96 56 · Windham, NY 12496

$565,000

4 bd · 2.0 ba · 1,900 sqft · MultiFamily public records · 3 Days on market

Built 1957 0.76 ac lot

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Why this score? — see what drove the C- 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 +17.4/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• DSCR +5.4/10.0
• Schools +4.3/10.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

An amazing opportunity to own the perfect mountain retreat! This legal two-family home offers incredible flexibility as a two-unit investment property or an owner-occupied home with income-producing potential. The main house features a living room and formal dining room with beautifully refinished hardwood floors, an updated kitchen with granite countertops and brand-new stainless steel appliances, plus a convenient main-floor laundry/mudroom with outside entrance. There are three comfortable bedrooms with hardwood floors, one full bathroom, and a full unfinished basement. The second unit offers a living room, two bedrooms, a brand-new eat-in kitchen with stainless steel appliances and qua

Key facts

• Two family home
• Updated kitchen
• Granite countertops

Tags

• TWO FAMILY HOME
• TWO UNIT INVESTMENT PROPERTY
• OWNER OCCUPIED HOME
• INCOME PRODUCING POTENTIAL
• UPDATED KITCHEN
• GRANITE COUNTERTOPS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electric service by NYSEG; Propane available; Water connected; Trash collection (public); Cable available; Phone available; Sewer: none
• Home design: Duplex
• Construction: Vinyl siding; Block foundation; Partial attic; Full unfinished basement
• Exterior features: Back yard; Cleared lot; Hilly terrain; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Propane heating; Separate meters for utilities
• Interior features: First-floor bedroom; First-floor full bathroom; Entrance foyer; Primary bathroom
• Laundry & utility: Laundry room; Additional/other laundry space

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $565k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (12.7% below list).
• Recommended offer: $493k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.2% in Windham — 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 60/100 on livability (#964 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment B+; Watch: schools C-, crime D+, cost of living D+.
• Windham-Ashland-Jewett Central School District (rural): math 55% / reading 40% proficiency, ranked #517 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 143 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 $32k of equity ($4k loan paydown + $29k appreciation (5.1% 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 (5.1% appreciation + 3.0% rent growth), your $158k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $62k; list at $565k implies a 814% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $493,100 (12.7% below list)

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.87% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.21%
• DSCR: 1.14
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.98×
• Total profit: $155,295
• Equity at exit: $322,103

10-year hold

• IRR: 15.8%
• Equity multiple: 3.83×
• Total profit: $448,183
• Equity at exit: $557,505

Cash invested: $158,200 (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 12496

• Home prices YoY: 1.2%
• Active inventory: 143
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $4,931 medium
• Mortgage (P&I): −$2,963
• Tax from tax record: −$274 /mo · $3,287/yr
• Insurance: −$235
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $368

Break-even live

Break-even rent $4,466

Max offer price $565,000

Occupancy floor 88%

Sensitivity live

Price	-10% $688	-5% $528	+0% $368	+5% $208	+10% $48
Rent	-10% $-22	-5% $173	+0% $368	+5% $562	+10% $757
Rate	-1.0pp $652	-0.5pp $511	base $368	+0.5pp $221	+1.0pp $72

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,930
Total (2 units)			$4,931

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $565,000 Active 3 DOM
2. 2026-06-21
   days on marketlisting id $565,000 Active 2 DOM
3. 2026-06-18
   days on market $565,000 Active 28 DOM
4. 2026-06-17
   days on market $565,000 Active 27 DOM
5. 2026-06-16
   days on market $565,000 Active 26 DOM
6. 2026-06-15
   days on market $565,000 Active 25 DOM
7. 2026-06-13
   days on market $565,000 Active 23 DOM
8. 2026-06-12
   days on market $565,000 Active 22 DOM
9. 2026-06-09
   days on market $565,000 Active 19 DOM
10. 2026-06-08
    days on market $565,000 Active 18 DOM
11. 2026-06-07
    days on market $565,000 Active 17 DOM
12. 2026-06-07
    days on market $565,000 Active 16 DOM
13. 2026-06-04
    days on market $565,000 Active 13 DOM
14. 2026-06-02
    days on market $565,000 Active 12 DOM
15. 2026-06-01
    days on market $565,000 Active 11 DOM
16. 2026-05-31
    days on market $565,000 Active 10 DOM
17. 2026-05-19
    listed $565,000 Active
18. 2000-12-15
    soldstatus $61,800
19. 2000-08-22
    soldstatus $46,000
20. 1997-10-24
    soldstatus $60,000
21. 1997-10-24
    soldstatus $73,000

ⓘ 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: $3,287 · $274/mo
• Projected year-2 tax: $6,418 · $535/mo
• Expected delta: +$3,131/yr (+$261/mo · 95.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 8 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $59,172
• − Mortgage interest: −$31,649
• − Property taxes: −$3,287
• − Insurance: −$3,492
• − Repairs & maintenance: −$4,734
• − Management: −$4,734
• − Depreciation: −$16,436
• Taxable loss: −$5,159
• Est. tax savings @ 24.0%: +$1,238
• After-tax cash flow: $5,650/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: Windham-Ashland-Jewett Central School District
• NCES district ID: 3631590
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 40% ▼ -10.00%
• Median HH income: $46,942
• Composite: 42.57/100
• National rank: #6842
• State rank: #517 of 755 in NY

Livability — Windham

• Score: 60/100
• State rank: #964
• US rank: #18888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,241

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 (84%)
• Race & ethnicity: White 84% Two or more races 5% Black 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Hispanic 4% Lithuanian 3%
• Foreign-born: 18% · Canada
• Languages at home: 75% English-only · Russian/Polish/Slavic 10% French/Haitian/Cajun 7% Other Indo-European 4%

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: ▲ 5.06%
• Current HPI: 425.2138
• 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

+841.7% since first listed

5 events — show timeline

• 2026-05-19 Listed $565,000 OneKey® MLS as Distributed by MLS Grid
• 2000-12-15 Sold (Public Records) $61,800 Public Records
• 2000-08-22 Sold (Public Records) $46,000 Public Records
• 1997-10-24 Sold (Public Records) $73,000 Public Records
• 1997-10-24 Sold (Public Records) $60,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,287 · +4.9% YoY. Source: county tax records.