74 E Thompson Pl · Smallwood, NY 12778

$124,900

2 bd · 1.0 ba · 780 sqft · SingleFamily · 38 Days on market

Built 1940 Fair condition 7,501 sqft lot $160/sqft · 42% below area Est $214k · 42% under ↓ 4% since listing

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Why this score? — see what drove the B 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Appreciation +5.0/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0

Listing remarks

Motivated seller!! Sweet Smallwood 3 season cottage is now on the market. Considerable eat in kitchen has plenty of cabinets, gas stove and ample countertop space for large family meals. Plenty of social gathering space in the living room and a newly added spectacular family room perfect for movie nights with gorgeous, warming, propane fireplace. Step out onto wrap around deck for sunrise coffee or sunset cocktails. Grassy knoll can be fenced to create a private outdoor firepit lounge. Newer windows, wood floors and roof that is 8 years old. Be part of the Smallwood lake community with a sandy beach, non-motor boating, fishing, outdoor sports court, walking trails near the waterfall, outdoo

Key facts

• Wood floors
• Eat in kitchen
• Wrap around deck

Tags

• EAT IN KITCHEN
• GAS STOVE
• WRAP AROUND DECK
• PRIVATE OUTDOOR FIREPIT LOUNGE
• NEWER WINDOWS
• WOOD FLOORS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electric service by NYSEG; Cesspool sewer; Private trash collection
• Home design: Single family residence; One story
• Construction: Frame and vinyl siding construction; Crawl space foundation
• Exterior features: Vinyl siding; Frame construction; Shed(s) on property; Sloped lot

Interior

• Kitchen: Refrigerator; Electric water heater
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Wall/window air conditioning; See remarks regarding heating
• Interior features: Ceiling fan(s); Eat-in kitchen; Has fireplace (1)
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.8% in Smallwood — 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 54/100 on livability (#1,148 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A, cost of living B; Watch: amenities F, commute F, employment 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: Kenneth L Rutherford School (math 12% / reading 20%, grade F, #2,020 of 2,108 statewide, top 96%, 492 students, 81% 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 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% 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 (3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.20% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $214,236
• List price: $124,900
• Delta: -41.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
53 Walnut St E	0.00mi	3/1.0 (+1)	780 (0%)	12mo	$241,000	$309	85
74 W Read Ave	0.00mi	2/2.0	828 (+6%)	6mo	$169,000	$204	81
26 E Tusten	0.31mi	2/1.0	820 (+5%)	8mo	$107,500	$131	71
91 W Oak St	0.00mi	3/1.0 (+1)	676 (-13%)	9mo	$230,000	$340	65
23 W James Ave	0.40mi	2/1.0	735 (-6%)	10mo	$120,000	$163	64
60 Seminole Trl	0.30mi	2/1.0	704 (-10%)	13mo	$120,888	$172	58
9 W Mitchell St	0.46mi	1/1.0 (-1)	822 (+5%)	10mo	$170,000	$207	56
13 Mohawk Trl	0.42mi	3/1.5 (+1)	746 (-4%)	13mo	$250,000	$335	55
51 E Oak St	0.71mi	2/1.0	806 (+3%)	9mo	$169,450	$210	54
112 E Thompson Pl	0.66mi	2/1.0	840 (+8%)	5mo	$275,000	$327	52
39 E James Ave	0.65mi	3/2.0 (+1)	829 (+6%)	2mo	$265,000	$320	48
28 E Sullivan Pl	0.66mi	2/1.0	700 (-10%)	10mo	$145,000	$207	44

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: 17.8%
• Equity multiple: 2.02×
• Total profit: $35,567
• Equity at exit: $56,160

10-year hold

• IRR: 19.3%
• Equity multiple: 3.80×
• Total profit: $97,938
• Equity at exit: $86,550

Cash invested: $34,972 (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 12778

• Active inventory: 31
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $322

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 74%

Sensitivity live

Price	-10% $408	-5% $365	+0% $322	+5% $279	+10% $236
Rent	-10% $203	-5% $263	+0% $322	+5% $381	+10% $440
Rate	-1.0pp $385	-0.5pp $354	base $322	+0.5pp $289	+1.0pp $257

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 E Mitchell Smallwood, NY	2.0	1.0	570	$1,500	$2.63	19d	1	0.35mi

Listing history 22 events

1. 2026-06-18
   days on market $124,900 Active 38 DOM
2. 2026-06-17
   days on market $124,900 Active 37 DOM
3. 2026-06-16
   days on market $124,900 Active 36 DOM
4. 2026-06-15
   days on market $124,900 Active 35 DOM
5. 2026-06-14
   days on market $124,900 Active 33 DOM
6. 2026-06-10
   days on market $124,900 Active 30 DOM
7. 2026-06-09
   days on market $124,900 Active 29 DOM
8. 2026-06-08
   days on market $124,900 Active 28 DOM
9. 2026-06-07
   days on market $124,900 Active 27 DOM
10. 2026-06-03
    days on market $124,900 Active 23 DOM
11. 2026-06-02
    days on market $124,900 Active 22 DOM
12. 2026-06-01
    days on market $124,900 Active 21 DOM
13. 2026-05-31
    days on market $124,900 Active 20 DOM
14. 2026-05-31
    days on market $124,900 Active 19 DOM
15. 2026-05-11
    listed $124,900 Active 1062-char remark
16. 2025-10-18
    historical
17. 2025-09-05
    price $124,400
18. 2025-08-19
    price $124,500
19. 2025-04-17
    listed $129,000 Active
20. 2024-12-18
    historical
21. 2024-06-17
    listed $129,900 Active
22. 2023-10-04
    listed $129,900 Active

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

Taxation est. · year 1

• Rental income: $18,000
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$3,633
• Taxable income: $1,992
• Est. tax owed @ 24.0%: −$478
• After-tax cash flow: $3,384/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 Moderate rehab

The home requires moderate renovations to update the kitchen and improve the overall appearance. The property has a good roof and exterior, but the interior needs significant updates to increase its value.

Repairs flagged

• Major kitchen cabinets — outdated and in poor condition
• Major kitchen countertops — dated and in poor condition
• Major kitchen appliances — outdated and in poor condition
• Major kitchen flooring — dated and in poor condition
• Major kitchen walls — dated wallpaper and in poor condition

Value-add opportunities

• Resale new kitchen appliances — modern appliances will attract more buyers
• Resale new kitchen cabinets and countertops — new cabinets and countertops will improve the kitchen's functionality and appearance
• Resale new flooring in kitchen — new flooring will improve the kitchen's appearance and functionality
• Resale new kitchen walls — new walls will improve the kitchen's appearance and functionality
• Both landscaping and curb appeal — improved landscaping and curb appeal will attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and in poor condition	Major	$15,000–50,000
kitchen countertops · dated and in poor condition	Major	$15,000–50,000
kitchen appliances · outdated and in poor condition	Major	$15,000–50,000
kitchen flooring · dated and in poor condition	Major	$15,000–50,000
kitchen walls · dated wallpaper and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale new kitchen appliances — modern appliances will attract more buyers ↑
• Resale new kitchen cabinets and countertops — new cabinets and countertops will improve the kitchen's functionality and appearance ↑
• Resale new flooring in kitchen — new flooring will improve the kitchen's appearance and functionality ↑
• Resale new kitchen walls — new walls will improve the kitchen's appearance and functionality ↑
• Both landscaping and curb appeal — improved landscaping and curb appeal will attract more buyers and renters ↑

ⓘ 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: 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 — Smallwood

• Score: 54/100
• State rank: #1148
• US rank: #23933

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Smallwood, NY
• City population: 456
• Population (ZIP): 456

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: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Scotch-Irish 35% Romanian 19% Portuguese 11%
• Foreign-born: 28%
• Languages at home: 83% English-only · Russian/Polish/Slavic 17%

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: —
• Current HPI: —
• 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

-3.8% since first listed

8 events — show timeline

• 2026-05-11 Listed $124,900 OneKey® MLS as Distributed by MLS Grid
• 2025-10-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-05 Price Changed $124,400 OneKey® MLS as Distributed by MLS Grid
• 2025-08-19 Price Changed $124,500 OneKey® MLS as Distributed by MLS Grid
• 2025-04-17 Listed $129,000 OneKey® MLS as Distributed by MLS Grid
• 2024-12-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-06-17 Listed $129,900 OneKey® MLS as Distributed by MLS Grid
• 2023-10-04 Listed $129,900 OneKey® MLS as Distributed by MLS Grid