37350 State Highway 28 · Margaretville, NY 12455

$249,000

3 bd · 1.5 ba · 1,365 sqft · SingleFamily public records · 123 Days on market

Built 1940 3.50 ac lot $182/sqft · 32% below area Est $368k · 32% under

---

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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Appreciation +7.2/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Your CATSKILL DREAM AWAITS! Welcome Home. This Cozy & Charming Cape Cod Offers Sunny Morning Mountain Views Creating a Serene and Picturesque Setting on a Spacious 3.5-acre Lot. Highlights Include: Woodburning Fireplace with Insert, Gleaming Hardwood Flooring, Baseboard Heat, Whole House Generac Generator, Leaf Guard Filters & Much Much More. Shed is a gift. Whether you're Looking for a Weekend Getaway or a Year-Round Retreat, this Home is the Perfect Place to Escape the Hustle and Bustle of City Life and Immerse Yourself in the Tranquility of Nature. Close To Belleayre Ski Center, The Village of Margaretville, Convenient to Shopping, Restaurants, Golf, Skiing & the Pepacton Reservoir!

Key facts

• Leaf guard filters
• Mountain views
• 3.5 acre lot

Tags

• MOUNTAIN VIEWS
• WOODBURNING FIREPLACE
• WHOLE HOUSE GENERAC GENERATOR
• LEAF GUARD FILTERS
• CLOSE TO BELLEAYRE SKI CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 $13k of equity ($2k loan paydown + $11k 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 $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $180k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $219,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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 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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.26% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 6.6

CMA / ARV

• ARV (median comp): $368,092
• List price: $249,000
• Delta: -32.35%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
82 Deer Dell Rd	0.48mi	3/2.0	1,365 (0%)	15mo	$429,500	$315	63
37895 State Route 28 Hwy	0.52mi	4/1.0 (+1)	1,364 (-0%)	18mo	$70,000	$51	54

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: 23.4%
• Equity multiple: 2.42×
• Total profit: $99,233
• Equity at exit: $131,571

10-year hold

• IRR: 23.2%
• Equity multiple: 4.74×
• Total profit: $260,726
• Equity at exit: $219,556

Cash invested: $69,720 (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: 6.6×

Monthly cashflow live

• Estimated rent: $3,134 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$269 /mo · $3,224/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$658
• Net cashflow: $797

Break-even live

Break-even rent $2,124

Max offer price $249,000

Occupancy floor 70%

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $249,000 Active 123 DOM
2. 2026-06-17
   days on market $249,000 Active 122 DOM
3. 2026-06-16
   days on market $249,000 Active 121 DOM
4. 2026-06-15
   days on market $249,000 Active 120 DOM
5. 2026-06-13
   days on market $249,000 Active 118 DOM
6. 2026-06-12
   days on market $249,000 Active 117 DOM
7. 2026-06-09
   days on market $249,000 Active 114 DOM
8. 2026-06-08
   days on market $249,000 Active 113 DOM
9. 2026-06-07
   days on market $249,000 Active 112 DOM
10. 2026-06-04
    days on market $249,000 Active 108 DOM
11. 2026-06-02
    days on market $249,000 Active 107 DOM
12. 2026-06-01
    days on market $249,000 Active 106 DOM
13. 2026-05-31
    days on market $249,000 Active 105 DOM
14. 2026-02-15
    listed $249,000 Active 711-char remark

    Show marketing remark (711 chars)

    Your CATSKILL DREAM AWAITS! Welcome Home. This Cozy & Charming Cape Cod Offers Sunny Morning Mountain Views Creating a Serene and Picturesque Setting on a Spacious 3.5-acre Lot. Highlights Include: Woodburning Fireplace with Insert, Gleaming Hardwood Flooring, Baseboard Heat, Whole House Generac Generator, Leaf Guard Filters & Much Much More. Shed is a gift. Whether you're Looking for a Weekend Getaway or a Year-Round Retreat, this Home is the Perfect Place to Escape the Hustle and Bustle of City Life and Immerse Yourself in the Tranquility of Nature. Close To Belleayre Ski Center, The Village of Margaretville, Convenient to Shopping, Restaurants, Golf, Skiing & the Pepacton Reservoir!

15. 2026-02-15
    historical

    Show marketing remark (711 chars)

    Your CATSKILL DREAM AWAITS! Welcome Home. This Cozy & Charming Cape Cod Offers Sunny Morning Mountain Views Creating a Serene and Picturesque Setting on a Spacious 3.5-acre Lot. Highlights Include: Woodburning Fireplace with Insert, Gleaming Hardwood Flooring, Baseboard Heat, Whole House Generac Generator, Leaf Guard Filters & Much Much More. Shed is a gift. Whether you're Looking for a Weekend Getaway or a Year-Round Retreat, this Home is the Perfect Place to Escape the Hustle and Bustle of City Life and Immerse Yourself in the Tranquility of Nature. Close To Belleayre Ski Center, The Village of Margaretville, Convenient to Shopping, Restaurants, Golf, Skiing & the Pepacton Reservoir!

16. 2025-08-14
    listed $249,000 Active
17. 2025-08-14
    historical
18. 2025-06-10
    price $249,000
19. 2025-02-13
    listed $274,000 Active
20. 2025-02-01
    historical
21. 2024-08-03
    listed $299,000 Active
22. 2024-08-02
    historical
23. 2024-08-02
    listed $299,000 Active
24. 2005-11-16
    soldstatus $180,000

ⓘ 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: $3,224 · $269/mo
• Projected year-2 tax: $3,716 · $310/mo
• Expected delta: +$492/yr (+$41/mo · 15.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 9 d/yr ≥88°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $37,603
• − Mortgage interest: −$13,948
• − Property taxes: −$3,224
• − Insurance: −$1,245
• − Repairs & maintenance: −$3,008
• − Management: −$3,008
• − Depreciation: −$7,244
• Taxable income: $5,926
• Est. tax owed @ 24.0%: −$1,422
• After-tax cash flow: $8,146/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

+38.3% since first listed

11 events — show timeline

• 2026-02-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-02-15 Listed $249,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-14 Listed $249,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-10 Price Changed $249,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-13 Listed $274,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-01 Listing Removed — UNYREIS
• 2024-08-03 Listed $299,000 HVCRMLS
• 2024-08-02 Coming Soon — HVCRMLS
• 2024-08-02 Listed $299,000 UNYREIS
• 2005-11-16 Sold (Public Records) $180,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,224 · +1.0% YoY. Source: county tax records.