1796 Gladstone Hollow Rd · Andes, NY 13731

$229,000

3 bd · 1.0 ba · 1,804 sqft · SingleFamily public records · 253 Days on market

Built 1972 1.20 ac lot ↓ 4% since listing

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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 +27.3/30.0
• DSCR +9.5/10.0
• Appreciation +8.3/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Fixer-Upper with Two-Story Garage & Apartment – Just Minutes from the Village of Andes Just outside the sought-after Catskill Mountain village of Andes, this three-bedroom, two-bathroom doublewide home is bursting with potential and waiting for your creative touch. While the house needs significant updates and has unfinished projects, it offers a solid starting point for a full-time residence, weekend getaway, or investment opportunity. A standout feature is the large two-story garage, complete with radiant heat floors on the main level—perfect for a workshop or studio. Above, you’ll find a partially finished apartment, offering added flexibility for guest space, r

Key facts

• Covered front porch
• Two-story garage
• Radiant heat floors

Tags

• TWO-STORY GARAGE
• RADIANT HEAT FLOORS
• PARTIALLY FINISHED APARTMENT
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.1% in Andes — 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 57/100 on livability (#1,096 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing B+; Watch: schools D+, crime D+, employment D.
• Andes Central School District (rural): math 40% / reading 20% proficiency, ranked #727 of 755 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($2k loan paydown + $15k appreciation (6.6% local appreciation)).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($202k) 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 $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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?
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: 1.27% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.44%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 2.76×
• Total profit: $112,807
• Equity at exit: $152,976

10-year hold

• IRR: 24.0%
• Equity multiple: 5.68×
• Total profit: $300,290
• Equity at exit: $285,552

Cash invested: $64,120 (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 13731

• Home prices YoY: 1.6%
• Active inventory: 40
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,903 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$333 /mo · $3,991/yr
• Insurance: −$95
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $598

Break-even live

Break-even rent $2,146

Max offer price $229,000

Occupancy floor 74%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-23
   status Pending
2. 2025-08-11
   price $229,000
3. 2025-07-13
   listed $239,000 Active

ⓘ 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: $3,991 · $333/mo
• Projected year-2 tax: $3,991 · $333/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $34,840
• − Mortgage interest: −$12,828
• − Property taxes: −$3,991
• − Insurance: −$1,942
• − Repairs & maintenance: −$2,787
• − Management: −$2,787
• − Depreciation: −$6,662
• Taxable income: $3,842
• Est. tax owed @ 24.0%: −$922
• After-tax cash flow: $6,256/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: Andes Central School District
• NCES district ID: 3603000
• Math proficiency: 40% ▼ -10.00%
• Reading proficiency: 20% ▼ -30.00%
• Median HH income: $42,655
• Composite: 28.38/100
• National rank: #12127
• State rank: #727 of 755 in NY

Livability — Andes

• Score: 57/100
• State rank: #1096
• US rank: #22324

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,102

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 42,668 people
• By 2030: 40,337 · -5.5%
• By 2040: 35,514 · -16.8%
• By 2050: 31,265 · -26.7%
• By 2075: 24,455 · -42.7%
• By 2100: 19,529 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 5%
• Common ancestry: Iranian 4% Italian 4% Romanian 4%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 4% German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Delaware

• 2024 margin: R (+19.8) · D 40.1% · R 59.9%
• 2008→2024 swing: -14.6pp toward R · 2008: -5.2pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.4 2016: R+29.2 2012: R+9.6 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.62%
• Current HPI: 408.9953
• 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

-4.2% since first listed

3 events — show timeline

• 2026-03-23 Pending — UNYREIS
• 2025-08-11 Price Changed $229,000 UNYREIS
• 2025-07-13 Listed $239,000 UNYREIS

Property tax history

-0.2%/yr

Latest (2025): $3,991 · +4.1% YoY. Source: county tax records.