228 Water Street St · Catskill, NY 12414

$280,000

6 bd · 2.0 ba · 2,400 sqft · SingleFamily public records · 406 Days on market

Built 1940 3,049 sqft lot $117/sqft · 42% below area Est $485k · 42% 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).

• Cash flow +16.7/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.2/10.0
• Schools +4.1/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Versatile Three-Story Building in the Heart of Catskill! Presenting a rare and exciting opportunity to own a strategically located, three-story building in the vibrant heart of Catskill Village. This property, boasting 2,400 square feet of flexible space, offers a blank canvas for savvy investors and entrepreneurs seeking a high-visibility mixed-use property. Imagine the possibilities! Zoned for commercial use, the street-level first floor offers exceptional exposure and direct access, ideal for a boutique retail space, professional office, charming cafe, or other thriving business. Ascend to the second and third floors, where spacious layouts await transformation into desirable residential apartments. Capitalize on the strong rental demand in Catskill and create comfortable, income-generating units. Streamline your renovation process with working permits already approved by the Village of Catskill, saving you valuable time and effort. Situated within easy walking distance of Catskill's bustling Main Street, offering access to shops, restaurants, galleries, and community events.

Key facts

• Direct access
• Spacious layouts
• Three story building

Tags

• THREE STORY BUILDING
• ZONED FOR COMMERCIAL USE
• EXCEPTIONAL EXPOSURE
• DIRECT ACCESS
• SPACIOUS LAYOUTS
• WORKING PERMITS APPROVED

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/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 $240k (14.2% below list).
• Recommended offer: $240k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 2.9% in Catskill — 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 69/100 on livability (#483 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+; Watch: schools C-, amenities F, commute F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 104 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 406 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $119k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,286 (14.2% below list)

Questions for the listing agent

1. It's been on market 406 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 0.86% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.64%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (median comp): $485,000
• List price: $280,000
• Delta: -42.27%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
27 Aaron Dr	0.71mi	5/3.0 (-1)	2,668 (+11%)	5mo	$485,000	$182	35

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: 26.2%
• Equity multiple: 3.08×
• Total profit: $163,386
• Equity at exit: $252,246

10-year hold

• IRR: 23.0%
• Equity multiple: 7.02×
• Total profit: $472,325
• Equity at exit: $543,978

Cash invested: $78,400 (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 12414

• Home prices YoY: 11.9%
• Active inventory: 104
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,403 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$141 /mo · $1,690/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $172

Break-even live

Break-even rent $2,185

Max offer price $280,000

Occupancy floor 88%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $280,000 Active 406 DOM
2. 2026-06-18
   days on market $280,000 Active 405 DOM
3. 2026-06-17
   days on market $280,000 Active 404 DOM
4. 2026-06-16
   days on market $280,000 Active 403 DOM
5. 2026-06-15
   days on market $280,000 Active 402 DOM
6. 2026-06-14
   days on market $280,000 Active 400 DOM
7. 2026-06-12
   days on market $280,000 Active 399 DOM
8. 2026-06-09
   days on market $280,000 Active 396 DOM
9. 2026-06-08
   days on market $280,000 Active 395 DOM
10. 2026-06-07
    days on market $280,000 Active 394 DOM
11. 2026-06-02
    days on market $280,000 Active 389 DOM
12. 2026-06-01
    days on market $280,000 Active 388 DOM
13. 2026-05-31
    days on market $280,000 Active 387 DOM
14. 2026-05-30
    days on market $280,000 Active 386 DOM
15. 2025-12-23
    price $280,000 1095-char remark

    Show marketing remark (1095 chars)

    Versatile Three-Story Building in the Heart of Catskill! Presenting a rare and exciting opportunity to own a strategically located, three-story building in the vibrant heart of Catskill Village. This property, boasting 2,400 square feet of flexible space, offers a blank canvas for savvy investors and entrepreneurs seeking a high-visibility mixed-use property. Imagine the possibilities! Zoned for commercial use, the street-level first floor offers exceptional exposure and direct access, ideal for a boutique retail space, professional office, charming cafe, or other thriving business. Ascend to the second and third floors, where spacious layouts await transformation into desirable residential apartments. Capitalize on the strong rental demand in Catskill and create comfortable, income-generating units. Streamline your renovation process with working permits already approved by the Village of Catskill, saving you valuable time and effort. Situated within easy walking distance of Catskill's bustling Main Street, offering access to shops, restaurants, galleries, and community events.

16. 2025-12-22
    price $283,400 1095-char remark

    Show marketing remark (1095 chars)

    Versatile Three-Story Building in the Heart of Catskill! Presenting a rare and exciting opportunity to own a strategically located, three-story building in the vibrant heart of Catskill Village. This property, boasting 2,400 square feet of flexible space, offers a blank canvas for savvy investors and entrepreneurs seeking a high-visibility mixed-use property. Imagine the possibilities! Zoned for commercial use, the street-level first floor offers exceptional exposure and direct access, ideal for a boutique retail space, professional office, charming cafe, or other thriving business. Ascend to the second and third floors, where spacious layouts await transformation into desirable residential apartments. Capitalize on the strong rental demand in Catskill and create comfortable, income-generating units. Streamline your renovation process with working permits already approved by the Village of Catskill, saving you valuable time and effort. Situated within easy walking distance of Catskill's bustling Main Street, offering access to shops, restaurants, galleries, and community events.

17. 2025-09-29
    price $284,900 1095-char remark

    Show marketing remark (1095 chars)

    Versatile Three-Story Building in the Heart of Catskill! Presenting a rare and exciting opportunity to own a strategically located, three-story building in the vibrant heart of Catskill Village. This property, boasting 2,400 square feet of flexible space, offers a blank canvas for savvy investors and entrepreneurs seeking a high-visibility mixed-use property. Imagine the possibilities! Zoned for commercial use, the street-level first floor offers exceptional exposure and direct access, ideal for a boutique retail space, professional office, charming cafe, or other thriving business. Ascend to the second and third floors, where spacious layouts await transformation into desirable residential apartments. Capitalize on the strong rental demand in Catskill and create comfortable, income-generating units. Streamline your renovation process with working permits already approved by the Village of Catskill, saving you valuable time and effort. Situated within easy walking distance of Catskill's bustling Main Street, offering access to shops, restaurants, galleries, and community events.

18. 2025-04-14
    listed $399,000 Active 1095-char remark

    Show marketing remark (1095 chars)

    Versatile Three-Story Building in the Heart of Catskill! Presenting a rare and exciting opportunity to own a strategically located, three-story building in the vibrant heart of Catskill Village. This property, boasting 2,400 square feet of flexible space, offers a blank canvas for savvy investors and entrepreneurs seeking a high-visibility mixed-use property. Imagine the possibilities! Zoned for commercial use, the street-level first floor offers exceptional exposure and direct access, ideal for a boutique retail space, professional office, charming cafe, or other thriving business. Ascend to the second and third floors, where spacious layouts await transformation into desirable residential apartments. Capitalize on the strong rental demand in Catskill and create comfortable, income-generating units. Streamline your renovation process with working permits already approved by the Village of Catskill, saving you valuable time and effort. Situated within easy walking distance of Catskill's bustling Main Street, offering access to shops, restaurants, galleries, and community events.

19. 2023-12-18
    listed $450,000
20. 2009-02-03
    historical
21. 2008-02-03
    listed $174,900

ⓘ 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: $1,690 · $141/mo
• Projected year-2 tax: $3,211 · $268/mo
• Expected delta: +$1,521/yr (+$127/mo · 90.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% 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: $28,834
• − Mortgage interest: −$15,684
• − Property taxes: −$1,690
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,307
• − Management: −$2,307
• − Depreciation: −$8,145
• Taxable loss: −$2,699
• Est. tax savings @ 24.0%: +$648
• After-tax cash flow: $2,717/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: Catskill Central School District
• NCES district ID: 3606720
• Math proficiency: 45% ▼ -9.00%
• Reading proficiency: 51% ▲ 8.00%
• Median HH income: $44,960
• Composite: 40.63/100
• National rank: #3685
• State rank: #429 of 590 in NY

Livability — Catskill

• Score: 69/100
• State rank: #483
• US rank: #8498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Catskill, NY
• County: Greene County · 10,169 people
• City population: 10,169
• Metro: nan
• Population (ZIP): 10,169
• Household income: $73,036
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 318.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 8% Black 6%
• Hispanic origin (detail): Puerto Rican 7%
• Common ancestry: Scotch-Irish 3% Iranian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Mexico
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▲ 52.47%
• Current HPI: 494.3394
• Rent YoY: —
• Metro: nan
• 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

+60.1% since first listed

7 events — show timeline

• 2025-12-23 Price Changed $280,000 HVCRMLS
• 2025-12-22 Price Changed $283,400 HVCRMLS
• 2025-09-29 Price Changed $284,900 HVCRMLS
• 2025-04-14 Listed $399,000 HVCRMLS
• 2023-12-18 Listed $450,000 HVCRMLS
• 2009-02-03 Listing Removed — Global MLS
• 2008-02-03 Listed $174,900 Global MLS

Property tax history

-2.3%/yr

Latest (2025): $1,690 · +3.0% YoY. Source: county tax records.