621 County Route 22 · Preston-Potter Hollow, NY 12422

$279,000

5 bd · 4.0 ba · 3,515 sqft · MultiFamily · 19 Days on market

Built 1950 Fair condition 0.65 ac lot ↓ 7% since listing

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

621 County Route 22, Durham, NY Multi-family property consisting of four residential units, including a mix of studio to two-bedroom layouts. With the possibility of a 5th Unit. The property has an established rental history and 3 out of the 4 units are currently occupied, providing immediate income potential. The building is situated on a spacious lot and requires repairs and updates, offering an opportunity to improve value and increase rental performance over time. Each unit features a distinct layout and room for improvement. Located in the center of Durham with access to local amenities and destinations. This property presents potential for investors seeking income-producing real es

Key facts

• Spacious lot
• 0.65 acre lot
• Built 1950

Tags

• MULTI-FAMILY PROPERTY
• ESTABLISHED RENTAL HISTORY
• IMMEDIATE INCOME POTENTIAL
• SPACIOUS LOT
• ACCESS TO LOCAL AMENITIES

Property features AI

Finance

• Other: Call listing agent for additional equipment details
• Financial info: Residential income / multi-family property
• HOA & community: Sidewalks in the community

Exterior

• Parking: Driveway with shared driveway access
• Utilities: Private well water; Septic tank; Electricity available and connected; Cable available; Water connected; DC well pump (see listing agent)
• Home design: Multi-family residential income property; Two levels; Flat roof
• Construction: Multi-family construction; No foundation details listed
• Exterior features: Private yard; Partial fencing; Sloped lot with gentle slope and backyard; Paved road frontage on a county road; Views

Interior

• Flooring: Varies
• Heating & cooling: Heating available; includes pellet stove (varies by unit); Cooling available; includes wall units (varies by unit)
• Interior features: Natural woodwork; Open floorplan; One fireplace with pellet stove
• Laundry & utility: Laundry area (details vary by unit)

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $279k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.1% in Preston-Potter Hollow — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Cairo-Durham Central School District (rural): math 41% / reading 48% proficiency, ranked #470 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 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 $15k of equity ($2k loan paydown + $13k appreciation (4.8% 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 (4.8% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $274,815 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.65%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.5%
• Equity multiple: 2.82×
• Total profit: $141,957
• Equity at exit: $153,969

10-year hold

• IRR: 28.4%
• Equity multiple: 5.62×
• Total profit: $360,755
• Equity at exit: $262,371

Cash invested: $78,120 (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 12422

• Home prices YoY: 2.5%
• Active inventory: 9
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $4,060 medium
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$853
• Net cashflow: $1,279

Break-even live

Break-even rent $2,441

Max offer price $279,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$922
▸ 3× units	2	1	$3,138
Total (4 units)			$4,060

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $279,000 Active 19 DOM
2. 2026-06-17
   days on market $279,000 Active 18 DOM
3. 2026-06-16
   days on market $279,000 Active 17 DOM
4. 2026-06-15
   days on market $279,000 Active 16 DOM
5. 2026-06-14
   days on market $279,000 Active 14 DOM
6. 2026-06-10
   days on market $279,000 Active 11 DOM
7. 2026-06-09
   days on market $279,000 Active 10 DOM
8. 2026-06-08
   days on market $279,000 Active 9 DOM
9. 2026-06-07
   days on market $279,000 Active 8 DOM
10. 2026-06-05
    days on market $279,000 Active 5 DOM
11. 2026-06-03
    days on market $279,000 Active 4 DOM
12. 2026-06-02
    days on market $279,000 Active 3 DOM
13. 2026-06-01
    days on market $279,000 Active 2 DOM
14. 2026-05-31
    remarks 699-char remark
15. 2026-05-31
    listed $279,000 Active 1 DOM

ⓘ 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: $48,720
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,898
• − Management: −$3,898
• − Depreciation: −$8,116
• Taxable income: $11,600
• Est. tax owed @ 24.0%: −$2,784
• After-tax cash flow: $12,568/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 · 5 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and updates to its exterior and landscaping, which could significantly increase its resale and rental value.

Repairs flagged

• Moderate siding — Weathered and discolored
• Moderate exterior paint — Needs touch-up

Value-add opportunities

• Both Painting and repainting the exterior — Enhances curb appeal and value
• Both Landscaping and trimming — Improves curb appeal and rental value
• Both Interior updates — Enhances living space and rental potential

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Weathered and discolored	Moderate	$3,000–15,000
exterior paint · Needs touch-up	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Painting and repainting the exterior — Enhances curb appeal and value ↑
• Both Landscaping and trimming — Improves curb appeal and rental value ↑
• Both Interior updates — Enhances living space and rental potential ↑

ⓘ 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: Cairo-Durham Central School District
• NCES district ID: 3606160
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 48% ▲ 8.00%
• Median HH income: $46,192
• Composite: 37.84/100
• National rank: #4330
• State rank: #470 of 590 in NY

Livability — Preston-Potter Hollow

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• City population: 842
• Population (ZIP): 469

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 (96%)
• Race & ethnicity: White 96% Asian 4%
• Common ancestry: Slovak 8% Iranian 4%
• Foreign-born: 9% · Canada

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: ▲ 4.76%
• Current HPI: 197.4051
• 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

-7.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $279,000 HVCRMLS
• 2024-07-09 Listed $299,999 HVCRMLS