9478 State Route 97 · Callicoon, NY 12723

$399,000

4 bd · 1.5 ba · 1,128 sqft · SingleFamily public records · 188 Days on market

Built 1970 2.05 ac lot

---

Why this score? — see what drove the D 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 +10.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• DSCR +2.9/10.0
• Livability +2.8/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

Key facts

• Cedar-sided home
• Welcoming back deck
• Fire pit

Tags

• REFINISHED HARDWOOD FLOORS
• WELCOMING BACK DECK
• FIRE PIT
• USABLE LAND
• CEDAR-SIDED HOME

Property features AI

Exterior

• Parking: Driveway parking; Carport (1 space); Total parking for 8 vehicles
• Utilities: Electric service (NYSEG); Septic tank; Cable connected; Electricity connected
• Home design: Single family residence; Living area reported from public records
• Construction: Frame construction; Finished full basement; Attic access via scuttle
• Exterior features: Frame construction; Shed(s) on property; Not waterfront

Interior

• Kitchen: Cooktop; Electric oven; Dishwasher
• Bedrooms: First-floor bedroom included (total rooms: 8)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; No central cooling
• Interior features: First-floor bedroom; Entrance foyer; High-speed internet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-232 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $358k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (24.8% below list).
• Recommended offer: $300k (24.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#1,135 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Sullivan West Central School District (rural): math 45% / reading 47% proficiency, ranked #436 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sullivan West Elementary School (math 41% / reading 48%, grade F, #1,277 of 2,108 statewide, top 64%, 571 students, 37% FRL); Sullivan West High School At Lake Huntington (math 52% / reading 47%, grade D, #974 of 1,100 statewide, top 91%, 477 students, 39% FRL).
• Market conditions: 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k 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.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $169k; list at $399k implies a 136% gain — meaningful room to come down on a strong offer.

Recommended offer $300,000 (24.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 22.5%
• Equity multiple: 2.81×
• Total profit: $202,472
• Equity at exit: $359,451

10-year hold

• IRR: 20.1%
• Equity multiple: 6.44×
• Total profit: $607,773
• Equity at exit: $775,169

Cash invested: $111,720 (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 12723

• Home prices YoY: 23.4%
• Active inventory: 39
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,000 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$343 /mo · $4,122/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-232

Break-even live

Break-even rent $3,294

Max offer price $357,995

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-119	+0% $-232	+5% $-345	+10% $-458
Rent	-10% $-469	-5% $-351	+0% $-232	+5% $-114	+10% $5
Rate	-1.0pp $-31	-0.5pp $-131	base $-232	+0.5pp $-336	+1.0pp $-441

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Mill St Callicoon, NY	3.0	2.0	1470	$3,000	$2.04	45d	1	1.00mi

Listing history 13 events

1. 2026-04-28
   status Pending
2. 2026-03-27
   price $399,000
3. 2026-03-21
   price $399,000
4. 2026-02-11
   listed $405,000 Active
5. 2026-02-10
   price $405,000
6. 2025-11-15
   price $410,000
7. 2025-10-17
   listed $425,000 Active
8. 2020-03-20
   soldstatus $169,000
9. 2020-03-19
   soldstatus $169,000 Sold 1032-char remark

   Show marketing remark (1032 chars)

   This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

10. 2020-01-10
    status Pending 1032-char remark

    Show marketing remark (1032 chars)

    This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

11. 2019-10-21
    price $169,000 1032-char remark

    Show marketing remark (1032 chars)

    This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

12. 2019-09-23
    price $179,000 1032-char remark

    Show marketing remark (1032 chars)

    This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

13. 2019-08-12
    listed $185,000 Active 1032-char remark

    Show marketing remark (1032 chars)

    This sunny home with privacy and natural views is less than half a mile from downtown Callicoon, NY. The property consists of two lots (4.05 total acres) and a house in move-in condition. The upper level features living/dining, kitchen, full bath and 3 bedrooms. Its all-original hardwood floors have been newly refinished. The lower level, easily reached from the yard, has a large family room, 4th bedroom/office, laundry/storage room and 2nd full bath. Choose a floor covering for this level – samples in family room – and seller will have it installed. Install efficient pellet stove or wood stove in family room to heat entire house. Entertain on the spacious deck with its stair access to the yard and shed. Grow your own veggies and flowers! The Upper Delaware River, Callicoon’s first-run movies, locally-owned shops, hospital and emergency services, Farmers Market, DIY garden & building centers and nearby world-class entertainment at Bethel Woods are just a few reasons to live in the River Valley.

ⓘ 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: $4,122 · $343/mo
• Projected year-2 tax: $5,432 · $453/mo
• Expected delta: +$1,311/yr (+$109/mo · 31.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $36,000
• − Mortgage interest: −$22,350
• − Property taxes: −$4,122
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − Depreciation: −$11,607
• Taxable loss: −$9,834
• Est. tax savings @ 24.0%: +$2,360
• After-tax cash flow: $-425/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: Sullivan West Central School District
• NCES district ID: 3600023
• Math proficiency: 45% ▼ -7.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $56,078
• Composite: 40.05/100
• National rank: #3817
• State rank: #436 of 590 in NY

Livability — Callicoon

• Score: 55/100
• State rank: #1135
• US rank: #23427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,854

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 (73%)
• Race & ethnicity: White 73% Black 14% Hispanic / Latino 8% Two or more races 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 4% Subsaharan African 3% Lithuanian 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 3% French/Haitian/Cajun 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: ▲ 64.22%
• Current HPI: 339.0364
• 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

+115.7% since first listed

13 events — show timeline

• 2026-04-28 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $399,000 HVCRMLS
• 2026-03-21 Price Changed $399,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Listed $405,000 HVCRMLS
• 2026-02-10 Price Changed $405,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-15 Price Changed $410,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-17 Listed $425,000 OneKey® MLS as Distributed by MLS Grid
• 2020-03-20 Sold (Public Records) $169,000 Public Records
• 2020-03-19 Sold (MLS) $169,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-10-21 Price Changed $169,000 OneKey® MLS as Distributed by MLS Grid
• 2019-09-23 Price Changed $179,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-12 Listed $185,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2025): $4,122 · -0.2% YoY. Source: county tax records.