156 County Route 10 · Catskill, NY 12526

$235,000

2 bd · 1.0 ba · 812 sqft · SingleFamily public records · 141 Days on market

Built 1900 0.55 ac lot $289/sqft · 19% below area Est $290k · 19% under ↓ 9% 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 +25.8/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.7/10.0
• 1% rule +6.4/10.0
• Schools +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

1900's bungalow in the historic hamlet of Linlithgo on just over a half acre with several sheds/outbuildings. House in need of renovation consists of a kitchen, living room, den, 2 bedrooms and a full bath.

Key facts

• Half acre
• Kitchen
• Outbuildings

Tags

• BUNGALOW
• HALF ACRE
• SEVERAL SHEDS
• OUTBUILDINGS
• KITCHEN
• LIVING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.9% in Catskill — 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 69/100 on livability (#483 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+; Watch: schools C-, amenities F, commute F.
• Germantown Central School District (rural): math 54% / reading 51% proficiency, ranked #387 of 755 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Columbia County population projected at -22% 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 $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

• ARV (median comp): $290,000
• List price: $235,000
• Delta: -18.97%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
238 County Route 10	0.23mi	2/1.0	768 (-5%)	4mo	$290,000	$378	77

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: 31.9%
• Equity multiple: 3.50×
• Total profit: $164,506
• Equity at exit: $211,707

10-year hold

• IRR: 27.6%
• Equity multiple: 7.93×
• Total profit: $455,688
• Equity at exit: $456,553

Cash invested: $65,800 (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 12526

• Home prices YoY: 8.9%
• Active inventory: 40
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,671 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$207 /mo · $2,478/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $574

Break-even live

Break-even rent $1,945

Max offer price $235,000

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $235,000 Active 141 DOM
2. 2026-06-18
   days on market $235,000 Active 140 DOM
3. 2026-06-17
   days on market $235,000 Active 139 DOM
4. 2026-06-16
   days on market $235,000 Active 138 DOM
5. 2026-06-15
   days on market $235,000 Active 137 DOM
6. 2026-06-14
   days on market $235,000 Active 135 DOM
7. 2026-06-12
   days on market $235,000 Active 134 DOM
8. 2026-06-09
   days on market $235,000 Active 131 DOM
9. 2026-06-08
   days on market $235,000 Active 130 DOM
10. 2026-06-07
    days on market $235,000 Active 129 DOM
11. 2026-06-07
    days on market $235,000 Active 128 DOM
12. 2026-06-04
    days on market $235,000 Active 125 DOM
13. 2026-06-02
    days on market $235,000 Active 124 DOM
14. 2026-06-01
    days on market $235,000 Active 123 DOM
15. 2026-05-31
    days on market $235,000 Active 122 DOM
16. 2026-05-31
    days on market $235,000 Active 121 DOM
17. 2026-03-19
    price $235,000 206-char remark

    Show marketing remark (206 chars)

    1900's bungalow in the historic hamlet of Linlithgo on just over a half acre with several sheds/outbuildings. House in need of renovation consists of a kitchen, living room, den, 2 bedrooms and a full bath.

18. 2026-01-29
    listed $259,000 Active 206-char remark

    Show marketing remark (206 chars)

    1900's bungalow in the historic hamlet of Linlithgo on just over a half acre with several sheds/outbuildings. House in need of renovation consists of a kitchen, living room, den, 2 bedrooms and a full bath.

ⓘ 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: $2,478 · $207/mo
• Projected year-2 tax: $3,225 · $269/mo
• Expected delta: +$747/yr (+$62/mo · 30.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $32,057
• − Mortgage interest: −$13,164
• − Property taxes: −$2,478
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,565
• − Management: −$2,565
• − Depreciation: −$6,836
• Taxable income: $3,274
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $6,097/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: Germantown Central School District
• NCES district ID: 3612030
• Math proficiency: 54% ▲ 1.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $60,242
• Composite: 47.76/100
• National rank: #4894
• State rank: #387 of 755 in NY

Livability — Catskill

• Score: 69/100
• State rank: #483
• US rank: #8498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 10,169
• Population (ZIP): 3,427

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 58,662 people
• By 2030: 56,557 · -3.6%
• By 2040: 51,324 · -12.5%
• By 2050: 45,790 · -21.9%
• By 2075: 35,232 · -39.9%
• By 2100: 25,846 · -55.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 6% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 1%
• Common ancestry: Romanian 5% Lithuanian 4% Iranian 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Columbia

• 2024 margin: D (+14.7) · D 57.4% · R 42.6%
• 2008→2024 swing: +1.3pp toward D · 2008: 13.4pp · 2024: 14.7pp
• All cycles: 2024: D+14.7 2020: D+16.7 2016: D+1.4 2012: D+11.7 2008: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 41.93%
• Current HPI: 511.9627
• 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

-9.3% since first listed

2 events — show timeline

• 2026-03-19 Price Changed $235,000 HVCRMLS
• 2026-01-29 Listed $259,000 HVCRMLS

Property tax history

+16.9%/yr

Latest (2025): $2,478 · +3.5% YoY. Source: county tax records.