22 Harper St · Lake Mohegan, NY 10537

$299,000

2 bd · 1.0 ba · 1,392 sqft · SingleFamily public records · 39 Days on market

Built 1930 0.25 ac lot $215/sqft · 43% below area Est $523k · 43% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Schools +6.5/10.0
• 1% rule +4.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Listing remarks MLS

Romeo, Romeo, where for art thou? Lake Peekskill that's where! Stand on your Juliet balcony and wait for Juliet! This is an exceptional opportunity to create your dream home! An outstanding opportunity for investors, builders, or future homeowners ready to bring their vision to life. Much of the heavy lifting has already been completed - the interior presents a true blank canvas. It's ready to be designed and finished to your exact specifications. Bring your team - plumber, electrician, designer, and finish carpenter - and transform this space into a custom home tailored to your style and needs. Situated on a generously sized lot, the property features rare three-car off-street parking - an uncommon find in this quiet, charming lake neighborhood. Outdoor highlights include a spacious, level brick patio and beautifully terraced gardens, providing the perfect foundation for an inviting outdoor living space. Well and septic are in place. This is a unique chance to create something truly special - opportunities like this do not last.

Key facts

• Level brick patio
• Terraced gardens
• 0.25 acre lot

Tags

• THREE-CAR OFF-STREET PARKING
• LEVEL BRICK PATIO
• TERRACED GARDENS
• WELL AND SEPTIC SYSTEMS

Property features AI

Exterior

• Parking: Driveway parking; 3 parking spaces total; No carport
• Utilities: Septic tank; Electricity connected
• Home design: Single family residence; Measured living area
• Construction: Frame construction
• Exterior features: Back yard; Cul-de-sac lot

Interior

• Kitchen: No appliances listed
• Bedrooms: 5 rooms total
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: Open floor plan; Basement present
• Laundry & utility: No washer/dryer or utility appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-283 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (10.1% below list).
• Recommended offer: $249k (16.7% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 3.1% in Lake Mohegan — 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 71/100 on livability (#417 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.
• Putnam Valley Central School District (suburban): math 73% / reading 71% proficiency, ranked #91 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Putnam Valley Elementary School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 554 students, 19% FRL); Putnam Valley Middle School (math 57% / reading 65%, grade B+, #150 of 729 statewide, top 21%, 473 students, 17% FRL); Putnam Valley High School (math 92% / reading 24%, grade C, #879 of 1,100 statewide, top 80%, 503 students, 23% FRL).
• Market conditions: 31 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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: property tax is 2.9% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,064 (16.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.05%
• DSCR: 0.82
• GRM: 9.3

CMA / ARV

• ARV (median comp): $523,115
• List price: $299,000
• Delta: -42.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Grant Pl	0.14mi	2/1.5	1,452 (+4%)	4mo	$279,000	$192	81
35 Avon Rd	0.42mi	2/2.0	1,400 (+1%)	1mo	$540,000	$386	74
21 Point Dr S	0.25mi	3/2.0 (+1)	1,453 (+4%)	8mo	$735,000	$506	65
5 Spruce St	0.43mi	2/2.0	1,302 (-6%)	4mo	$440,000	$338	62
18 Point Dr S	0.29mi	2/1.0	1,214 (-13%)	13mo	$700,000	$577	54
87 Hewitt St	0.26mi	2/2.0	1,218 (-12%)	11mo	$230,000	$189	54
50 Red Mill Rd	0.70mi	3/1.0 (+1)	1,421 (+2%)	11mo	$550,000	$387	50
95 Peekskill Hollow Rd	0.73mi	3/2.0 (+1)	1,386 (-0%)	8mo	$510,000	$368	49
160 Walnut Rd	0.56mi	2/2.0	1,592 (+14%)	9mo	$440,000	$276	39
55 Red Mill Rd	0.73mi	3/1.0 (+1)	1,580 (+14%)	1mo	$535,000	$339	37
41 School St	0.67mi	3/1.5 (+1)	1,600 (+15%)	7mo	$562,500	$352	30
42 Hillair Rd	0.70mi	3/2.0 (+1)	1,600 (+15%)	9mo	$470,000	$294	25

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.73×
• Total profit: $145,088
• Equity at exit: $269,363

10-year hold

• IRR: 19.4%
• Equity multiple: 6.28×
• Total profit: $441,914
• Equity at exit: $580,891

Cash invested: $83,720 (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 10537

• Home prices YoY: 5.8%
• Active inventory: 31
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,687 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$713 /mo · $8,551/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $-283

Break-even live

Break-even rent $3,045

Max offer price $249,064

Occupancy floor —

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Hollowbrook Pl Cortlandt Manor, NY	2.0	1.0	1000	$2,850	$2.85	13d	1	1.18mi
2 Hollowbrook Pl Unit A Cortlandt Manor, NY	2.0	1.0	1000	$2,850	$2.85	13d	1	1.18mi
3604 Lexington Ave Unit 2 Mohegan Lake, NY	2.0	2.0	950	$2,300	$2.42	1d	1	1.32mi

Listing history 16 events

1. 2026-06-07
   statusdays on market $299,000 Pending 39 DOM
2. 2026-06-03
   days on market $299,000 Active 37 DOM
3. 2026-06-02
   days on market $299,000 Active 36 DOM
4. 2026-06-01
   days on market $299,000 Active 35 DOM
5. 2026-05-31
   days on market $299,000 Active 34 DOM
6. 2026-05-30
   days on market $299,000 Active 33 DOM
7. 2026-04-27
   listed $299,000 Active 1048-char remark

   Show marketing remark (1048 chars)

   Romeo, Romeo, where for art thou? Lake Peekskill that's where! Stand on your Juliet balcony and wait for Juliet! This is an exceptional opportunity to create your dream home! An outstanding opportunity for investors, builders, or future homeowners ready to bring their vision to life. Much of the heavy lifting has already been completed - the interior presents a true blank canvas. It's ready to be designed and finished to your exact specifications. Bring your team - plumber, electrician, designer, and finish carpenter - and transform this space into a custom home tailored to your style and needs. Situated on a generously sized lot, the property features rare three-car off-street parking - an uncommon find in this quiet, charming lake neighborhood. Outdoor highlights include a spacious, level brick patio and beautifully terraced gardens, providing the perfect foundation for an inviting outdoor living space. Well and septic are in place. This is a unique chance to create something truly special - opportunities like this do not last.

8. 2026-04-27
   historical $299,000 1048-char remark

   Show marketing remark (1048 chars)

   Romeo, Romeo, where for art thou? Lake Peekskill that's where! Stand on your Juliet balcony and wait for Juliet! This is an exceptional opportunity to create your dream home! An outstanding opportunity for investors, builders, or future homeowners ready to bring their vision to life. Much of the heavy lifting has already been completed - the interior presents a true blank canvas. It's ready to be designed and finished to your exact specifications. Bring your team - plumber, electrician, designer, and finish carpenter - and transform this space into a custom home tailored to your style and needs. Situated on a generously sized lot, the property features rare three-car off-street parking - an uncommon find in this quiet, charming lake neighborhood. Outdoor highlights include a spacious, level brick patio and beautifully terraced gardens, providing the perfect foundation for an inviting outdoor living space. Well and septic are in place. This is a unique chance to create something truly special - opportunities like this do not last.

9. 2026-04-27
   listed $299,000 Active 1051-char remark

   Show marketing remark (1048 chars)

   Romeo, Romeo, where for art thou? Lake Peekskill that's where! Stand on your Juliet balcony and wait for Juliet! This is an exceptional opportunity to create your dream home! An outstanding opportunity for investors, builders, or future homeowners ready to bring their vision to life. Much of the heavy lifting has already been completed - the interior presents a true blank canvas. It's ready to be designed and finished to your exact specifications. Bring your team - plumber, electrician, designer, and finish carpenter - and transform this space into a custom home tailored to your style and needs. Situated on a generously sized lot, the property features rare three-car off-street parking - an uncommon find in this quiet, charming lake neighborhood. Outdoor highlights include a spacious, level brick patio and beautifully terraced gardens, providing the perfect foundation for an inviting outdoor living space. Well and septic are in place. This is a unique chance to create something truly special - opportunities like this do not last.

10. 2010-09-13
    historical Cancelled
11. 2010-07-09
    price
12. 2010-04-29
    price
13. 2010-03-31
    listed Active
14. 2006-04-14
    soldstatus $315,000
15. 1998-10-20
    soldstatus $95,000
16. 1991-11-12
    soldstatus $74,900

ⓘ 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: $8,551 · $713/mo
• Projected year-2 tax: $8,551 · $713/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,241
• − Mortgage interest: −$16,749
• − Property taxes: −$8,551
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,579
• − Management: −$2,579
• − Depreciation: −$8,698
• Taxable loss: −$8,411
• Est. tax savings @ 24.0%: +$2,019
• After-tax cash flow: $-1,373/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: Putnam Valley Central School District
• NCES district ID: 3624000
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 71% ▲ 6.00%
• Median HH income: $94,086
• Composite: 65.26/100
• National rank: #491
• State rank: #91 of 590 in NY

Livability — Lake Mohegan

• Score: 71/100
• State rank: #417
• US rank: #7240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,361
• Population (ZIP): 2,418

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 17% Two or more races 16% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 9%
• Common ancestry: Romanian 5% Russian 1% Iranian 1%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 85% English-only · Spanish 15% German/W. Germanic 1%

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: ▲ 16.08%
• Current HPI: 295.284
• 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

+299.2% since first listed

12 events — show timeline

• 2026-06-05 Contingent — HVCRMLS
• 2026-06-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-27 Listed $299,000 HVCRMLS
• 2026-04-27 Coming Soon $299,000 HVCRMLS
• 2026-04-27 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2010-09-13 Delisted — HGMLS
• 2010-07-09 Price Changed — HGMLS
• 2010-04-29 Price Changed — HGMLS
• 2010-03-31 Listed — HGMLS
• 2006-04-14 Sold (Public Records) $315,000 Public Records
• 1998-10-20 Sold (Public Records) $95,000 Public Records
• 1991-11-12 Sold (Public Records) $74,900 Public Records

Property tax history

+8.7%/yr

Latest (2025): $8,551 · +3.2% YoY. Source: county tax records.