1121-1123 New York 295 · Chatham, NY 12060

$599,000

18 bd · 12.0 ba · 6,935 sqft · MultiFamily · 154 Days on market

Built 1974 Good condition 0.60 ac lot $86/sqft · 28% below area Est $829k · 28% under ↓ 9% 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).

• ARV discount +15.0/15.0
• Cash flow +11.6/30.0
• Appreciation +7.2/10.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• 1% rule +3.4/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2-Story/5-Apartment/9BR/6BA building PLUS 2BR/1BA Ranch home on about a half acre. Fully occupied, leases, both structures fully up to date and move-in condition. Tenants pay all utils. Landlord provides maintenance, snow/trash removal, water/sewer, off-street parking, fridge/stove each unit. 2 SBL lot numbers - properties not sold separately. Assessment/tax figures herein reflect total due for both properties. Photos incl Ranch house and 2 apartments pre-occupancy. 48-72 hour notice required to show. List broker to accompany all showings. Buyer/Coop brokers must attend all appointments. Thank you for your interest.

Key facts

• 0.6 acre lot
• Garage
• Built 1974

What this means for you Summary

Snapshot

• This is a 2 × 9.0-bed/6.0-bath units multifamily listed at $599k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-186 ($-2k/yr) — negative. Per door: $-93/mo.
• To cash-flow at today's rent, offer at most $572k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $500k (16.4% below list).
• Recommended offer: $500k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.4% in Chatham — 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 (#686 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, schools B; Watch: employment C-, cost of living C-, amenities F.
• Chatham Central School District (rural): math 48% / reading 53% proficiency, ranked #353 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($4k loan paydown + $26k appreciation (4.3% local appreciation)).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $150k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $500,500 (16.4% 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 154 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.84% ✗
• Cap rate: 5.92%
• Cash-on-cash: -1.33%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $829,152
• List price: $599,000
• Delta: -27.76%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

4.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.62×
• Total profit: $103,298
• Equity at exit: $314,959

10-year hold

• IRR: 11.7%
• Equity multiple: 2.99×
• Total profit: $334,525
• Equity at exit: $524,333

Cash invested: $167,720 (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 12060

• Home prices YoY: 1.1%
• Active inventory: 19
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $5,005 medium
• Mortgage (P&I): −$3,141
• Tax est. 1.5%: −$749 /mo · $8,985/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,051
• Net cashflow: $-186

Break-even live

Break-even rent $5,240

Max offer price $572,143

Occupancy floor 99%

Sensitivity live

Price	-10% $228	-5% $21	+0% $-186	+5% $-393	+10% $-600
Rent	-10% $-581	-5% $-383	+0% $-186	+5% $12	+10% $210
Rate	-1.0pp $116	-0.5pp $-33	base $-186	+0.5pp $-341	+1.0pp $-499

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

Units	Beds	Baths	Est. rent
▸ 2× units	9.0	6	$5,006
Total (2 units)			$5,005

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $599,000 Active 154 DOM
2. 2026-06-18
   days on market $599,000 Active 153 DOM
3. 2026-06-17
   days on market $599,000 Active 152 DOM
4. 2026-06-16
   days on market $599,000 Active 151 DOM
5. 2026-06-15
   days on market $599,000 Active 150 DOM
6. 2026-06-14
   days on market $599,000 Active 148 DOM
7. 2026-06-12
   days on market $599,000 Active 147 DOM
8. 2026-06-09
   days on market $599,000 Active 144 DOM
9. 2026-06-08
   days on market $599,000 Active 143 DOM
10. 2026-06-07
    days on market $599,000 Active 142 DOM
11. 2026-06-04
    days on market $599,000 Active 138 DOM
12. 2026-06-02
    days on market $599,000 Active 137 DOM
13. 2026-06-01
    days on market $599,000 Active 136 DOM
14. 2026-05-31
    days on market $599,000 Active 135 DOM
15. 2026-05-31
    days on market $599,000 Active 134 DOM
16. 2026-03-04
    price $680,000 623-char remark

    Show marketing remark (629 chars)

    2-Story/5-Apartment/9BR/6BA building PLUS 2BR/1BA Ranch home on about a half acre. Fully occupied, leases, both structures fully up to date and move-in condition. Tenants pay all utils. Landlord provides maintenance, snow/trash removal, water/sewer, off-street parking, fridge/stove each unit. 2 SBL lot numbers - properties not sold separately. Assessment/tax figures herein reflect total due for both properties. Photos incl Ranch house and 2 apartments pre-occupancy. 48hour notice required to show. Buyer/Coop brokers must attend all appointments. Thank you for your interest. Tenants must approve and provide access.

17. 2026-03-04
    price $680,000 629-char remark

    Show marketing remark (629 chars)

    2-Story/5-Apartment/9BR/6BA building PLUS 2BR/1BA Ranch home on about a half acre. Fully occupied, leases, both structures fully up to date and move-in condition. Tenants pay all utils. Landlord provides maintenance, snow/trash removal, water/sewer, off-street parking, fridge/stove each unit. 2 SBL lot numbers - properties not sold separately. Assessment/tax figures herein reflect total due for both properties. Photos incl Ranch house and 2 apartments pre-occupancy. 48hour notice required to show. Buyer/Coop brokers must attend all appointments. Thank you for your interest. Tenants must approve and provide access.

18. 2026-01-15
    listed $749,000 Active 623-char remark

    Show marketing remark (629 chars)

    2-Story/5-Apartment/9BR/6BA building PLUS 2BR/1BA Ranch home on about a half acre. Fully occupied, leases, both structures fully up to date and move-in condition. Tenants pay all utils. Landlord provides maintenance, snow/trash removal, water/sewer, off-street parking, fridge/stove each unit. 2 SBL lot numbers - properties not sold separately. Assessment/tax figures herein reflect total due for both properties. Photos incl Ranch house and 2 apartments pre-occupancy. 48hour notice required to show. Buyer/Coop brokers must attend all appointments. Thank you for your interest. Tenants must approve and provide access.

19. 2026-01-15
    listed $749,000 Active 629-char remark

    Show marketing remark (629 chars)

    2-Story/5-Apartment/9BR/6BA building PLUS 2BR/1BA Ranch home on about a half acre. Fully occupied, leases, both structures fully up to date and move-in condition. Tenants pay all utils. Landlord provides maintenance, snow/trash removal, water/sewer, off-street parking, fridge/stove each unit. 2 SBL lot numbers - properties not sold separately. Assessment/tax figures herein reflect total due for both properties. Photos incl Ranch house and 2 apartments pre-occupancy. 48hour notice required to show. Buyer/Coop brokers must attend all appointments. Thank you for your interest. Tenants must approve and provide access.

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

Taxation est. · year 1

• Rental income: $60,060
• − Mortgage interest: −$33,553
• − Property taxes: −$8,985
• − Insurance: −$2,995
• − Repairs & maintenance: −$4,805
• − Management: −$4,805
• − Depreciation: −$17,425
• Taxable loss: −$12,508
• Est. tax savings @ 24.0%: +$3,002
• After-tax cash flow: $775/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 · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed. It's fully occupied and move-in ready, making it a solid investment opportunity.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and property value
• Both Interior paint touch-ups — Fresh paint can make a significant difference in appearance
• Both Appliance maintenance — Ensures appliances are in good working condition

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and property value ↑
• Both Interior paint touch-ups — Fresh paint can make a significant difference in appearance ↑
• Both Appliance maintenance — Ensures appliances are in good working condition ↑

ⓘ 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: Chatham Central School District
• NCES district ID: 3607110
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $61,460
• Composite: 44.28/100
• National rank: #2835
• State rank: #353 of 590 in NY

Livability — Chatham

• Score: 65/100
• State rank: #686
• US rank: #12965

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,768

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 58,662 people
• By 2030: 56,557 · -3.6%
• By 2040: 51,324 · -12.5%
• By 2050: 45,790 · -21.9%
• By 2075: 35,232 · -39.9%
• By 2100: 25,846 · -55.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 11% Romanian 8% Scotch-Irish 7%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Other Indo-European 8% Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Columbia

• 2024 margin: D (+14.7) · D 57.4% · R 42.6%
• 2008→2024 swing: +1.3pp toward D · 2008: 13.4pp · 2024: 14.7pp
• All cycles: 2024: D+14.7 2020: D+16.7 2016: D+1.4 2012: D+11.7 2008: D+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.32%
• Current HPI: 390.0843
• 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

-9.2% since first listed

4 events — show timeline

• 2026-03-04 Price Changed $680,000 BCMLS
• 2026-03-04 Price Changed $680,000 Global MLS
• 2026-01-15 Listed $749,000 Global MLS
• 2026-01-15 Listed $749,000 BCMLS