315

Max offer price $249,900

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,700
Total (2 units)			$2,700

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $249,900 Active 21 DOM
2. 2026-06-17
   days on market $249,900 Active 20 DOM
3. 2026-06-16
   days on market $249,900 Active 19 DOM
4. 2026-06-15
   days on market $249,900 Active 18 DOM
5. 2026-06-13
   days on market $249,900 Active 16 DOM
6. 2026-06-12
   days on market $249,900 Active 15 DOM
7. 2026-06-09
   days on market $249,900 Active 12 DOM
8. 2026-06-08
   days on market $249,900 Active 11 DOM
9. 2026-06-07
   days on market $249,900 Active 10 DOM
10. 2026-06-07
    days on market $249,900 Active 9 DOM
11. 2026-06-04
    days on market $249,900 Active 6 DOM
12. 2026-06-02
    days on market $249,900 Active 5 DOM
13. 2026-06-01
    days on market $249,900 Active 4 DOM
14. 2026-05-31
    days on market $249,900 Active 3 DOM
15. 2026-05-27
    listed $249,900 Active
16. 2008-12-10
    soldstatus $160,000
17. 2002-08-30
    soldstatus $53,000
18. 2001-04-04
    soldstatus $19,500

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $4,971 · $414/mo
• Projected year-2 tax: $4,971 · $414/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥88°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,400
• − Mortgage interest: −$13,998
• − Property taxes: −$4,971
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − Depreciation: −$7,270
• Taxable loss: −$272
• Est. tax savings @ 24.0%: +$65
• After-tax cash flow: $3,715/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.

Schools (NCES district)

• District: Livingston Manor Central School District
• NCES district ID: 3617580
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $51,401
• Composite: 44.96/100
• National rank: #5872
• State rank: #456 of 755 in NY

Livability — Livingston Manor

• Score: 50/100
• State rank: #1173
• US rank: #25609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Livingston Manor, NY
• Population (ZIP): 4,061

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 68,974 people
• By 2030: 65,609 · -4.9%
• By 2040: 58,878 · -14.6%
• By 2050: 52,500 · -23.9%
• By 2075: 39,941 · -42.1%
• By 2100: 28,880 · -58.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Danish 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 9% · Canada, Jamaica, South Korea
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Sullivan

• 2024 margin: R (+16.7) · D 41.6% · R 58.4%
• 2008→2024 swing: -26.2pp toward R · 2008: 9.5pp · 2024: -16.7pp
• All cycles: 2024: R+16.7 2020: R+9.2 2016: R+13.7 2012: D+10.4 2008: D+9.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 59.59%
• Current HPI: 446.6757
• 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

+1181.5% since first listed

4 events — show timeline

• 2026-05-27 Listed $249,900 OneKey® MLS as Distributed by MLS Grid
• 2008-12-10 Sold (Public Records) $160,000 Public Records
• 2002-08-30 Sold (Public Records) $53,000 Public Records
• 2001-04-04 Sold (Public Records) $19,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $4,971 · +0.4% YoY. Source: county tax records.