10 Waterford Rd · Putnam Lake, NY 12563

$300,000

2 bd · 1.0 ba · 528 sqft · SingleFamily public records · 35 Days on market

Built 1932 5,227 sqft lot $568/sqft · at area comps Est $309k · at est.

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Why this score? — see what drove the D 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 +10.8/30.0
• ARV discount +8.9/15.0
• Schools +6.3/10.0
• 1% rule +4.5/10.0
• Livability +3.3/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right in to this perfect starter, downsizer, or weekend retreat, an adorable and tidy bungalow right across the street from Putnam Lake. The manicured hedgerow opens to the walkway & fenced in yard. The yard is a partially shaded slice of private paradise overlooking Putnam Lake where you will enjoy rights to a dock & private Warren Beach. Just 6 homes on the quiet side street with owners parking on a strip of land between the street & lake. The house & yard are set a few feet above the street providing great views of the lake. Enter the home to the living room with a stone corner fireplace & room for a dining set. Opposite the doorway is the kitchen with refrigerator & gas range. The master bedroom has sensational lake views through a picture window. The second bedroom & full bath complete the offering. High, partially vaulted ceilings add a sense of space. Storybook setting 100 yards to the entrance to the private beach. Taxes of $5,915 includes access to Warren Beach, no HOA. Additional Information: HeatingFuel:Oil Above Ground,

Key facts

• 5,227 sq ft lot
• Built 1932
• Listed 35 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Septic tank
• Home design: Single family residence
• Construction: Frame, stone and other construction materials; Other foundation
• Exterior features: Waterfront property; Trash collection provided by private service

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 4 rooms total
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; 1 fireplace
• Interior features: High ceilings; Crawl attic; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (4.8% below list).
• Recommended offer: $276k (8.1% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.3% in Putnam Lake — 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 66/100 on livability (#654 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Brewster Central School District (rural): math 73% / reading 68% proficiency, ranked #107 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Henry H Wells Middle School (math 52% / reading 57%, grade B-, #214 of 729 statewide, top 31%, 668 students, 37% FRL); Brewster High School (math 95% / reading 92%, grade A+, #131 of 1,100 statewide, top 13%, 1,035 students, 36% FRL) — zoned schools average 37% FRL vs 17% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 49 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $179k; list at $300k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,618 (8.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.95% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 8.8

CMA / ARV

• ARV (median comp): $309,447
• List price: $300,000
• Delta: -3.05%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 Fulton Dr	0.69mi	2/1.0	500 (-5%)	3mo	$250,000	$500	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -19.5%
• Equity multiple: 0.32×
• Total profit: $-57,163
• Equity at exit: $44,731

10-year hold

• IRR: -12.0%
• Equity multiple: 0.28×
• Total profit: $-60,118
• Equity at exit: $25,939

Cash invested: $84,000 (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 12563

• Home prices YoY: -12.7%
• Active inventory: 49
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,857 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$696 /mo · $8,358/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $-138

Break-even live

Break-even rent $3,031

Max offer price $275,618

Occupancy floor 100%

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-13
   status $300,000 Pending 35 DOM
2. 2026-06-10
   days on market $300,000 Active 35 DOM
3. 2026-06-09
   days on market $300,000 Active 34 DOM
4. 2026-06-08
   days on market $300,000 Active 33 DOM
5. 2026-06-07
   days on market $300,000 Active 32 DOM
6. 2026-06-03
   days on market $300,000 Active 28 DOM
7. 2026-06-03
   days on market $300,000 Active 27 DOM
8. 2026-06-01
   days on market $300,000 Active 26 DOM
9. 2026-05-31
   days on market $300,000 Active 25 DOM
10. 2026-05-07
    listed $308,000 Active 1888-char remark
11. 2026-05-04
    historical $308,000 1888-char remark
12. 2026-05-04
    listed $308,000 Active 1888-char remark
13. 2021-02-11
    soldstatus $179,000
14. 2021-01-22
    soldstatus $179,000 Closed 1080-char remark

    Show marketing remark (1080 chars)

    Move right in to this perfect starter, downsizer, or weekend retreat, an adorable and tidy bungalow right across the street from Putnam Lake. The manicured hedgerow opens to the walkway & fenced in yard. The yard is a partially shaded slice of private paradise overlooking Putnam Lake where you will enjoy rights to a dock & private Warren Beach. Just 6 homes on the quiet side street with owners parking on a strip of land between the street & lake. The house & yard are set a few feet above the street providing great views of the lake. Enter the home to the living room with a stone corner fireplace & room for a dining set. Opposite the doorway is the kitchen with refrigerator & gas range. The master bedroom has sensational lake views through a picture window. The second bedroom & full bath complete the offering. High, partially vaulted ceilings add a sense of space. Storybook setting 100 yards to the entrance to the private beach. Taxes of $5,915 includes access to Warren Beach, no HOA. Additional Information: HeatingFuel:Oil Above Ground,

15. 2020-10-31
    status Pending 1080-char remark

    Show marketing remark (1080 chars)

    Move right in to this perfect starter, downsizer, or weekend retreat, an adorable and tidy bungalow right across the street from Putnam Lake. The manicured hedgerow opens to the walkway & fenced in yard. The yard is a partially shaded slice of private paradise overlooking Putnam Lake where you will enjoy rights to a dock & private Warren Beach. Just 6 homes on the quiet side street with owners parking on a strip of land between the street & lake. The house & yard are set a few feet above the street providing great views of the lake. Enter the home to the living room with a stone corner fireplace & room for a dining set. Opposite the doorway is the kitchen with refrigerator & gas range. The master bedroom has sensational lake views through a picture window. The second bedroom & full bath complete the offering. High, partially vaulted ceilings add a sense of space. Storybook setting 100 yards to the entrance to the private beach. Taxes of $5,915 includes access to Warren Beach, no HOA. Additional Information: HeatingFuel:Oil Above Ground,

16. 2020-08-26
    listed $185,000 Active 1080-char remark

    Show marketing remark (1080 chars)

    Move right in to this perfect starter, downsizer, or weekend retreat, an adorable and tidy bungalow right across the street from Putnam Lake. The manicured hedgerow opens to the walkway & fenced in yard. The yard is a partially shaded slice of private paradise overlooking Putnam Lake where you will enjoy rights to a dock & private Warren Beach. Just 6 homes on the quiet side street with owners parking on a strip of land between the street & lake. The house & yard are set a few feet above the street providing great views of the lake. Enter the home to the living room with a stone corner fireplace & room for a dining set. Opposite the doorway is the kitchen with refrigerator & gas range. The master bedroom has sensational lake views through a picture window. The second bedroom & full bath complete the offering. High, partially vaulted ceilings add a sense of space. Storybook setting 100 yards to the entrance to the private beach. Taxes of $5,915 includes access to Warren Beach, no HOA. Additional Information: HeatingFuel:Oil Above Ground,

ⓘ 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: $8,358 · $696/mo
• Projected year-2 tax: $8,358 · $696/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,279
• − Mortgage interest: −$16,805
• − Property taxes: −$8,358
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,742
• − Management: −$2,742
• − Depreciation: −$8,727
• Taxable loss: −$6,595
• Est. tax savings @ 24.0%: +$1,583
• After-tax cash flow: $-73/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: Brewster Central School District
• NCES district ID: 3605310
• Math proficiency: 73% ▲ 20.00%
• Reading proficiency: 68% ▲ 20.00%
• Median HH income: $87,515
• Composite: 63.4/100
• National rank: #622
• State rank: #107 of 590 in NY

Livability — Putnam Lake

• Score: 66/100
• State rank: #654
• US rank: #12186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Putnam Lake, NY
• Population (ZIP): 7,456

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 17% Black 9% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Cuban 1% Dominican 3%
• Common ancestry: Romanian 5% Portuguese 2% Slovak 1%
• Foreign-born: 14% · Canada, South Korea, Dominican Republic
• Languages at home: 79% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.07%
• Current HPI: 247.1582
• 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

+62.2% since first listed

9 events — show timeline

• 2026-06-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-22 Price Changed $300,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Listed $308,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-04 Coming Soon $308,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-04 Listed $308,000 OneKey® MLS as Distributed by MLS Grid
• 2021-02-11 Sold (Public Records) $179,000 Public Records
• 2021-01-22 Sold (MLS) $179,000 OneKey® MLS as Distributed by MLS Grid
• 2020-10-31 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-08-26 Listed $185,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+10.0%/yr

Latest (2025): $8,358 · +1.1% YoY. Source: county tax records.