866 - 872 Mountain Ave Ave · Round Top, NY 12470

$2,400,000

40 bd · None ba · 35,000 sqft · MultiFamily · 335 Days on market

Built 1864 Good condition 116 ac lot ↓ 11% since listing

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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 +17.2/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• DSCR +5.4/10.0
• 1% rule +4.6/10.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0

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 MLS

Nestled at the base of Blackhead Mountain in the quaint Hamlet of Purling, the Bavarian Manor Hotel is an iconic landmark steeped in European charm and rich history. Originally known as The White Sulphur Springs House in the mid to late 1800s, this enchanting inn gained fame for its refreshing, therapeutic waters, making it a sought-after wellness retreat. Over the years, the property evolved into The Columbian before becoming the legendary Bavarian Manor Inn in 1931, a beloved destination with old-world charm. The Manor currently boasts 18 beautifully appointed vintage hotel rooms, along with a restaurant, bar area, and commercial kitchen. The expansive lobby invites guests into an atmosphere that blends history and comfort. The indoor and large outdoor veranda seating areas, are perfect for hosting events and gatherings, enhancing the guest experience with a touch of European hospitality. An additional third floor offers the exciting potential for more hotel rooms, pending town approval. There is also an attached house with separate entry that boasts wood floors, 5 bedrooms, and 2 baths; and a small solar farm on the property that supplies 50% of the hotel's electricity, reducing operational costs. The property includes a 16-unit waterfront apartment complex, currently fully leased on a month-to-month basis, providing a consistent monthly income. This versatile space could also serve as staff housing, a spa area, or additional accommodations for guests. Set on 116 acres, this unique property features a serene 3+ acre lake perfect for fishing, relaxation, or recreational activities. Outdoor enthusiasts can also enjoy miles of scenic trails that wind throughout the estate. More than just a property; the Bavarian Manor Hotel is a hidden gem in the Catskills that offers endless possibilities. From its rich history, combined with modern amenities, scenic landscapes, multiple operations, to being conveniently located near Windham & Hunter Ski Mtns and recreational areas; the hotel operates year-round, attracting visitors for every season making it an ideal retreat and a thriving business opportunity. Whether you seek to maintain its timeless charm or re-imagine it into a premier spa and wellness retreat or wedding venue and more, this iconic property is ready for its next chapter!

Key facts

• Commercial kitchen
• Restaurant bar area
• Vintage hotel rooms

Tags

• VINTAGE HOTEL ROOMS
• RESTAURANT BAR AREA
• COMMERCIAL KITCHEN
• INDOOR OUTDOOR VERANDA
• THIRD FLOOR POTENTIAL
• ATTACHED HOUSE

What this means for you Summary

Snapshot

• This is a 40-bed/?-bath multifamily listed at $2.40M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($20k/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 $2.32M (3.5% below list).
• Recommended offer: $2.11M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — 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: 2 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 $101k of equity ($17k loan paydown + $84k appreciation (3.5% 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 (3.5% appreciation + 3.0% rent growth), your $672k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$163k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($2.11M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $295k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,112,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1864 — 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 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: 0.96% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.69×
• Total profit: $464,768
• Equity at exit: $1,150,006

10-year hold

• IRR: 13.6%
• Equity multiple: 3.12×
• Total profit: $1,422,335
• Equity at exit: $1,829,478

Cash invested: $672,000 (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 12470

• Home prices YoY: 0.9%
• Active inventory: 2
• Price-to-rent: 155.5×

Monthly cashflow live

• Estimated rent: $23,155 medium
• Mortgage (P&I): −$12,586
• Tax est. 1.5%: −$3,000 /mo · $36,000/yr
• Insurance: −$1,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,863
• Net cashflow: $1,707

Break-even live

Break-even rent $20,995

Max offer price $2,400,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 18× units	2	1	$23,148
Total (18 units)			$23,155

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: $600,000
• Closing costs: $72,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-01
   days on market $2,400,000 Active 335 DOM
2. 2026-05-31
   days on market $2,400,000 Active 334 DOM
3. 2026-05-31
   days on market $2,400,000 Active 333 DOM
4. 2026-05-06
   price $2,400,000 2323-char remark

   Show marketing remark (2323 chars)

   Nestled at the base of Blackhead Mountain in the quaint Hamlet of Purling, the Bavarian Manor Hotel is an iconic landmark steeped in European charm and rich history. Originally known as The White Sulphur Springs House in the mid to late 1800s, this enchanting inn gained fame for its refreshing, therapeutic waters, making it a sought-after wellness retreat. Over the years, the property evolved into The Columbian before becoming the legendary Bavarian Manor Inn in 1931, a beloved destination with old-world charm. The Manor currently boasts 18 beautifully appointed vintage hotel rooms, along with a restaurant, bar area, and commercial kitchen. The expansive lobby invites guests into an atmosphere that blends history and comfort. The indoor and large outdoor veranda seating areas, are perfect for hosting events and gatherings, enhancing the guest experience with a touch of European hospitality. An additional third floor offers the exciting potential for more hotel rooms, pending town approval. There is also an attached house with separate entry that boasts wood floors, 5 bedrooms, and 2 baths; and a small solar farm on the property that supplies 50% of the hotel's electricity, reducing operational costs. The property includes a 16-unit waterfront apartment complex, currently fully leased on a month-to-month basis, providing a consistent monthly income. This versatile space could also serve as staff housing, a spa area, or additional accommodations for guests. Set on 116 acres, this unique property features a serene 3+ acre lake perfect for fishing, relaxation, or recreational activities. Outdoor enthusiasts can also enjoy miles of scenic trails that wind throughout the estate. More than just a property; the Bavarian Manor Hotel is a hidden gem in the Catskills that offers endless possibilities. From its rich history, combined with modern amenities, scenic landscapes, multiple operations, to being conveniently located near Windham & Hunter Ski Mtns and recreational areas; the hotel operates year-round, attracting visitors for every season making it an ideal retreat and a thriving business opportunity. Whether you seek to maintain its timeless charm or re-imagine it into a premier spa and wellness retreat or wedding venue and more, this iconic property is ready for its next chapter!

5. 2025-08-18
   status Active 2323-char remark

   Show marketing remark (2323 chars)

   Nestled at the base of Blackhead Mountain in the quaint Hamlet of Purling, the Bavarian Manor Hotel is an iconic landmark steeped in European charm and rich history. Originally known as The White Sulphur Springs House in the mid to late 1800s, this enchanting inn gained fame for its refreshing, therapeutic waters, making it a sought-after wellness retreat. Over the years, the property evolved into The Columbian before becoming the legendary Bavarian Manor Inn in 1931, a beloved destination with old-world charm. The Manor currently boasts 18 beautifully appointed vintage hotel rooms, along with a restaurant, bar area, and commercial kitchen. The expansive lobby invites guests into an atmosphere that blends history and comfort. The indoor and large outdoor veranda seating areas, are perfect for hosting events and gatherings, enhancing the guest experience with a touch of European hospitality. An additional third floor offers the exciting potential for more hotel rooms, pending town approval. There is also an attached house with separate entry that boasts wood floors, 5 bedrooms, and 2 baths; and a small solar farm on the property that supplies 50% of the hotel's electricity, reducing operational costs. The property includes a 16-unit waterfront apartment complex, currently fully leased on a month-to-month basis, providing a consistent monthly income. This versatile space could also serve as staff housing, a spa area, or additional accommodations for guests. Set on 116 acres, this unique property features a serene 3+ acre lake perfect for fishing, relaxation, or recreational activities. Outdoor enthusiasts can also enjoy miles of scenic trails that wind throughout the estate. More than just a property; the Bavarian Manor Hotel is a hidden gem in the Catskills that offers endless possibilities. From its rich history, combined with modern amenities, scenic landscapes, multiple operations, to being conveniently located near Windham & Hunter Ski Mtns and recreational areas; the hotel operates year-round, attracting visitors for every season making it an ideal retreat and a thriving business opportunity. Whether you seek to maintain its timeless charm or re-imagine it into a premier spa and wellness retreat or wedding venue and more, this iconic property is ready for its next chapter!

6. 2025-06-26
   status Pending 2323-char remark

   Show marketing remark (2323 chars)

   Nestled at the base of Blackhead Mountain in the quaint Hamlet of Purling, the Bavarian Manor Hotel is an iconic landmark steeped in European charm and rich history. Originally known as The White Sulphur Springs House in the mid to late 1800s, this enchanting inn gained fame for its refreshing, therapeutic waters, making it a sought-after wellness retreat. Over the years, the property evolved into The Columbian before becoming the legendary Bavarian Manor Inn in 1931, a beloved destination with old-world charm. The Manor currently boasts 18 beautifully appointed vintage hotel rooms, along with a restaurant, bar area, and commercial kitchen. The expansive lobby invites guests into an atmosphere that blends history and comfort. The indoor and large outdoor veranda seating areas, are perfect for hosting events and gatherings, enhancing the guest experience with a touch of European hospitality. An additional third floor offers the exciting potential for more hotel rooms, pending town approval. There is also an attached house with separate entry that boasts wood floors, 5 bedrooms, and 2 baths; and a small solar farm on the property that supplies 50% of the hotel's electricity, reducing operational costs. The property includes a 16-unit waterfront apartment complex, currently fully leased on a month-to-month basis, providing a consistent monthly income. This versatile space could also serve as staff housing, a spa area, or additional accommodations for guests. Set on 116 acres, this unique property features a serene 3+ acre lake perfect for fishing, relaxation, or recreational activities. Outdoor enthusiasts can also enjoy miles of scenic trails that wind throughout the estate. More than just a property; the Bavarian Manor Hotel is a hidden gem in the Catskills that offers endless possibilities. From its rich history, combined with modern amenities, scenic landscapes, multiple operations, to being conveniently located near Windham & Hunter Ski Mtns and recreational areas; the hotel operates year-round, attracting visitors for every season making it an ideal retreat and a thriving business opportunity. Whether you seek to maintain its timeless charm or re-imagine it into a premier spa and wellness retreat or wedding venue and more, this iconic property is ready for its next chapter!

7. 2024-10-11
   listed $2,695,000 Active 2323-char remark

   Show marketing remark (2323 chars)

   Nestled at the base of Blackhead Mountain in the quaint Hamlet of Purling, the Bavarian Manor Hotel is an iconic landmark steeped in European charm and rich history. Originally known as The White Sulphur Springs House in the mid to late 1800s, this enchanting inn gained fame for its refreshing, therapeutic waters, making it a sought-after wellness retreat. Over the years, the property evolved into The Columbian before becoming the legendary Bavarian Manor Inn in 1931, a beloved destination with old-world charm. The Manor currently boasts 18 beautifully appointed vintage hotel rooms, along with a restaurant, bar area, and commercial kitchen. The expansive lobby invites guests into an atmosphere that blends history and comfort. The indoor and large outdoor veranda seating areas, are perfect for hosting events and gatherings, enhancing the guest experience with a touch of European hospitality. An additional third floor offers the exciting potential for more hotel rooms, pending town approval. There is also an attached house with separate entry that boasts wood floors, 5 bedrooms, and 2 baths; and a small solar farm on the property that supplies 50% of the hotel's electricity, reducing operational costs. The property includes a 16-unit waterfront apartment complex, currently fully leased on a month-to-month basis, providing a consistent monthly income. This versatile space could also serve as staff housing, a spa area, or additional accommodations for guests. Set on 116 acres, this unique property features a serene 3+ acre lake perfect for fishing, relaxation, or recreational activities. Outdoor enthusiasts can also enjoy miles of scenic trails that wind throughout the estate. More than just a property; the Bavarian Manor Hotel is a hidden gem in the Catskills that offers endless possibilities. From its rich history, combined with modern amenities, scenic landscapes, multiple operations, to being conveniently located near Windham & Hunter Ski Mtns and recreational areas; the hotel operates year-round, attracting visitors for every season making it an ideal retreat and a thriving business opportunity. Whether you seek to maintain its timeless charm or re-imagine it into a premier spa and wellness retreat or wedding venue and more, this iconic property is ready for its next chapter!

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $277,860
• − Mortgage interest: −$134,437
• − Property taxes: −$36,000
• − Insurance: −$12,000
• − Repairs & maintenance: −$22,229
• − Management: −$22,229
• − Depreciation: −$69,818
• Taxable loss: −$18,853
• Est. tax savings @ 24.0%: +$4,525
• After-tax cash flow: $25,004/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 · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed to modernize the kitchen and bathrooms, which will significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Moderate kitchen flooring — dated and in need of replacement
• Moderate bathroom flooring — dated and in need of replacement

Value-add opportunities

• Both update kitchen cabinets and flooring — modernizing the kitchen will appeal to both buyers and renters
• Both update bathroom fixtures and flooring — modernizing the bathrooms will appeal to both buyers and renters
• Both paint interior walls — fresh paint will improve the overall appearance and appeal of the property

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
kitchen flooring · dated and in need of replacement	Moderate	$3,000–15,000
bathroom flooring · dated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and flooring — modernizing the kitchen will appeal to both buyers and renters ↑
• Both update bathroom fixtures and flooring — modernizing the bathrooms will appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint will improve the overall appearance and appeal of the property ↑

ⓘ 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 — Round Top

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

Census & demographics

• City population: 1,344
• Population (ZIP): 651

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Danish 5% Lithuanian 5%
• Languages at home: 97% English-only · Other Indo-European 1% German/W. Germanic 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: ▲ 3.52%
• Current HPI: 399.7147
• 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

-10.9% since first listed

4 events — show timeline

• 2026-05-06 Price Changed $2,400,000 HVCRMLS
• 2025-08-18 Relisted — HVCRMLS
• 2025-06-26 Pending — HVCRMLS
• 2024-10-11 Listed $2,695,000 HVCRMLS