29 Cedar Ledges · Lake Mohegan, NY 10579

$299,000

2 bd · 1.0 ba · 1,250 sqft · SingleFamily public records · 17 Days on market

Built 1952 0.35 ac lot Est $454k · 34% under

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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 +21.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +7.5/10.0
• DSCR +6.9/10.0
• Schools +6.5/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

The best kept secret and best deal in Putnam Valley has officially arrived! Handyman specials like this are becoming nearly impossible to find — especially in the highly sought-after Oscawana Lake community with coveted lake rights and even a walking path to the lake right beside the home. Yes, this is real… and yes, the opportunity is absolutely incredible! Whether you’re dreaming of your next flip, a profitable rental investment, or creating your own lakeside retreat, the potential and equity upside here are truly enormous. Tucked peacefully at the very end of a quiet dead-end street, this charming home immediately captures your heart the moment you pull in. There&rsquo

Key facts

• Private deck
• Lake rights
• Open-concept layout

Tags

• LAKE RIGHTS
• WALKING PATH TO THE LAKE
• QUIET DEAD-END STREET
• SPACIOUS SHED FOR STORAGE
• PRIVATE DECK
• OPEN-CONCEPT LAYOUT

Property features AI

Finance

• HOA & community: Powered boats allowed in community

Exterior

• Parking: Driveway; 4 parking spaces
• Utilities: Electric service by NYSEG; Septic tank; Cable connected; Electricity connected; Phone available; Propane available; Private trash collection; Water available
• Home design: Single-family residence; Listed condition: fixer
• Construction: Frame construction; Partial basement; Partial attic with pull-down stairs
• Exterior features: Frame construction; Shed(s); Front yard and back yard; Corner lot on a cul-de-sac; Front porch; Private, paved lot; Near schools and shops; No waterfront

Interior

• Kitchen: Dishwasher; Gas cooktop; Gas oven; Gas range; Refrigerator; Exhaust fan; Kitchen island; Tile counters; Eat-in kitchen
• Bedrooms: 5 rooms total (includes bedrooms and living spaces); Basement level: partial basement; attic partial with pull-down stairs
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Oil heating; Steam heating; Wall/window air conditioning units
• Interior features: First-floor full bath; Ceiling fan(s); Eat-in kitchen; Entrance foyer; Formal dining; High ceilings; High-speed internet; Kitchen island; Open floorplan; Open kitchen; Soaking tub; Storage; Tile counters; Deck and porch
• Laundry & utility: Washer and dryer included; Washer/dryer hookup located in kitchen; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#417 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Putnam Valley Central School District (suburban): math 73% / reading 71% proficiency, ranked #91 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Putnam Valley Elementary School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 554 students, 19% FRL); Putnam Valley Middle School (math 57% / reading 65%, grade B+, #150 of 729 statewide, top 21%, 473 students, 17% FRL); Putnam Valley High School (math 92% / reading 24%, grade C, #879 of 1,100 statewide, top 80%, 503 students, 23% FRL).
• Market conditions: 51 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $28k; list at $299k implies a 968% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,515 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.53%
• DSCR: 1.29
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $453,750
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Starview Ave	0.26mi	2/1.0	1,340 (+7%)	9mo	$177,500	$132	68
55 Columbus Ave	0.08mi	3/2.0 (+1)	1,257 (+1%)	22mo	$453,500	$361	68
20 Mountain View Rd	0.47mi	2/1.0	1,315 (+5%)	9mo	$504,900	$384	62
54 Shawnee Rd	0.34mi	3/1.5 (+1)	1,300 (+4%)	12mo	$501,000	$385	60
39 West Ave	0.46mi	2/1.0	1,104 (-12%)	5mo	$401,000	$363	55

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: 29.1%
• Equity multiple: 3.30×
• Total profit: $192,171
• Equity at exit: $269,363

10-year hold

• IRR: 25.3%
• Equity multiple: 7.49×
• Total profit: $543,744
• Equity at exit: $580,891

Cash invested: $83,720 (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 10579

• Home prices YoY: 4.0%
• Active inventory: 51
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,740 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$806 /mo · $9,677/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $455

Break-even live

Break-even rent $3,163

Max offer price $299,000

Occupancy floor 83%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-09
   status $299,000 Pending 17 DOM
2. 2026-06-08
   days on market $299,000 Active 17 DOM
3. 2026-06-07
   days on market $299,000 Active 16 DOM
4. 2026-06-03
   days on market $299,000 Active 12 DOM
5. 2026-06-02
   days on market $299,000 Active 11 DOM
6. 2026-06-01
   days on market $299,000 Active 10 DOM
7. 2026-05-31
   days on market $299,000 Active 9 DOM
8. 2026-05-30
   days on market $299,000 Active 8 DOM
9. 2026-05-19
   listed $299,000 Active
10. 2005-07-12
    historical
11. 2005-01-12
    listed
12. 1978-06-22
    soldstatus $28,000

ⓘ 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: $9,677 · $806/mo
• Projected year-2 tax: $9,677 · $806/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,878
• − Mortgage interest: −$16,749
• − Property taxes: −$9,677
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,590
• − Management: −$3,590
• − Depreciation: −$8,698
• Taxable income: $1,078
• Est. tax owed @ 24.0%: −$259
• After-tax cash flow: $5,206/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: Putnam Valley Central School District
• NCES district ID: 3624000
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 71% ▲ 6.00%
• Median HH income: $94,086
• Composite: 65.26/100
• National rank: #491
• State rank: #91 of 590 in NY

Livability — Lake Mohegan

• Score: 71/100
• State rank: #417
• US rank: #7240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,361
• Population (ZIP): 8,825

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 16% Two or more races 6% Asian 3% Black 2%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Iranian 3% Romanian 3% Italian 2%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 9% Arabic 3% Other Indo-European 2%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.42%
• Current HPI: 269.3211
• 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

+967.9% since first listed

4 events — show timeline

• 2026-05-19 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2005-07-12 Delisted — HGMLS
• 2005-01-12 Listed — HGMLS
• 1978-06-22 Sold (Public Records) $28,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $9,677 · +2.8% YoY. Source: county tax records.