23 Myrtle Ave · Pine Plains, NY 12567

$829,000

4 bd · 2.5 ba · 2,425 sqft · SingleFamily · 13 Days on market

Built 1865 Good condition 0.91 ac lot $342/sqft · 72% above area

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Why this score? — see what drove the A- 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

UNIQUE OPPORTUNITY TO LIVE AND WORK IN A CHARMING 1865 VILLAGE COLONIAL WITH A ONE BR APT TO DERIVE SOME INCOME AND HAVE A STUDIO/BARN/WORKSHOP TO OPERATE A HOME OCCUPATION FROM. MAIN HOUSE HAS 3 BR, OFFICE & LARGE SUNNY EAT-IN KITCHEN OVERLOOKING A PRIVATE LANDSCAPED YARD. LOVELY WIDEBOARD FLOORS & ORIGINAL MOLDINGS. LOCATED IN THE QUAINT VILLAGE OF PINE PLAINS WHERE YOU CAN WALK TO STORES, LIBRARY & RESTAURANTS. ACCESS TO STISSING LAKE RECREATIONAL AREA.,EQUIPMENT:Smoke Detectors,Water Filter,Level 1 Desc:LR, KIT, OFC, 1/2 BA, LIB. APT W/OPEN LR-KIT,Level 2 Desc:3 BR, 1 BA. APT-BR, BA,Heating:Zoned,Basement:Interior Access,AboveGrade:2432,ExteriorFeatures:Landscaped,Outside Lighting,Storm Doors,FOUNDATION:Stone,ROOF:Metal,InteriorFeatures:Electric Dryer Connection,Gas Stove Connection,Washer Connection,FLOORING:Wide Board,Tile,Wood Additional Information: Amenities:Tennis,

Key facts

• Bluestone patio
• Japanese maple tree
• Gourmet kitchen

Tags

• GOURMET KITCHEN
• BUTCHER BLOCK KITCHENETTE
• PRIVATE YARD
• BLUESTONE PATIO
• FLOWERING FRUIT TREES
• JAPANESE MAPLE TREE

Property features AI

Exterior

• Parking: Garage (1 car); Driveway; Gravel parking on site
• Utilities: Public water; Septic tank; Electric service: 100 Amp or 200+ Amp
• Home design: Residential single-family residence; Approximately 2,425 above-grade finished square feet; Stone foundation
• Construction: Asphalt and metal roof
• Exterior features: Garden; Private yard; Front porch; Rear porch; Patio; Outbuilding; Second residence on property; Shed(s); Workshop; Has view; Landscaped grounds; Many trees; Native plants; Rectangular lot

Interior

• Kitchen: Dishwasher; ENERGY STAR qualified dishwasher; Free-standing gas range; Free-standing refrigerator; ENERGY STAR qualified refrigerator; Stainless steel appliances; Stone counters; Pantry; Eat-in kitchen
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Baseboard heating; Oil-fired heating
• Interior features: Bookcases; Double vanity; Eat-in kitchen; In-law floorplan; Natural woodwork; Pantry; Stone counters; Has fireplace (wood burning, free-standing, located in kitchen)
• Laundry & utility: Washer and dryer; ENERGY STAR qualified washer; ENERGY STAR qualified dryer; ENERGY STAR qualified water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $829k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $829k).
• Cap rate 11.7% vs local median 2.6% in Pine Plains — 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 64/100 on livability (#746 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: cost of living D+, amenities F, commute F.
• Pine Plains Central School District (rural): math 55% / reading 50% proficiency, ranked #372 of 755 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).

Forward outlook

• In year one you build about $89k of equity ($6k loan paydown + $83k appreciation (10.0% local appreciation)).
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $232k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$142k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $311k; list at $829k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1865 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $829,000

Questions for the listing agent

1. Built in 1865 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.45% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.39%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $483,359
• List price: $829,000
• Delta: 71.51%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5-7 Myrtle Ave	0.11mi	4/2.0	2,605 (+7%)	9mo	$537,500	$206	73
34 Myrtle Ave	0.04mi	5/2.5 (+1)	2,100 (-13%)	5mo	$270,000	$129	66
3088 Church St	0.27mi	3/2.0 (-1)	2,328 (-4%)	15mo	$307,500	$132	61
2365 Route 83	0.69mi	5/2.5 (+1)	2,413 (-0%)	8mo	$850,000	$352	55
2854 Church St	0.54mi	3/2.0 (-1)	2,208 (-9%)	14mo	$810,000	$367	41

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: 38.7%
• Equity multiple: 3.98×
• Total profit: $690,578
• Equity at exit: $746,829

10-year hold

• IRR: 33.4%
• Equity multiple: 8.95×
• Total profit: $1,846,127
• Equity at exit: $1,610,565

Cash invested: $232,120 (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 12567

• Home prices YoY: 18.7%
• Active inventory: 39
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $12,000 medium
• Mortgage (P&I): −$4,347
• Tax est. 1.5%: −$1,036 /mo · $12,435/yr
• Insurance: −$345
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,520
• Net cashflow: $3,751

Break-even live

Break-even rent $7,252

Max offer price $829,000

Occupancy floor 64%

Sensitivity live

Price	-10% $4,324	-5% $4,037	+0% $3,751	+5% $3,465	+10% $3,178
Rent	-10% $2,803	-5% $3,277	+0% $3,751	+5% $4,225	+10% $4,699
Rate	-1.0pp $4,168	-0.5pp $3,962	base $3,751	+0.5pp $3,536	+1.0pp $3,318

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: $207,250
• Closing costs: $24,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
231 Lake Rd Pine Plains, NY	4.0	4.0	3029	$12,000	$3.96	24d	1	1.18mi

Listing history 4 events

1. 2026-05-14
   status Pending 2779-char remark
2. 2026-04-29
   listed $829,000 Active 2779-char remark
3. 2012-09-11
   soldstatus $311,000 900-char remark

   Show marketing remark (900 chars)

   UNIQUE OPPORTUNITY TO LIVE AND WORK IN A CHARMING 1865 VILLAGE COLONIAL WITH A ONE BR APT TO DERIVE SOME INCOME AND HAVE A STUDIO/BARN/WORKSHOP TO OPERATE A HOME OCCUPATION FROM. MAIN HOUSE HAS 3 BR, OFFICE & LARGE SUNNY EAT-IN KITCHEN OVERLOOKING A PRIVATE LANDSCAPED YARD. LOVELY WIDEBOARD FLOORS & ORIGINAL MOLDINGS. LOCATED IN THE QUAINT VILLAGE OF PINE PLAINS WHERE YOU CAN WALK TO STORES, LIBRARY & RESTAURANTS. ACCESS TO STISSING LAKE RECREATIONAL AREA.,EQUIPMENT:Smoke Detectors,Water Filter,Level 1 Desc:LR, KIT, OFC, 1/2 BA, LIB. APT W/OPEN LR-KIT,Level 2 Desc:3 BR, 1 BA. APT-BR, BA,Heating:Zoned,Basement:Interior Access,AboveGrade:2432,ExteriorFeatures:Landscaped,Outside Lighting,Storm Doors,FOUNDATION:Stone,ROOF:Metal,InteriorFeatures:Electric Dryer Connection,Gas Stove Connection,Washer Connection,FLOORING:Wide Board,Tile,Wood Additional Information: Amenities:Tennis,

4. 2012-04-30
   listed $335,000 900-char remark

   Show marketing remark (900 chars)

   UNIQUE OPPORTUNITY TO LIVE AND WORK IN A CHARMING 1865 VILLAGE COLONIAL WITH A ONE BR APT TO DERIVE SOME INCOME AND HAVE A STUDIO/BARN/WORKSHOP TO OPERATE A HOME OCCUPATION FROM. MAIN HOUSE HAS 3 BR, OFFICE & LARGE SUNNY EAT-IN KITCHEN OVERLOOKING A PRIVATE LANDSCAPED YARD. LOVELY WIDEBOARD FLOORS & ORIGINAL MOLDINGS. LOCATED IN THE QUAINT VILLAGE OF PINE PLAINS WHERE YOU CAN WALK TO STORES, LIBRARY & RESTAURANTS. ACCESS TO STISSING LAKE RECREATIONAL AREA.,EQUIPMENT:Smoke Detectors,Water Filter,Level 1 Desc:LR, KIT, OFC, 1/2 BA, LIB. APT W/OPEN LR-KIT,Level 2 Desc:3 BR, 1 BA. APT-BR, BA,Heating:Zoned,Basement:Interior Access,AboveGrade:2432,ExteriorFeatures:Landscaped,Outside Lighting,Storm Doors,FOUNDATION:Stone,ROOF:Metal,InteriorFeatures:Electric Dryer Connection,Gas Stove Connection,Washer Connection,FLOORING:Wide Board,Tile,Wood Additional Information: Amenities:Tennis,

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $144,000
• − Mortgage interest: −$46,437
• − Property taxes: −$12,435
• − Insurance: −$4,145
• − Repairs & maintenance: −$11,520
• − Management: −$11,520
• − Depreciation: −$24,116
• Taxable income: $33,827
• Est. tax owed @ 24.0%: −$8,118
• After-tax cash flow: $36,893/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

Good 75/100 Cosmetic rehab

This charming 1865 village colonial offers a perfect blend of historic charm and modern updates, with a well-maintained exterior and interior. The property is move-in ready and ready for a fresh coat of paint to enhance its curb appeal.

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Rental trim bushes — improves property maintenance

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Rental trim bushes — improves property maintenance ↑

ⓘ 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: Pine Plains Central School District
• NCES district ID: 3623040
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $66,189
• Composite: 48.33/100
• National rank: #4688
• State rank: #372 of 755 in NY

Livability — Pine Plains

• Score: 64/100
• State rank: #746
• US rank: #14240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Plains, NY
• City population: 2,498
• Population (ZIP): 2,498

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 7% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.77%
• Current HPI: 322.2342
• 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

+147.5% since first listed

4 events — show timeline

• 2026-05-14 Pending — HVCRMLS
• 2026-04-29 Listed $829,000 HVCRMLS
• 2012-09-11 Sold (MLS) $311,000 OneKey® MLS as Distributed by MLS Grid
• 2012-04-30 Listed $335,000 OneKey® MLS as Distributed by MLS Grid