215 Cornwall Meadows Ln #215 · Putnam Lake, NY 12563

$384,900

2 bd · 2.5 ba · 1,992 sqft · Condo · 16 Days on market

Built 1996 $520/mo HOA · 6% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to desirable Cornwall Meadows! This tastefully appointed home has everything you're looking for. This rarely available END UNIT offers Privacy as well as ideal proximity to the Club House where you can easily sneak in a Workout or head to the pool for a Swim. You can sit on your front porch and listen to the soothing sounds of the community fountain just outside your doorsteps. Cooking in your Kitchen is a dream with Open Access to the Main Living Room where your guests are mingling. On the warm Summer Nights watch the stars on your back Deck or spend the weekend entertaining and barbecuing. On the chilly nights, you can Cozy up next to the Fireplace with a glass of wine (or beverag

Key facts

• 1,307 sq ft lot
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $385k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $385k).
• Recommended offer: $379k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.1% vs local median 3.3% in Putnam Lake — 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 66/100 on livability (#654 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.
• Carmel Central School District (suburban): math 46% / reading 63% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Matthew Paterson Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 488 students, 41% FRL); George Fischer Middle School (math 21% / reading 56%, grade F, #437 of 729 statewide, top 60%, 1,130 students, 38% FRL); Carmel High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,365 students, 36% FRL) — zoned schools average 38% FRL vs 17% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 50 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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

• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $379,126 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 2.08% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.96%
• DSCR: 2.56
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 30.6%
• Equity multiple: 2.28×
• Total profit: $138,061
• Equity at exit: $57,390

10-year hold

• IRR: 37.8%
• Equity multiple: 4.52×
• Total profit: $379,530
• Equity at exit: $33,279

Cash invested: $107,772 (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 12563

• Home prices YoY: -12.7%
• Active inventory: 50
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $8,000 medium
• Mortgage (P&I): −$2,018
• Tax est. 1.5%: −$481 /mo · $5,774/yr
• Insurance: −$160
• HOA: −$520
• Vacancy / Maint / Mgmt: −$1,680
• Net cashflow: $3,140

Break-even live

Break-even rent $4,025

Max offer price $384,900

Occupancy floor 56%

Sensitivity live

Price	-10% $3,406	-5% $3,273	+0% $3,140	+5% $3,007	+10% $2,874
Rent	-10% $2,508	-5% $2,824	+0% $3,140	+5% $3,456	+10% $3,772
Rate	-1.0pp $3,334	-0.5pp $3,238	base $3,140	+0.5pp $3,040	+1.0pp $2,939

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: $96,225
• Closing costs: $11,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Cushman Rd Patterson, NY	3.0	2.0	2286	$8,000	$3.50	13d	1	1.38mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-04-24
   status Pending
2. 2026-04-09
   listed $384,900 Active
3. 2026-04-03
   historical $384,900
4. 2002-02-20
   historical
5. 2001-08-20
   listed

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% 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: $96,000
• − Mortgage interest: −$21,560
• − Property taxes: −$5,774
• − Insurance: −$1,924
• − Repairs & maintenance: −$7,680
• − Management: −$7,680
• − HOA: −$6,240
• − Depreciation: −$11,197
• Taxable income: $33,945
• Est. tax owed @ 24.0%: −$8,147
• After-tax cash flow: $29,534/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: Carmel Central School District
• NCES district ID: 3606570
• Math proficiency: 46% ▼ -15.00%
• Reading proficiency: 63% ▲ 11.00%
• Median HH income: $87,665
• Composite: 50.05/100
• National rank: #1914
• State rank: #258 of 590 in NY

Livability — Putnam Lake

• Score: 66/100
• State rank: #654
• US rank: #12186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,456

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 17% Black 9% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Cuban 1% Dominican 3%
• Common ancestry: Romanian 5% Portuguese 2% Slovak 1%
• Foreign-born: 14% · Canada, South Korea, Dominican Republic
• Languages at home: 79% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -36.07%
• Current HPI: 247.1582
• 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

+0.0% since first listed

5 events — show timeline

• 2026-04-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-09 Listed $384,900 OneKey® MLS as Distributed by MLS Grid
• 2026-04-03 Coming Soon $384,900 OneKey® MLS as Distributed by MLS Grid
• 2002-02-20 Delisted — HGMLS
• 2001-08-20 Listed — HGMLS