Is 60 Route 65a in Windham, NY a good investment?

CashFlowRE grades it B+ with a 21.8% cap rate and $8,064/mo modeled cash flow at a $624,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 60 Route 65a?

The modeled cap rate is 21.8% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $15,667/month, from CashFlowRE's rent model.

B+ Composite 76.97

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
Appreciation +7.5/10.0
ARV discount +5.7/15.0
Schools +4.3/10.0
Condition / age +4.0/5.0
Livability +3.0/5.0
Rent growth +2.5/5.0

$624,000

60 Route 65a · Windham, NY 12496

4 bd · 2.0 ba · 2,240 sqft · SingleFamily · 132 Days on market

Built 1980 Good condition 1.30 ac lot Garage $279/sqft · at area comps Est $600k · at est.

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Welcome to Windham Creek Lodge. Are you looking for a money maker? a year-round residence? or your private get away? Here it is! Located just minutes from Windham Mountain and short ride to Hunter Mountain. It's currently used as short term rental with a proven rental track record. It was renovated in 2023-2024 including both updated kitchens and baths, appliances, two new electric fireplaces, two new electric water heaters, new air conditioning units and new furniture (both floors), The property can rent as two separate 2 bedroom units or as a whole 4 bedroom 2 full bath house, This country setting is peaceful, has gorgeous mountain views and all the privacy you are looking for! There are two electric fireplaces, wrap around decks, large open floorplans in both units, 2- 100 Amp, 220V electric services, a new electric hot tub outside, new car charger for the Electric vehicles, the 2 car garage has been converted into a game /rec room, outside fire pit.

Key facts

Wrap around decks
Updated baths
Updated kitchens

What this means for you Summary

Snapshot

This is a 4-bed/2.0-bath single-family listed at $624k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $8k ($97k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($16k rent vs $624k).
Recommended offer: $549k (12.0% below list) — sets the bar for market timing.
Cap rate 21.8% vs local median 2.8% in Windham — 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 60/100 on livability (#964 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment B+; Watch: schools C-, crime D+, cost of living D+.
Windham-Ashland-Jewett Central School District (rural): math 55% / reading 40% proficiency, ranked #517 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Market conditions: 212 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
At $15,667/mo this rent would consume 276% of the median local household income ($68k/yr) (locally 38% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

In year one you build about $36k of equity ($4k loan paydown + $32k appreciation (5.1% 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 (5.1% appreciation + 3.0% rent growth), your $175k cash investment doubles in ~2 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 132 days — a 12% lower offer ($549k) is reasonable based on typical stale-listing flexibility.
4 sale attempts since 5y ago; this cycle's ask has dropped $36k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $549,120 (12.0% below list)

Questions for the listing agent

It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Crime grade is D 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?
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.
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.
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: 2.51% ✓
Cap rate: 21.80%
Cash-on-cash: 55.39%
DSCR: 3.46
GRM: 3.3

CMA / ARV

ARV (median comp): $599,749
List price: $624,000
Delta: 4.04%
Verdict: FAIR
Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 Ny-296	0.84mi	4/2.5	2,194 (-2%)	11mo	$581,250	$265	50
36 Mount Greenery Rd	0.95mi	3/2.0 (-1)	2,256 (+1%)	12mo	$575,000	$255	49
216 New York 296	0.79mi	3/2.5 (-1)	2,342 (+5%)	3mo	$999,000	$427	48
4992 Ny-23	1.07mi	3/2.5 (-1)	2,172 (-3%)	10mo	$400,000	$184	44
183 County Road 65	0.34mi	5/3.0 (+1)	2,644 (+18%)	10mo	$585,000	$221	41
29 Martin Lane Ln	0.82mi	4/2.0	2,116 (-6%)	22mo	$585,000	$276	38
216 Route 296	0.79mi	3/2.5 (-1)	2,342 (+5%)	17mo	$875,000	$374	37
23 Townhouse Ln Ln Unit D 1	0.64mi	3/2.5 (-1)	1,848 (-18%)	10mo	$355,000	$192	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

IRR: 62.7%
Equity multiple: 4.78×
Total profit: $659,674
Equity at exit: $355,739

10-year hold

IRR: 60.4%
Equity multiple: 9.87×
Total profit: $1,549,791
Equity at exit: $615,722

Cash invested: $174,720 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 2 active · 2 under contract
Months of supply: 6.0 mo (17%/mo absorbed)
Median asking: $587,750 ($311/sqft)
Median days on market: 77 d
This list price: 100% of active listings are priced below it
ARV vs active asking: -13.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 12496

Home prices YoY: 1.2%
Active inventory: 212
Price-to-rent: 3.3×

Monthly cashflow live

Estimated rent: $15,667 medium interval (Pro) →
Mortgage (P&I): −$3,272
Tax est. 1.5%: −$780 /mo · $9,360/yr
Insurance: −$260
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$3,290
Net cashflow: $8,064

Break-even live

Break-even rent $5,459

Max offer price $624,000

Occupancy floor 44%

Sensitivity live

Price	-10% $8,495	-5% $8,280	+0% $8,064	+5% $7,849	+10% $7,633
Rent	-10% $6,827	-5% $7,445	+0% $8,064	+5% $8,683	+10% $9,302
Rate	-1.0pp $8,378	-0.5pp $8,223	base $8,064	+0.5pp $7,903	+1.0pp $7,738

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: $156,000
Closing costs: $18,720
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
170 Maplecrest Rd East Windham, NY	5.0	2.5	3000	$8,495	$2.83	5d	1	0.71mi
281 Old Rd Windham, NY	4.0	2.0	1748	$30,000	$17.16	0d	1	1.48mi

Property features AI

Exterior

Parking: Two garage spacesTotal parking for six vehiclesOff-street parking with stone driveway
Security: Smoke detectorsCarbon monoxide detectors
Utilities: 100-amp electric service with 220 volts and circuit breakersSeptic tankCable connected
Home design: Single-family residenceCedar and wood siding exteriorShingle/asphalt roofBlock foundationApproximately 1.3-acre lot
Construction: Built with cedar and wood sidingBlock foundationShingle/asphalt roof
Exterior features: Wrap-around deck and additional deckExterior lightingShed(s) and garage(s)Level lot with road frontage and views

Interior

Kitchen: Electric ovenMicrowaveRefrigeratorDishwasher
Bedrooms: Multiple bedrooms on first and second levelsFirst-floor bedrooms presentSecond-floor bedrooms present
Flooring: Ceramic tileHardwood
Bathrooms: Two full bathrooms — one on the first floor and one on the second floor
Heating & cooling: Electric baseboard heatingWindow cooling units
Interior features: High-speed internet availableCeramic tile in bathroomsBlindsDouble-pane windowsCrawl space basementTwo fireplaces (electric) — located in family room and living room
Laundry & utility: Washer and dryer includedLaundry closet on main and upper levels

Listing history 50 events

2026-11-08

days on market $624,000 Active 132 DOM
2026-11-07

days on market $624,000 Active 131 DOM
2026-11-06

days on market $624,000 Active 130 DOM
2026-11-05

days on market $624,000 Active 129 DOM
2026-11-04

days on market $624,000 Active 128 DOM
2026-11-02

days on market $624,000 Active 126 DOM
2026-11-01

days on market $624,000 Active 125 DOM
2026-10-31

days on market $624,000 Active 124 DOM
2026-10-31

pricedays on market $624,000 Active 123 DOM
2026-10-29

days on market $639,000 Active 122 DOM
2026-10-28

days on market $639,000 Active 121 DOM
2026-10-27

days on market $639,000 Active 120 DOM
2026-10-26

days on market $639,000 Active 119 DOM
2026-10-25

days on market $639,000 Active 118 DOM
2026-10-24

days on market $639,000 Active 117 DOM
2026-10-23

days on market $639,000 Active 116 DOM
2026-10-22

days on market $639,000 Active 115 DOM
2026-10-22

days on market $639,000 Active 114 DOM
2026-10-20

days on market $639,000 Active 113 DOM
2026-10-19

days on market $639,000 Active 112 DOM
2026-10-18

days on market $639,000 Active 111 DOM
2026-10-17

days on market $639,000 Active 110 DOM
2026-10-16

days on market $639,000 Active 109 DOM
2026-10-15

days on market $639,000 Active 108 DOM
2026-10-14

days on market $639,000 Active 107 DOM
2026-10-13

days on market $639,000 Active 106 DOM
2026-10-12

days on market $639,000 Active 105 DOM
2026-10-11

days on market $639,000 Active 104 DOM
2026-10-10

days on market $639,000 Active 103 DOM
2026-10-09

days on market $639,000 Active 102 DOM
2026-10-08

days on market $639,000 Active 101 DOM
2026-10-07

days on market $639,000 Active 100 DOM
2026-10-06

days on market $639,000 Active 99 DOM
2026-10-05

days on market $639,000 Active 98 DOM
2026-10-04

days on market $639,000 Active 97 DOM
2026-10-03

days on market $639,000 Active 96 DOM
2026-10-02

days on market $639,000 Active 95 DOM
2026-10-01

days on market $639,000 Active 94 DOM
2026-09-30

days on market $639,000 Active 93 DOM
2026-09-29

days on market $639,000 Active 92 DOM
2026-09-28

days on market $639,000 Active 91 DOM
2026-09-27

days on market $639,000 Active 90 DOM
2026-09-26

days on market $639,000 Active 89 DOM
2026-09-25

days on market $639,000 Active 88 DOM
2026-09-24

days on market $639,000 Active 87 DOM
2026-09-23

days on market $639,000 Active 86 DOM
2026-09-21

days on market $639,000 Active 84 DOM
2026-09-20

days on market $639,000 Active 83 DOM
2026-09-19

days on market $639,000 Active 82 DOM
2026-09-19

days on market $639,000 Active 81 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $187,998
− Mortgage interest: −$34,954
− Property taxes: −$9,360
− Insurance: −$3,120
− Repairs & maintenance: −$15,040
− Management: −$15,040
− Depreciation: −$18,153
Taxable income: $92,332

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$22,160
After-tax cash flow: $74,611/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $11,200–$33,600 screening

This property is in good condition with recent renovations, making it a solid investment for both resale and rental.

Value-add opportunities

Both Paint exterior — Enhances curb appeal and value ↑
Both Clean gutters — Improves drainage and aesthetics ↑
Rental Replace outdoor furniture — Fresh furniture improves rental appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Schools (NCES district)

District: Windham-Ashland-Jewett Central School District
NCES district ID: 3631590
Math proficiency: 55% ▲ 5.00%
Reading proficiency: 40% ▼ -10.00%
Median HH income: $46,942
Composite: 42.57/100
National rank: #6842
State rank: #517 of 755 in NY

C Composite livability gradescore 60/100

Livability — Windham

Score: 60/100
State rank: #964
US rank: #18888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

County: Greene · 44,963 people
Population (ZIP): 1,241
Household income: $68,173
Rent vs Own: 12.2% rent · 87.8% own
Severe rent burden: 38% of renters

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 (84%)
Race & ethnicity: White 84% Two or more races 5% Black 5% Hispanic / Latino 3% Asian 2%
Languages at home: 75% English-only · Russian/Polish/Slavic 10% French/Haitian/Cajun 7% Other Indo-European 4%

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: ▲ 5.06%
Current HPI: 425.2138
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
#11 JPMorgan Chase New York $278.9B #21 Citigroup New York $170.8B #32 Goldman Sachs New York $126.9B #40 Morgan Stanley New York $107.3B #42 StoneX Group New York $99.9B #58 American Express New York $74.2B #98 TIAA New York $46.9B #273 Mastercard Purchase $28.2B #328 M&T Bank Buffalo $8.8B #392 Voya Financial New York $7.8B
Consumer Goods	9	$162B
#45 PepsiCo Purchase $91.9B #171 Colgate-Palmolive New York $19.5B #207 Estee Lauder New York $15.6B #246 Constellation Brands Victor $10.2B #422 PVH Corp New York $8.6B #364 Tapestry New York $6.7B #420 Ralph Lauren New York $6.6B #460 Steven Madden Long Island City $2.2B #498 Prestige Consumer Healthcare Tarrytown $1.1B
Insurance	4	$225B
#60 MetLife New York $71.0B #69 New York Life Insurance New York $62.6B #99 Travelers Companies New York $46.4B #101 AIG New York $44.9B
Telecommunications	2	$144B
#30 Verizon Communications New York $134.8B #297 Altice USA Long Island City $9.1B
Pharmaceuticals	2	$112B
#67 Pfizer New York $63.6B #94 Bristol-Myers Squibb New York $48.3B
Media / Entertainment	2	$69B
#295 Warner Bros. Discovery New York $39.9B #269 Paramount Global New York $28.9B

Price history

+25.7% since first listed

6 events — show timeline

2026-06-04 Listed $659,777 Global MLS
2026-06-03 Listed $659,777 Global MLS
2023-01-03 Listing Removed — Global MLS
2023-01-03 Listing Removed — Global MLS
2022-05-24 Listed $485,000 Global MLS
2021-07-27 Listed $525,000 Global MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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