49 Chase Dr · Windham, NY 12496

$579,000

6 bd · 3.0 ba · 1,680 sqft · MultiFamily public records · 38 Days on market

Built 1981 0.59 ac lot

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Why this score? — see what drove the D+ 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 +14.2/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• 1% rule +3.1/10.0
• 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

A rare income-generating property nestled in the heart of the Catskills -- fully positioned to capitalize on year-round ski and outdoor tourism. This turnkey investment property features two self-contained apartments, each ideally suited for short-term rental on Airbnb. With ski season drawing visitors from across the region, the property's proximity to both Windham Mountain Club and Hunter Mountain ensures strong year-round demand and repeat bookings. When guests aren't on the slopes, they'll enjoy strolling the scenic Windham path -- a peaceful walkway set against sweeping mountain range views -- or venturing into the surrounding Catskill highlands, where miles of hiking trails await adve

Key facts

• Investment property
• Hunter mountain
• Airbnb

Tags

• INVESTMENT PROPERTY
• TWO APARTMENTS
• AIRBNB
• WINDHAM MOUNTAIN CLUB
• HUNTER MOUNTAIN
• RESTAURANTS MINUTES AWAY

Property features AI

Exterior

• Parking: On-site parking
• Utilities: Public water; Septic tank; Cable available; Electricity connected; Water connected
• Home design: Multi-family residential income property; Residential zoning
• Construction: Frame construction with shingle siding; Asbestos shingle roof; Slab foundation; Built as multi-family (total finished area includes above- and below-grade space)
• Exterior features: Private yard; Deck; Sliding doors; Has a view

Interior

• Kitchen: Built-in range; Dishwasher; Microwave; Refrigerator; Electric water heater
• Flooring: Carpet; Hardwood; Tile
• Heating & cooling: Baseboard heat; Electric heating; Wood stove
• Interior features: High-speed internet; Kitchen island
• Laundry & utility: Washer and dryer; Dryer

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $579k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $468k (19.2% below list).
• Recommended offer: $468k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($4k loan paydown + $29k 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 $162k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($562k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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 $200k; list at $579k implies a 190% gain — meaningful room to come down on a strong offer.

Recommended offer $467,900 (19.2% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.81% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 10.3

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: 13.6%
• Equity multiple: 1.87×
• Total profit: $141,404
• Equity at exit: $330,085

10-year hold

• IRR: 14.4%
• Equity multiple: 3.60×
• Total profit: $420,954
• Equity at exit: $571,319

Cash invested: $162,120 (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: 20.6×

Monthly cashflow live

• Estimated rent: $4,679 medium
• Mortgage (P&I): −$3,036
• Tax from tax record: −$320 /mo · $3,843/yr
• Insurance: −$241
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $99

Break-even live

Break-even rent $4,554

Max offer price $579,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,680
Total (2 units)			$4,679

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: $144,750
• Closing costs: $17,370
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $579,000 Active 38 DOM
2. 2026-06-17
   days on market $579,000 Active 37 DOM
3. 2026-06-16
   days on market $579,000 Active 36 DOM
4. 2026-06-15
   days on market $579,000 Active 35 DOM
5. 2026-06-13
   days on market $579,000 Active 33 DOM
6. 2026-06-12
   days on market $579,000 Active 32 DOM
7. 2026-06-09
   days on market $579,000 Active 29 DOM
8. 2026-06-08
   days on market $579,000 Active 28 DOM
9. 2026-06-07
   days on market $579,000 Active 27 DOM
10. 2026-06-07
    days on market $579,000 Active 26 DOM
11. 2026-06-04
    days on market $579,000 Active 23 DOM
12. 2026-06-02
    days on market $579,000 Active 22 DOM
13. 2026-06-01
    days on market $579,000 Active 21 DOM
14. 2026-05-31
    days on market $579,000 Active 20 DOM
15. 2026-05-11
    listed $579,000 Active 1027-char remark
16. 2023-12-10
    listed $575,000
17. 2023-12-08
    listed $575,000
18. 2016-10-31
    soldstatus $200,000
19. 2016-10-28
    soldstatus $200,000
20. 2016-02-10
    listed $224,000

ⓘ 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: $3,843 · $320/mo
• Projected year-2 tax: $6,814 · $568/mo
• Expected delta: +$2,971/yr (+$248/mo · 77.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥86°F today · 17 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: $56,148
• − Mortgage interest: −$32,433
• − Property taxes: −$3,843
• − Insurance: −$2,895
• − Repairs & maintenance: −$4,492
• − Management: −$4,492
• − Depreciation: −$16,844
• Taxable loss: −$8,851
• Est. tax savings @ 24.0%: +$2,124
• After-tax cash flow: $3,307/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

+158.5% since first listed

6 events — show timeline

• 2026-05-11 Listed $579,000 HVCRMLS
• 2023-12-10 Listed $575,000 HVCRMLS
• 2023-12-08 Listed $575,000 HVCRMLS
• 2016-10-31 Sold (Public Records) $200,000 Public Records
• 2016-10-28 Sold (MLS) $200,000 HVCRMLS
• 2016-02-10 Listed $224,000 HVCRMLS

Property tax history

+1.8%/yr

Latest (2025): $3,843 · +4.1% YoY. Source: county tax records.