205 County Highway 3 · Margaretville, NY 12455

$399,000

3 bd · 1.5 ba · 1,534 sqft · SingleFamily public records · 82 Days on market

Built 1923 1.24 ac lot $260/sqft · 27% below area Est $550k · 27% under

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Why this score? — see what drove the C- 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
• Cash flow +13.7/30.0
• Appreciation +7.2/10.0
• DSCR +4.1/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Dunraven — a beautifully preserved c. 1923 American Craftsman — now rests along the tranquil eastern inlet of the Pepacton Reservoir, in the heart of the Catskills. Originally located in the lost hamlet of Arena, this 1.24-acre property is surrounded by thousands of acres of protected “forever wild” NYC land, with direct access to pristine wilderness, including hiking, fishing, and kayaking. The Plattekill and Eastern Branches of the Delaware River converge just beyond the property. The 1,534 sq ft home offers 4 bedrooms and 2 baths, including a first-floor bedroom and bath. Period details include original woodwork, built-in bookcases, a window seat, wide plank flooring, and some original Arts and Crafts light fixtures. The updated kitchen features KitchenAid stainless appliances, electric cooktop and oven, and a clever walk-in pantry in classic Craftsman style. A gas stove warms the open-concept living area, while new state-of-the-art Pella windows invite in natural light. Enjoy a large covered front porch with tapered columns, a walk-out lower level with potential for studio or office space, and a rear canopy for outdoor entertaining. New Trex decking (2021). Located between the charming towns of Andes and Margaretville — just 2.5 hours from the GWB — Dunraven is a timeless retreat where history, craftsmanship, and nature meet.

Key facts

• Built-in bookcases
• Window seat
• Original woodwork

Tags

• PROTECTED FOREVER WILD LAND
• DIRECT ACCESS TO WILDERNESS
• HIKING FISHING KAYAKING
• ORIGINAL WOODWORK
• BUILT-IN BOOKCASES
• WINDOW SEAT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $26 ($307/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (19.7% below list).
• Recommended offer: $320k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.2% in Margaretville — 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 65/100 on livability (#711 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A, cost of living A-; Watch: employment D, schools F, crime F.
• Margaretville Central School District (rural): math 30% / reading 25% proficiency, ranked #734 of 755 in NY (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 47 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($3k loan paydown + $17k appreciation (4.4% local appreciation)).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $100k; list at $399k implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $320,392 (19.7% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 F 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. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.28%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

• ARV (median comp): $549,979
• List price: $399,000
• Delta: -27.45%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37895 State Route 28 Hwy	0.47mi	4/1.0 (+1)	1,364 (-11%)	18mo	$70,000	$51	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.71×
• Total profit: $79,128
• Equity at exit: $210,831

10-year hold

• IRR: 12.9%
• Equity multiple: 3.19×
• Total profit: $244,978
• Equity at exit: $351,819

Cash invested: $111,720 (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 12455

• Home prices YoY: 1.2%
• Active inventory: 47
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,204 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$247 /mo · $2,962/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $26

Break-even live

Break-even rent $3,171

Max offer price $399,000

Occupancy floor 94%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $399,000 Active 82 DOM
2. 2026-06-17
   days on market $399,000 Active 81 DOM
3. 2026-06-16
   days on market $399,000 Active 80 DOM
4. 2026-06-15
   days on market $399,000 Active 79 DOM
5. 2026-06-13
   days on market $399,000 Active 77 DOM
6. 2026-06-12
   days on market $399,000 Active 76 DOM
7. 2026-06-09
   days on market $399,000 Active 73 DOM
8. 2026-06-08
   days on market $399,000 Active 72 DOM
9. 2026-06-07
   days on market $399,000 Active 71 DOM
10. 2026-06-04
    days on market $399,000 Active 67 DOM
11. 2026-06-02
    days on market $399,000 Active 66 DOM
12. 2026-06-01
    days on market $399,000 Active 65 DOM
13. 2026-05-31
    days on market $399,000 Active 64 DOM
14. 2026-03-28
    listed $399,000 Active 1387-char remark

    Show marketing remark (1387 chars)

    Dunraven — a beautifully preserved c. 1923 American Craftsman — now rests along the tranquil eastern inlet of the Pepacton Reservoir, in the heart of the Catskills. Originally located in the lost hamlet of Arena, this 1.24-acre property is surrounded by thousands of acres of protected “forever wild” NYC land, with direct access to pristine wilderness, including hiking, fishing, and kayaking. The Plattekill and Eastern Branches of the Delaware River converge just beyond the property. The 1,534 sq ft home offers 4 bedrooms and 2 baths, including a first-floor bedroom and bath. Period details include original woodwork, built-in bookcases, a window seat, wide plank flooring, and some original Arts and Crafts light fixtures. The updated kitchen features KitchenAid stainless appliances, electric cooktop and oven, and a clever walk-in pantry in classic Craftsman style. A gas stove warms the open-concept living area, while new state-of-the-art Pella windows invite in natural light. Enjoy a large covered front porch with tapered columns, a walk-out lower level with potential for studio or office space, and a rear canopy for outdoor entertaining. New Trex decking (2021). Located between the charming towns of Andes and Margaretville — just 2.5 hours from the GWB — Dunraven is a timeless retreat where history, craftsmanship, and nature meet.

15. 2025-10-07
    price $399,000
16. 2025-09-10
    listed $425,000 Active
17. 2002-01-21
    soldstatus $100,000

ⓘ 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: $2,962 · $247/mo
• Projected year-2 tax: $4,853 · $404/mo
• Expected delta: +$1,891/yr (+$158/mo · 63.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥88°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,447
• − Mortgage interest: −$22,350
• − Property taxes: −$2,962
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,076
• − Management: −$3,076
• − Depreciation: −$11,607
• Taxable loss: −$6,619
• Est. tax savings @ 24.0%: +$1,589
• After-tax cash flow: $1,896/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: Margaretville Central School District
• NCES district ID: 3618510
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $42,369
• Composite: 26.35/100
• National rank: #12675
• State rank: #734 of 755 in NY

Livability — Margaretville

• Score: 65/100
• State rank: #711
• US rank: #13534

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,859

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 42,668 people
• By 2030: 40,337 · -5.5%
• By 2040: 35,514 · -16.8%
• By 2050: 31,265 · -26.7%
• By 2075: 24,455 · -42.7%
• By 2100: 19,529 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 21% Two or more races 11%
• Hispanic origin (detail): Puerto Rican 1% Dominican 2%
• Common ancestry: Romanian 5% Iranian 3% Slovak 3%
• Foreign-born: 21% · Canada, South Korea
• Languages at home: 77% English-only · Spanish 12% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Delaware

• 2024 margin: R (+19.8) · D 40.1% · R 59.9%
• 2008→2024 swing: -14.6pp toward R · 2008: -5.2pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.4 2016: R+29.2 2012: R+9.6 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.36%
• Current HPI: 355.7672
• 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

+299.0% since first listed

4 events — show timeline

• 2026-03-28 Listed $399,000 UNYREIS
• 2025-10-07 Price Changed $399,000 UNYREIS
• 2025-09-10 Listed $425,000 UNYREIS
• 2002-01-21 Sold (Public Records) $100,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $2,962 · +1.0% YoY. Source: county tax records.