18-24 Jerome Ave · Cairo, NY 12413

$359,900

5 bd · 1.5 ba · 3,500 sqft · MultiFamily · 43 Days on market

Built 1890 Fair condition 0.90 ac lot $103/sqft · 10% below area Est $398k · 10% 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 +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

A Rare Live/Work Opportunity in the Catskill Mountains. Why settle for ordinary when you can own a landmark? This unique dual-building property offers incredible potential for a boutique event venue, theater center, or high-end vacation rental. The Church: A stunning, open-concept historic structure with timeless woodwork and stained glass. The Colonial: A massive 4-bedroom home with 1.5 baths, a first-floor bedroom, and dual kitchens--perfect for multi-generational living or staff housing. Just 16 miles from the Thruway and minutes from Kaaterskill Falls and premier skiing, this property combines historic gravitas with a prime location for tourism and lifestyle.

Key facts

• Historic structure
• Dual kitchens
• Boutique event venue

Tags

• DUAL BUILDING PROPERTY
• BOUTIQUE EVENT VENUE
• HISTORIC STRUCTURE
• FIRST FLOOR BEDROOM
• DUAL KITCHENS
• MULTI GENERATIONAL LIVING

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath multifamily listed at $360k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $360k).
• Recommended offer: $349k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.9% in Cairo — 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 64/100 on livability (#755 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B+; Watch: schools D-, amenities F, commute F.
• Cairo-Durham Central School District (rural): math 41% / reading 48% proficiency, ranked #470 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Greene 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 $101k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1890 — 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 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?
6. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.27%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

• ARV (median comp): $398,332
• List price: $359,900
• Delta: -9.65%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 42.5%
• Equity multiple: 4.23×
• Total profit: $325,894
• Equity at exit: $324,226

10-year hold

• IRR: 36.8%
• Equity multiple: 9.51×
• Total profit: $857,806
• Equity at exit: $699,207

Cash invested: $100,772 (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 12413

• Active inventory: 62
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $5,728 medium
• Mortgage (P&I): −$1,887
• Tax est. 1.5%: −$450 /mo · $5,398/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,203
• Net cashflow: $2,038

Break-even live

Break-even rent $3,148

Max offer price $359,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,728
Total (4 units)			$5,728

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-15
   status Pending 677-char remark

   Show marketing remark (677 chars)

   A Rare Live/Work Opportunity in the Catskill Mountains. Why settle for ordinary when you can own a landmark? This unique dual-building property offers incredible potential for a boutique event venue, theater center, or high-end vacation rental. The Church: A stunning, open-concept historic structure with timeless woodwork and stained glass. The Colonial: A massive 4-bedroom home with 1.5 baths, a first-floor bedroom, and dual kitchens--perfect for multi-generational living or staff housing. Just 16 miles from the Thruway and minutes from Kaaterskill Falls and premier skiing, this property combines historic gravitas with a prime location for tourism and lifestyle.

2. 2026-04-02
   listed $359,900 Active 677-char remark

   Show marketing remark (677 chars)

   A Rare Live/Work Opportunity in the Catskill Mountains. Why settle for ordinary when you can own a landmark? This unique dual-building property offers incredible potential for a boutique event venue, theater center, or high-end vacation rental. The Church: A stunning, open-concept historic structure with timeless woodwork and stained glass. The Colonial: A massive 4-bedroom home with 1.5 baths, a first-floor bedroom, and dual kitchens--perfect for multi-generational living or staff housing. Just 16 miles from the Thruway and minutes from Kaaterskill Falls and premier skiing, this property combines historic gravitas with a prime location for tourism and lifestyle.

3. 2026-03-24
   historical
4. 2025-09-30
   listed $379,900 Active
5. 2021-08-25
   historical
6. 2021-04-29
   listed $149,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $68,736
• − Mortgage interest: −$20,160
• − Property taxes: −$5,398
• − Insurance: −$1,800
• − Repairs & maintenance: −$5,499
• − Management: −$5,499
• − Depreciation: −$10,470
• Taxable income: $19,910
• Est. tax owed @ 24.0%: −$4,779
• After-tax cash flow: $19,677/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This historic property requires extensive repairs and updates to bring it up to modern standards, but presents significant potential for a unique and valuable live/work opportunity.

Repairs flagged

• Major exterior siding — Peeling and damaged
• Major interior walls — Worn and stained
• Major roof — No photos of roof
• Major flooring — Worn and damaged
• Major kitchen — No photos of kitchen
• Major bathrooms — No photos of bathrooms
• Major HVAC/mechanicals — No photos of systems

Value-add opportunities

• Both exterior siding repair — Enhances curb appeal and value
• Both interior wall repair and painting — Improves living space and value
• Both roof repair — Ensures structural integrity and value
• Both flooring replacement — Enhances living space and value
• Both kitchen and bathroom updates — Enhances functionality and value
• Both HVAC/mechanical updates — Ensures comfort and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling and damaged	Major	$15,000–50,000
interior walls · Worn and stained	Major	$15,000–50,000
roof · No photos of roof	Major	$15,000–50,000
flooring · Worn and damaged	Major	$15,000–50,000
kitchen · No photos of kitchen	Major	$15,000–50,000
bathrooms · No photos of bathrooms	Major	$15,000–50,000
HVAC/mechanicals · No photos of systems	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior siding repair — Enhances curb appeal and value ↑
• Both interior wall repair and painting — Improves living space and value ↑
• Both roof repair — Ensures structural integrity and value ↑
• Both flooring replacement — Enhances living space and value ↑
• Both kitchen and bathroom updates — Enhances functionality and value ↑
• Both HVAC/mechanical updates — Ensures comfort and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cairo-Durham Central School District
• NCES district ID: 3606160
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 48% ▲ 8.00%
• Median HH income: $46,192
• Composite: 37.84/100
• National rank: #4330
• State rank: #470 of 590 in NY

Livability — Cairo

• Score: 64/100
• State rank: #755
• US rank: #14433

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cairo, NY
• City population: 3,406
• Population (ZIP): 3,406

Population outlook (Greene County) Hauer SSP2

• Today (2025): 44,963 people
• By 2030: 43,126 · -4.1%
• By 2040: 38,756 · -13.8%
• By 2050: 34,913 · -22.4%
• By 2075: 28,156 · -37.4%
• By 2100: 22,296 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Iranian 4% Romanian 4% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 2%

Political lean MEDSL · Greene

• 2024 margin: R (+17.0) · D 41.5% · R 58.5%
• 2008→2024 swing: -7.1pp toward R · 2008: -9.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+15.6 2016: R+27.4 2012: R+11.1 2008: R+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 140.58%
• Current HPI: 406.4299
• 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

+140.1% since first listed

6 events — show timeline

• 2026-05-15 Pending — Global MLS
• 2026-04-02 Listed $359,900 Global MLS
• 2026-03-24 Listing Removed — Global MLS
• 2025-09-30 Listed $379,900 Global MLS
• 2021-08-25 Listing Removed — Global MLS
• 2021-04-29 Listed $149,900 Global MLS