4917 Hillcrest Dr · Dundee, NY 14837

$650,000

169 bd · None ba · 3,800 sqft · MultiFamily public records · 70 Days on market

Built 1961 1.27 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
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 13 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

An opportunity to own a good investment property. 13 units, each 2 bedrooms 1 bath with large living area. Also, a separate office and laundry room inclusive of coin operated washer and dryer (2 each). Located in the Finger Lakes this is set back on a quiet street off the main rd. Walking distance to down town Dundee and only 15 mins from Penn Yan.

Key facts

• Security system
• Updates throughout
• Owner's suite

Tags

• OWNER'S SUITE
• ON-SITE MANAGER'S QUARTERS
• ON-SITE LAUNDRY
• SECURITY SYSTEM
• AMPLE OFF-STREET PARKING
• UPDATES THROUGHOUT

What this means for you Summary

Snapshot

• This is a 13 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $650k).
• Recommended offer: $611k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 1.4% in Dundee — 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 67/100 on livability (#576 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools C-, employment D+, health & safety D.
• Dundee Central School District (rural): math 42% / reading 53% proficiency, ranked #431 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 107 units permitted in Yates County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $47k of equity ($4k loan paydown + $43k appreciation (6.5% local appreciation)).
• Yates County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.5% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $450k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $611,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.71% ✓
• Cap rate: 14.00%
• Cash-on-cash: 27.52%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.6%
• Equity multiple: 3.61×
• Total profit: $475,006
• Equity at exit: $431,251

10-year hold

• IRR: 36.4%
• Equity multiple: 7.51×
• Total profit: $1,184,628
• Equity at exit: $802,375

Cash invested: $182,000 (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 14837

• Home prices YoY: 2.2%
• Active inventory: 26
• Price-to-rent: 63.3×

Monthly cashflow live

• Estimated rent: $11,118 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$930 /mo · $11,161/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,335
• Net cashflow: $4,174

Break-even live

Break-even rent $5,835

Max offer price $650,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 13× units	2	1	$11,115
Total (13 units)			$11,118

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-16
   status Pending
2. 2026-02-14
   historical Active Under Contract
3. 2026-02-05
   listed $650,000 Active
4. 2022-06-22
   price $750
5. 2021-08-10
   soldstatus $450,000 Closed Sale or Rented 350-char remark

   Show marketing remark (350 chars)

   An opportunity to own a good investment property. 13 units, each 2 bedrooms 1 bath with large living area. Also, a separate office and laundry room inclusive of coin operated washer and dryer (2 each). Located in the Finger Lakes this is set back on a quiet street off the main rd. Walking distance to down town Dundee and only 15 mins from Penn Yan.

6. 2021-03-09
   historical 350-char remark

   Show marketing remark (350 chars)

   An opportunity to own a good investment property. 13 units, each 2 bedrooms 1 bath with large living area. Also, a separate office and laundry room inclusive of coin operated washer and dryer (2 each). Located in the Finger Lakes this is set back on a quiet street off the main rd. Walking distance to down town Dundee and only 15 mins from Penn Yan.

7. 2021-03-02
   listed $450,000 350-char remark

   Show marketing remark (350 chars)

   An opportunity to own a good investment property. 13 units, each 2 bedrooms 1 bath with large living area. Also, a separate office and laundry room inclusive of coin operated washer and dryer (2 each). Located in the Finger Lakes this is set back on a quiet street off the main rd. Walking distance to down town Dundee and only 15 mins from Penn Yan.

ⓘ 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: $11,161 · $930/mo
• Projected year-2 tax: $11,161 · $930/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% 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: $133,416
• − Mortgage interest: −$36,410
• − Property taxes: −$11,161
• − Insurance: −$3,250
• − Repairs & maintenance: −$10,673
• − Management: −$10,673
• − Depreciation: −$18,909
• Taxable income: $42,339
• Est. tax owed @ 24.0%: −$10,161
• After-tax cash flow: $39,922/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: Dundee Central School District
• NCES district ID: 3609390
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 53% ▲ 13.00%
• Median HH income: $47,864
• Composite: 40.47/100
• National rank: #3717
• State rank: #431 of 590 in NY

Livability — Dundee

• Score: 67/100
• State rank: #576
• US rank: #10399

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dundee, NY
• Population (ZIP): 5,633

Population outlook (Yates County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,867 · -3.8%
• By 2040: 20,750 · -12.7%
• By 2050: 18,917 · -20.4%
• By 2075: 15,090 · -36.5%
• By 2100: 11,428 · -51.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 1% Black 1%
• Common ancestry: Romanian 4% Iranian 3% Slovak 2%
• Foreign-born: 0%
• Languages at home: 88% English-only · German/W. Germanic 10% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Yates

• 2024 margin: R (+16.2) · D 41.9% · R 58.1%
• 2008→2024 swing: -12.5pp toward R · 2008: -3.7pp · 2024: -16.2pp
• All cycles: 2024: R+16.2 2020: R+18.6 2016: R+21.9 2012: R+3.0 2008: R+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.55%
• Current HPI: 307.7587
• 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

+44.4% since first listed

7 events — show timeline

• 2026-04-16 Pending — UNYREIS
• 2026-02-14 Contingent — UNYREIS
• 2026-02-05 Listed $650,000 UNYREIS
• 2022-06-22 Price Changed $750 RENT.
• 2021-08-10 Sold (MLS) $450,000 UNYREIS
• 2021-03-09 Listing Removed — UNYREIS
• 2021-03-02 Listed $450,000 UNYREIS

Property tax history

+7.0%/yr

Latest (2025): $11,161 · -5.6% YoY. Source: county tax records.