10820 Nys Route 9N · Wilmington, NY 12942

$550,000

4 bd · 4.0 ba · 1,596 sqft · MultiFamily public records · 183 Days on market

Built 2012 0.90 ac lot $345/sqft · 27% above area Est $741k · 26% under ↓ 3% since listing

---

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 +15.0/15.0
• Appreciation +8.5/10.0
• Schools +6.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

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

Tucked away in the heart of the Adirondacks, this exceptional mountain retreat offers the perfect balance of comfort, craftsmanship, and year-round adventure. Step onto the wrap-around cedar deck and take in breathtaking mountain views that set the tone for this truly special home. Inside, you'll find warm redwood trim, in-floor radiant heat throughout, and a cozy 18,000 BTU ventless fireplace, in the living room, ideal for relaxing after a day outdoors. The main level offers an open concept floor plan with stainless steel appliances and a gas stove in the kitchen. Sliding glass doors and large bright windows remind you where you of the natural beauty that surrounds you. The main-level bedrooms feature an air purifier and heat-recovery system for enhanced comfort and efficiency, hardwood floors and a shared full bathroom. Laundry and a half bath for convenience round out this level. Upstairs you'll find the loft area, showcasing hockey-rink glass for safety and a unique architectural touch. The primary suite is thoughtfully designed with contemporary closet space with plenty of storage, partially finished ensuite bathroom and incredible views! The walk-out basement expands the living space and is perfectly suited for an in-law suite or guest quarters. Like the main level, this features radiant in-floor heat—an ideal spot to unload ski gear and warm up after hitting the slopes. It offers a fully functional kitchen, a fourth bedroom, a full bathroom, and an additional office or bonus room. Guests will love the insulated bonus cabin, complete with a wood stove for cozy stays year-round. Ideally located just 15 minutes from Whiteface Mountain, 20 minutes to Lake Placid, and 30 minutes to Lake Champlain, this home places you near world-class skiing, High Peaks hiking, fishing, and cross-country skiing. This Keene gem delivers relaxation, adventure, and natural beauty in every season.

Key facts

• Ventless fireplace
• 0.9 acre lot
• Built 2012

Tags

• WRAP-AROUND CEDAR DECK
• BREATHTAKING MOUNTAIN VIEWS
• IN-FLOOR RADIANT HEAT
• VENTLESS FIREPLACE
• OPEN CONCEPT FLOOR PLAN
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $-3k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (66.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (68.3% below list).
• Recommended offer: $175k (68.3% below list) — sets the bar for 1% rule.
• Cap rate 0.8% vs local median 1.1% in Wilmington — 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 61/100 on livability (#935 in NY) — a middle-class / working-renter tenant base. Strengths: housing A, employment A-; Watch: crime D+, schools F, amenities F.
• Keene Central School District (rural): math 70% / reading 75% proficiency, ranked #153 of 755 in NY (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 27 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($4k loan paydown + $39k appreciation (7.1% local appreciation)).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($484k) is reasonable based on typical stale-listing flexibility.

Recommended offer $174,509 (68.3% 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 183 days. Have you received any prior offers? Is the seller open to a 68% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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. 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.
9. 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.
10. 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: 0.32% ✗
• Cap rate: 0.81%
• Cash-on-cash: -19.59%
• DSCR: 0.13
• GRM: 26.3

CMA / ARV

• ARV (median comp): $740,825
• List price: $550,000
• Delta: -25.76%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

7.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $33,857
• Equity at exit: $383,124

10-year hold

• IRR: 6.0%
• Equity multiple: 2.42×
• Total profit: $218,217
• Equity at exit: $729,570

Cash invested: $154,000 (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 12942

• Home prices YoY: 1.8%
• Active inventory: 27
• Price-to-rent: 26.3×

Monthly cashflow live

• Estimated rent: $1,745 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$780 /mo · $9,357/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-2,515

Break-even live

Break-even rent $4,928

Max offer price $187,136

Occupancy floor —

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $550,000 Active 183 DOM
2. 2026-06-17
   days on market $550,000 Active 182 DOM
3. 2026-06-16
   days on market $550,000 Active 181 DOM
4. 2026-06-15
   days on market $550,000 Active 180 DOM
5. 2026-06-13
   days on market $550,000 Active 178 DOM
6. 2026-06-12
   days on market $550,000 Active 177 DOM
7. 2026-06-09
   days on market $550,000 Active 174 DOM
8. 2026-06-08
   days on market $550,000 Active 173 DOM
9. 2026-06-07
   pricedays on market $550,000 Active 172 DOM
10. 2026-06-05
    days on market $575,000 Active 170 DOM
11. 2026-06-04
    days on market $575,000 Active 168 DOM
12. 2026-06-02
    days on market $575,000 Active 167 DOM
13. 2026-06-01
    days on market $575,000 Active 166 DOM
14. 2026-05-31
    days on market $575,000 Active 165 DOM
15. 2026-02-24
    price $575,000 1919-char remark

    Show marketing remark (1919 chars)

    Tucked away in the heart of the Adirondacks, this exceptional mountain retreat offers the perfect balance of comfort, craftsmanship, and year-round adventure. Step onto the wrap-around cedar deck and take in breathtaking mountain views that set the tone for this truly special home. Inside, you'll find warm redwood trim, in-floor radiant heat throughout, and a cozy 18,000 BTU ventless fireplace, in the living room, ideal for relaxing after a day outdoors. The main level offers an open concept floor plan with stainless steel appliances and a gas stove in the kitchen. Sliding glass doors and large bright windows remind you where you of the natural beauty that surrounds you. The main-level bedrooms feature an air purifier and heat-recovery system for enhanced comfort and efficiency, hardwood floors and a shared full bathroom. Laundry and a half bath for convenience round out this level. Upstairs you'll find the loft area, showcasing hockey-rink glass for safety and a unique architectural touch. The primary suite is thoughtfully designed with contemporary closet space with plenty of storage, partially finished ensuite bathroom and incredible views! The walk-out basement expands the living space and is perfectly suited for an in-law suite or guest quarters. Like the main level, this features radiant in-floor heat—an ideal spot to unload ski gear and warm up after hitting the slopes. It offers a fully functional kitchen, a fourth bedroom, a full bathroom, and an additional office or bonus room. Guests will love the insulated bonus cabin, complete with a wood stove for cozy stays year-round. Ideally located just 15 minutes from Whiteface Mountain, 20 minutes to Lake Placid, and 30 minutes to Lake Champlain, this home places you near world-class skiing, High Peaks hiking, fishing, and cross-country skiing. This Keene gem delivers relaxation, adventure, and natural beauty in every season.

16. 2025-12-17
    listed $595,000 Active 1919-char remark

    Show marketing remark (1919 chars)

    Tucked away in the heart of the Adirondacks, this exceptional mountain retreat offers the perfect balance of comfort, craftsmanship, and year-round adventure. Step onto the wrap-around cedar deck and take in breathtaking mountain views that set the tone for this truly special home. Inside, you'll find warm redwood trim, in-floor radiant heat throughout, and a cozy 18,000 BTU ventless fireplace, in the living room, ideal for relaxing after a day outdoors. The main level offers an open concept floor plan with stainless steel appliances and a gas stove in the kitchen. Sliding glass doors and large bright windows remind you where you of the natural beauty that surrounds you. The main-level bedrooms feature an air purifier and heat-recovery system for enhanced comfort and efficiency, hardwood floors and a shared full bathroom. Laundry and a half bath for convenience round out this level. Upstairs you'll find the loft area, showcasing hockey-rink glass for safety and a unique architectural touch. The primary suite is thoughtfully designed with contemporary closet space with plenty of storage, partially finished ensuite bathroom and incredible views! The walk-out basement expands the living space and is perfectly suited for an in-law suite or guest quarters. Like the main level, this features radiant in-floor heat—an ideal spot to unload ski gear and warm up after hitting the slopes. It offers a fully functional kitchen, a fourth bedroom, a full bathroom, and an additional office or bonus room. Guests will love the insulated bonus cabin, complete with a wood stove for cozy stays year-round. Ideally located just 15 minutes from Whiteface Mountain, 20 minutes to Lake Placid, and 30 minutes to Lake Champlain, this home places you near world-class skiing, High Peaks hiking, fishing, and cross-country skiing. This Keene gem delivers relaxation, adventure, and natural beauty in every season.

ⓘ 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: $9,357 · $780/mo
• Projected year-2 tax: $9,357 · $780/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,941
• − Mortgage interest: −$30,809
• − Property taxes: −$9,357
• − Insurance: −$2,750
• − Repairs & maintenance: −$1,675
• − Management: −$1,675
• − Depreciation: −$16,000
• Taxable loss: −$41,325
• Est. tax savings @ 24.0%: +$9,918
• After-tax cash flow: $-20,257/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: Keene Central School District
• NCES district ID: 3616140
• Math proficiency: 70% ▬ 0.00%
• Reading proficiency: 75% ▲ 5.00%
• Median HH income: $49,765
• Composite: 62.51/100
• National rank: #1404
• State rank: #153 of 755 in NY

Livability — Wilmington

• Score: 61/100
• State rank: #935
• US rank: #18181

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 462

Population outlook (Essex County) Hauer SSP2

• Today (2025): 36,758 people
• By 2030: 35,697 · -2.9%
• By 2040: 32,697 · -11.0%
• By 2050: 29,248 · -20.4%
• By 2075: 22,641 · -38.4%
• By 2100: 16,602 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Asian 2%
• Common ancestry: Lithuanian 12% Portuguese 8% Slovak 8%
• Foreign-born: 5% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Essex

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -12.8pp toward R · 2008: 13.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+5.0 2016: R+3.4 2012: D+15.0 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.06%
• Current HPI: 405.3365
• 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

-3.4% since first listed

2 events — show timeline

• 2026-02-24 Price Changed $575,000 ACVMLS
• 2025-12-17 Listed $595,000 ACVMLS

Property tax history

+9.1%/yr

Latest (2025): $9,357 · +30.2% YoY. Source: county tax records.