22 Hillside Ave · Monticello, NY 12701

$279,000

3 bd · 2.0 ba · 1,563 sqft · MultiFamily public records · 29 Days on market

Built 1940 8,276 sqft lot $179/sqft · 20% below area Est $351k · 20% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Opportunity awaits for this 2 Family income-producing property in a quiet area within walking distance to nearby De Hoyos Memorial Park and Pond. Location is conveniently located to major highways making it easy for commuting, nearby shopping and public transportation, including area attractions of Resorts World Casino, Bethel Woods, Monticello Motor Club, Forestburgh Playhouse and the Kartrite Resort Indoor Waterpark are just a few minutes drive. The 2 bedroom apartment is located on the 1st first floor and the 1 bedroom is on the 2nd floor. Both units offer private entrances for added convenience and privacy. Tenant have been long standing tenants who would like to remain. This multi-uni

Key facts

• Private entrances
• Nearby shopping
• Major highways

Tags

• INCOME PRODUCING PROPERTY
• WALKING DISTANCE TO PARK
• PRIVATE ENTRANCES
• MAJOR HIGHWAYS
• NEARBY SHOPPING
• PUBLIC TRANSPORTATION

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electric service by NYSEG; Public sewer; Propane service
• Home design: Duplex; Property condition reported as actual
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Combination flooring
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Electric heating; Cooling varies by unit
• Interior features: Eat-in kitchen; Basement present; Attic access via scuttle
• Laundry & utility: Laundry in basement

🏷️ Possibly a rental listed for sale. The $279,000 price doesn't fit this home's estimated sale value (~$350,704) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.4% in Monticello — 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 61/100 on livability (#899 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: crime D, amenities F, commute F.
• Monticello Central School District (town): math 29% / reading 30% proficiency, ranked #577 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: George L Cooke School (592 students, 71% FRL); Robert J Kaiser Middle School (math 7% / reading 35%, grade F, #661 of 729 statewide, top 91%, 595 students, 66% FRL); Monticello High School (math 82% / reading 34%, grade C, #879 of 1,100 statewide, top 80%, 844 students, 63% FRL) — zoned schools average 67% FRL vs 50% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 186 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• At $3,992/mo this rent would consume 84% of the median local household income ($57k/yr) (locally 814% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k 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 $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $279k implies a 862% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $274,815 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 1.43% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.18%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (median comp): $350,704
• List price: $279,000
• Delta: -20.45%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 York Ave	0.53mi	4/2.0 (+1)	1,391 (-11%)	3mo	$255,000	$183	49

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: 38.6%
• Equity multiple: 3.96×
• Total profit: $231,535
• Equity at exit: $251,345

10-year hold

• IRR: 33.2%
• Equity multiple: 8.93×
• Total profit: $619,374
• Equity at exit: $542,036

Cash invested: $78,120 (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 12701

• Home prices YoY: 16.7%
• Active inventory: 186
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,992 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$326 /mo · $3,906/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$838
• Net cashflow: $1,249

Break-even live

Break-even rent $2,411

Max offer price $279,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,992
Total (2 units)			$3,992

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Monticello St Unit 1 Monticello, NY	4.0	1.0	1078	$1,650	$1.53	14d	1	0.43mi
19 Lawrence Ave Monticello, NY	4.0	1.5	1180	$2,200	$1.86	43d	1	0.53mi
14-16 Bedford Ave Monticello, NY	3.0	1.0	1200	$1,600	$1.33	43d	1	0.76mi
45 Clinton Ave Apt 1 Monticello, NY	3.0	2.0	1470	$2,300	$1.56	43d	1	0.99mi
45 Woodcliff Ave Monticello, NY	3.0	1.0	1151	$2,400	$2.09	23d	1	1.00mi
6 Greenwood Way Monticello, NY	2.0	1.0	977	$1,850	$1.89	14d	2	1.12mi
35 Starr Ave Monticello, NY	3.0	1.5	1350	$1,975	$1.46	43d	1	1.22mi
41 Rock Ridge Ave Monticello, NY	2.0	1.5	1200	$1,800	$1.50	19d	1	1.30mi

Listing history 3 events

1. 2026-05-31
   statusdays on market $279,000 Pending 29 DOM
2. 2026-05-01
   listed $279,000 Active 827-char remark
3. 1985-11-22
   soldstatus $29,000

ⓘ 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: $3,906 · $326/mo
• Projected year-2 tax: $4,311 · $359/mo
• Expected delta: +$405/yr (+$34/mo · 10.4%)

ⓘ 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 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,904
• − Mortgage interest: −$15,628
• − Property taxes: −$3,906
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,832
• − Management: −$3,832
• − Depreciation: −$8,116
• Taxable income: $11,194
• Est. tax owed @ 24.0%: −$2,686
• After-tax cash flow: $12,299/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: Monticello Central School District
• NCES district ID: 3619740
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 30% ▼ -2.00%
• Median HH income: $44,696
• Composite: 25.28/100
• National rank: #7491
• State rank: #577 of 590 in NY

Livability — Monticello

• Score: 61/100
• State rank: #899
• US rank: #17510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monticello, NY
• County: Sullivan County · 12,197 people
• City population: 12,197
• Metro: nan
• Population (ZIP): 12,197
• Household income: $57,222
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 814.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 43% Hispanic / Latino 31% Black 15% Two or more races 15% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Dominican 3%
• Common ancestry: Scotch-Irish 3% Romanian 2% Iranian 1%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 71% English-only · Spanish 20% 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: ▲ 72.71%
• Current HPI: 507.739
• Rent YoY: —
• Metro: nan
• 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

+862.1% since first listed

3 events — show timeline

• 2026-05-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $279,000 OneKey® MLS as Distributed by MLS Grid
• 1985-11-22 Sold (Public Records) $29,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $3,906 · +65.1% YoY. Source: county tax records.