17 Argyle St · Lake Mohegan, NY 10537

$299,000

2 bd · 1.0 ba · 616 sqft · SingleFamily public records · 88 Days on market

Built 1935 4,356 sqft lot $485/sqft · 10% below area Est $332k · 10% under

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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).

• ARV discount +11.9/15.0
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• Livability +3.6/5.0
• Cash flow +2.9/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Discover this charming 2-bedroom cottage located in the heart of the Lake Peekskill community, offering 616 square feet of efficient living space. The property is located just one block away from Lake Peekskill and includes coveted lake rights, allowing you to enjoy a vibrant community lifestyle filled with fishing, kayaking, canoeing, swimming, and winter ice skating. Built in 1935, the home features a functional layout that includes a primary bedroom and full bath on the main level. Interior features include a bright kitchen, a comfortable living room with an electric fireplace, and a sun-filled enclosed porch providing additional flexible living space. Ideally situated within the Putnam Valley Central School District, this home is also just five minutes from the Peekskill riverfront, providing a perfect blend of peaceful living and easy access to local dining and transit.

Key facts

• 4,356 sq ft lot
• Built 1935
• Listed 87 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-986 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (36.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (36.5% below list).
• Recommended offer: $190k (36.5% below list) — sets the bar for 1% rule.
• Cap rate 2.3% vs local median 3.3% in Lake Mohegan — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 71/100 on livability (#417 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.
• Putnam Valley Central School District (suburban): math 73% / reading 71% proficiency, ranked #91 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,000 (36.5% 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 88 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1935 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.64% ✗
• Cap rate: 2.34%
• Cash-on-cash: -14.13%
• DSCR: 0.37
• GRM: 13.1

CMA / ARV

• ARV (median comp): $331,807
• List price: $299,000
• Delta: -9.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Argyle St	0.06mi	2/1.0	594 (-4%)	21mo	$370,000	$623	74
9 Mimosa St	0.63mi	1/1.0 (-1)	550 (-11%)	7mo	$160,000	$291	42

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: 14.5%
• Equity multiple: 2.20×
• Total profit: $100,332
• Equity at exit: $269,363

10-year hold

• IRR: 14.4%
• Equity multiple: 5.13×
• Total profit: $345,416
• Equity at exit: $580,891

Cash invested: $83,720 (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 10537

• Home prices YoY: 5.8%
• Active inventory: 31
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,900 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$794 /mo · $9,533/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $-986

Break-even live

Break-even rent $3,148

Max offer price $190,663

Occupancy floor —

Sensitivity live

Price	-10% $-817	-5% $-901	+0% $-986	+5% $-1,071	+10% $-1,155
Rent	-10% $-1,136	-5% $-1,061	+0% $-986	+5% $-911	+10% $-836
Rate	-1.0pp $-835	-0.5pp $-910	base $-986	+0.5pp $-1,063	+1.0pp $-1,142

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3604 Lexington Ave Unit 3 Mohegan Lake, NY	1.0	1.0	529	$1,900	$3.59	0d	1	1.42mi

Listing history 33 events

1. 2026-06-21
   days on market $299,000 Active 88 DOM
2. 2026-06-18
   days on market $299,000 Active 85 DOM
3. 2026-06-17
   days on market $299,000 Active 84 DOM
4. 2026-06-16
   days on market $299,000 Active 83 DOM
5. 2026-06-15
   days on market $299,000 Active 82 DOM
6. 2026-06-14
   days on market $299,000 Active 80 DOM
7. 2026-06-10
   days on market $299,000 Active 77 DOM
8. 2026-06-09
   days on market $299,000 Active 76 DOM
9. 2026-06-08
   days on market $299,000 Active 75 DOM
10. 2026-06-07
    days on market $299,000 Active 74 DOM
11. 2026-06-03
    days on market $299,000 Active 70 DOM
12. 2026-06-02
    days on market $299,000 Active 69 DOM
13. 2026-06-01
    days on market $299,000 Active 68 DOM
14. 2026-05-31
    days on market $299,000 Active 67 DOM
15. 2026-05-30
    days on market $299,000 Active 66 DOM
16. 2026-05-15
    price $299,000 887-char remark

    Show marketing remark (887 chars)

    Discover this charming 2-bedroom cottage located in the heart of the Lake Peekskill community, offering 616 square feet of efficient living space. The property is located just one block away from Lake Peekskill and includes coveted lake rights, allowing you to enjoy a vibrant community lifestyle filled with fishing, kayaking, canoeing, swimming, and winter ice skating. Built in 1935, the home features a functional layout that includes a primary bedroom and full bath on the main level. Interior features include a bright kitchen, a comfortable living room with an electric fireplace, and a sun-filled enclosed porch providing additional flexible living space. Ideally situated within the Putnam Valley Central School District, this home is also just five minutes from the Peekskill riverfront, providing a perfect blend of peaceful living and easy access to local dining and transit.

17. 2026-04-16
    price $315,000 887-char remark

    Show marketing remark (887 chars)

    Discover this charming 2-bedroom cottage located in the heart of the Lake Peekskill community, offering 616 square feet of efficient living space. The property is located just one block away from Lake Peekskill and includes coveted lake rights, allowing you to enjoy a vibrant community lifestyle filled with fishing, kayaking, canoeing, swimming, and winter ice skating. Built in 1935, the home features a functional layout that includes a primary bedroom and full bath on the main level. Interior features include a bright kitchen, a comfortable living room with an electric fireplace, and a sun-filled enclosed porch providing additional flexible living space. Ideally situated within the Putnam Valley Central School District, this home is also just five minutes from the Peekskill riverfront, providing a perfect blend of peaceful living and easy access to local dining and transit.

18. 2026-03-26
    listed $319,000 Active 887-char remark

    Show marketing remark (887 chars)

    Discover this charming 2-bedroom cottage located in the heart of the Lake Peekskill community, offering 616 square feet of efficient living space. The property is located just one block away from Lake Peekskill and includes coveted lake rights, allowing you to enjoy a vibrant community lifestyle filled with fishing, kayaking, canoeing, swimming, and winter ice skating. Built in 1935, the home features a functional layout that includes a primary bedroom and full bath on the main level. Interior features include a bright kitchen, a comfortable living room with an electric fireplace, and a sun-filled enclosed porch providing additional flexible living space. Ideally situated within the Putnam Valley Central School District, this home is also just five minutes from the Peekskill riverfront, providing a perfect blend of peaceful living and easy access to local dining and transit.

19. 2026-03-25
    historical $319,000 887-char remark

    Show marketing remark (887 chars)

    Discover this charming 2-bedroom cottage located in the heart of the Lake Peekskill community, offering 616 square feet of efficient living space. The property is located just one block away from Lake Peekskill and includes coveted lake rights, allowing you to enjoy a vibrant community lifestyle filled with fishing, kayaking, canoeing, swimming, and winter ice skating. Built in 1935, the home features a functional layout that includes a primary bedroom and full bath on the main level. Interior features include a bright kitchen, a comfortable living room with an electric fireplace, and a sun-filled enclosed porch providing additional flexible living space. Ideally situated within the Putnam Valley Central School District, this home is also just five minutes from the Peekskill riverfront, providing a perfect blend of peaceful living and easy access to local dining and transit.

20. 2024-11-06
    historical $2,900
21. 2024-11-04
    listed $2,900
22. 2023-10-30
    soldstatus $305,000
23. 2023-10-04
    soldstatus $305,000 Closed 1133-char remark

    Show marketing remark (1133 chars)

    Whether you are seeking a starter home, a weekend retreat or a smart investment property, look no further! Picturesque Lake Peekskill is less than two blocks away. Endless lake amenities, including boating, fishing, swimming, ice skating in the winter or access to any one of the private beaches. Back at the house, sit around the fire pit or get a game of cornhole going in the spacious backyard. Perfect for entertaining, add a grill, dining set and lounge area as desired and it will all come together. There are two well-proportioned bedrooms and a full bath that compliment the rest of the main living space. The enclosed sunroom is not included in the total square footage but adds a nice indoor/outdoor flare. House primed for year-round occupancy, long/short-term rental property, weekend getaway or Airbnb. Seller grossed over $22k with modest rental use on Airbnb over the past year. Seller willing to pass along the existing Airbnb set up to the next owner! House has been well maintained with meaningful improvements over the last couple years. Septic replaced and pumped 2021. Newer windows 2018. Roof 2016. Siding 2017.

24. 2023-07-20
    status Pending 1133-char remark

    Show marketing remark (1133 chars)

    Whether you are seeking a starter home, a weekend retreat or a smart investment property, look no further! Picturesque Lake Peekskill is less than two blocks away. Endless lake amenities, including boating, fishing, swimming, ice skating in the winter or access to any one of the private beaches. Back at the house, sit around the fire pit or get a game of cornhole going in the spacious backyard. Perfect for entertaining, add a grill, dining set and lounge area as desired and it will all come together. There are two well-proportioned bedrooms and a full bath that compliment the rest of the main living space. The enclosed sunroom is not included in the total square footage but adds a nice indoor/outdoor flare. House primed for year-round occupancy, long/short-term rental property, weekend getaway or Airbnb. Seller grossed over $22k with modest rental use on Airbnb over the past year. Seller willing to pass along the existing Airbnb set up to the next owner! House has been well maintained with meaningful improvements over the last couple years. Septic replaced and pumped 2021. Newer windows 2018. Roof 2016. Siding 2017.

25. 2023-06-22
    listed $298,000 Active 1133-char remark

    Show marketing remark (1133 chars)

    Whether you are seeking a starter home, a weekend retreat or a smart investment property, look no further! Picturesque Lake Peekskill is less than two blocks away. Endless lake amenities, including boating, fishing, swimming, ice skating in the winter or access to any one of the private beaches. Back at the house, sit around the fire pit or get a game of cornhole going in the spacious backyard. Perfect for entertaining, add a grill, dining set and lounge area as desired and it will all come together. There are two well-proportioned bedrooms and a full bath that compliment the rest of the main living space. The enclosed sunroom is not included in the total square footage but adds a nice indoor/outdoor flare. House primed for year-round occupancy, long/short-term rental property, weekend getaway or Airbnb. Seller grossed over $22k with modest rental use on Airbnb over the past year. Seller willing to pass along the existing Airbnb set up to the next owner! House has been well maintained with meaningful improvements over the last couple years. Septic replaced and pumped 2021. Newer windows 2018. Roof 2016. Siding 2017.

26. 2023-06-20
    historical $298,000 1133-char remark

    Show marketing remark (1133 chars)

    Whether you are seeking a starter home, a weekend retreat or a smart investment property, look no further! Picturesque Lake Peekskill is less than two blocks away. Endless lake amenities, including boating, fishing, swimming, ice skating in the winter or access to any one of the private beaches. Back at the house, sit around the fire pit or get a game of cornhole going in the spacious backyard. Perfect for entertaining, add a grill, dining set and lounge area as desired and it will all come together. There are two well-proportioned bedrooms and a full bath that compliment the rest of the main living space. The enclosed sunroom is not included in the total square footage but adds a nice indoor/outdoor flare. House primed for year-round occupancy, long/short-term rental property, weekend getaway or Airbnb. Seller grossed over $22k with modest rental use on Airbnb over the past year. Seller willing to pass along the existing Airbnb set up to the next owner! House has been well maintained with meaningful improvements over the last couple years. Septic replaced and pumped 2021. Newer windows 2018. Roof 2016. Siding 2017.

27. 2021-10-12
    soldstatus $241,500
28. 2021-09-23
    soldstatus $244,500 Closed
29. 2021-07-27
    status Pending
30. 2021-05-27
    status Active
31. 2021-01-28
    historical
32. 2020-10-19
    listed $250,000 Active
33. 1984-11-01
    soldstatus $25,000

ⓘ 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: $9,533 · $794/mo
• Projected year-2 tax: $9,533 · $794/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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,800
• − Mortgage interest: −$16,749
• − Property taxes: −$9,533
• − Insurance: −$1,495
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$8,698
• Taxable loss: −$17,323
• Est. tax savings @ 24.0%: +$4,158
• After-tax cash flow: $-7,674/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: Putnam Valley Central School District
• NCES district ID: 3624000
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 71% ▲ 6.00%
• Median HH income: $94,086
• Composite: 65.26/100
• National rank: #491
• State rank: #91 of 590 in NY

Livability — Lake Mohegan

• Score: 71/100
• State rank: #417
• US rank: #7240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,361
• Population (ZIP): 2,418

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 17% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 9%
• Common ancestry: Romanian 5% Russian 1% Iranian 1%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 85% English-only · Spanish 15% German/W. Germanic 1%

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: ▲ 16.08%
• Current HPI: 295.284
• 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

+1096.0% since first listed

18 events — show timeline

• 2026-05-15 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $315,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-26 Listed $319,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-25 Coming Soon $319,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-06 Rental Removed $2,900 ONEKEY
• 2024-11-04 Listed for Rent $2,900 ONEKEY
• 2023-10-30 Sold (Public Records) $305,000 Public Records
• 2023-10-04 Sold (MLS) $305,000 OneKey® MLS as Distributed by MLS Grid
• 2023-07-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-06-22 Listed $298,000 OneKey® MLS as Distributed by MLS Grid
• 2023-06-20 Coming Soon $298,000 OneKey® MLS as Distributed by MLS Grid
• 2021-10-12 Sold (Public Records) $241,500 Public Records
• 2021-09-23 Sold (MLS) $244,500 OneKey® MLS as Distributed by MLS Grid
• 2021-07-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-05-27 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-01-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-10-19 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 1984-11-01 Sold (Public Records) $25,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $9,533 · +3.2% YoY. Source: county tax records.