60 County Route 65-a · Windham, NY 12496

$659,777

4 bd · 2.0 ba · 2,240 sqft · MultiFamily · 14 Days on market

Built 1980 1.30 ac lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

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

Key facts

• Wrap around decks
• Updated baths
• Updated kitchens

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• ELECTRIC FIREPLACES
• AIR CONDITIONING UNITS
• WRAP AROUND DECKS
• LARGE OPEN FLOORPLANS

Property features AI

Finance

• Other: No additional financial details provided
• Financial info: Property is a two-unit multi-family (duplex)
• HOA & community: No HOA information provided

Exterior

• Parking: 2 garage spaces; Parking for up to 6 vehicles total; Off-street parking with stone driveway
• Security: No specific security features listed
• Utilities: 100 amp electric service with 220 volts and circuit breakers; Septic tank
• Home design: Duplex; 1.3-acre lot; Main road frontage approximately 361 feet
• Construction: Clapboard and wood siding; Block foundation; Shingle (asphalt) roof
• Exterior features: Wrap-around porch and deck; Shed(s) and garage(s) on the property; Level lot with road frontage and views; Has spa

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Two full bathrooms total (one full bath on the 1st level, one full bath on the 2nd level); Each unit includes one full bath
• Heating & cooling: Electric baseboard heating; Window air conditioning units
• Interior features: High-speed internet available; Ceramic tile in bathrooms; Window treatments with double-pane windows and blinds; Living room electric fireplace
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $660k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $660k).
• Cap rate 10.2% vs local median 3.4% 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: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($5k loan paydown + $33k 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 $185k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$61k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $659,777

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.29% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 24.7%
• Equity multiple: 2.56×
• Total profit: $287,836
• Equity at exit: $376,135

10-year hold

• IRR: 23.9%
• Equity multiple: 5.08×
• Total profit: $754,177
• Equity at exit: $651,024

Cash invested: $184,738 (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 12496

• Home prices YoY: 1.2%
• Active inventory: 141
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $8,495 medium
• Mortgage (P&I): −$3,460
• Tax est. 1.5%: −$825 /mo · $9,897/yr
• Insurance: −$275
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,784
• Net cashflow: $2,096

Break-even live

Break-even rent $5,842

Max offer price $659,777

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: $164,944
• Closing costs: $19,793
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
170 Maplecrest Rd Hensonville, NY	5.0	2.5	3000	$8,495	$2.83	23d	1	0.65mi

Listing history 12 events

1. 2026-06-18
   days on market $659,777 Active 14 DOM
2. 2026-06-17
   days on market $659,777 Active 13 DOM
3. 2026-06-16
   days on market $659,777 Active 12 DOM
4. 2026-06-15
   days on market $659,777 Active 11 DOM
5. 2026-06-13
   days on market $659,777 Active 9 DOM
6. 2026-06-12
   days on market $659,777 Active 8 DOM
7. 2026-06-09
   days on market $659,777 Active 5 DOM
8. 2026-06-08
   days on market $659,777 Active 4 DOM
9. 2026-06-07
   days on market $659,777 Active 3 DOM
10. 2026-06-07
    days on marketlisting id $659,777 Active 2 DOM
11. 2026-06-04
    remarks 699-char remark
12. 2026-06-04
    listed $659,777 Active 1 DOM

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $101,940
• − Mortgage interest: −$36,958
• − Property taxes: −$9,897
• − Insurance: −$3,965
• − Repairs & maintenance: −$8,155
• − Management: −$8,155
• − Depreciation: −$19,194
• Taxable income: $15,616
• Est. tax owed @ 24.0%: −$3,748
• After-tax cash flow: $21,403/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: 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

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

• Population (ZIP): 1,241

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%
• Common ancestry: Romanian 5% Hispanic 4% Lithuanian 3%
• Foreign-born: 18% · Canada
• 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
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+25.7% since first listed

5 events — show timeline

• 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