41 Quads Way #41 · Windham, NY 12496

$227,900

2 bd · 2.0 ba · 1,008 sqft · Condo · 57 Days on market

Built 1986 Good condition $226/sqft · at area comps Est $234k · at est.

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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 +24.8/30.0
• ARV discount +8.8/15.0
• DSCR +8.0/10.0
• Appreciation +7.5/10.0
• 1% rule +6.4/10.0
• Schools +4.3/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

Perfect Condo Getaway Beautiful 2bd, 2bth with a woodburning fireplace condo located minutes to Windham Mountain skiing and 15 minutes to hunter Mountain. This well priced home is a blink away from the town of Windham with all the restaurant's, night life and local brewery's to enjoy and be home in minutes. There is porch that backs up to a wooded area. Enjoy resort-style amenities including a Swimming pool, tennis courts and dog walking area for the pooch. Great AirBnB ''and it is allowed'' which is becoming few and far between. Great getaway or a well priced home for year round.

Key facts

• Porch
• Dog walking area
• Swimming pool

Tags

• WOODBURNING FIREPLACE
• PORCH
• SWIMMING POOL
• TENNIS COURTS
• DOG WALKING AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $228k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $228k).
• Recommended offer: $221k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 $13k of equity ($2k loan paydown + $12k 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 $64k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($221k) is reasonable based on typical stale-listing flexibility.

Recommended offer $221,063 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.01%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $234,479
• List price: $227,900
• Delta: -2.81%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.7%
• Equity multiple: 2.31×
• Total profit: $83,823
• Equity at exit: $129,925

10-year hold

• IRR: 20.4%
• Equity multiple: 4.55×
• Total profit: $226,787
• Equity at exit: $224,877

Cash invested: $63,812 (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: 7.3×

Monthly cashflow live

• Estimated rent: $2,600 medium
• Mortgage (P&I): −$1,195
• Tax est. 1.5%: −$285 /mo · $3,418/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $479

Break-even live

Break-even rent $1,994

Max offer price $227,900

Occupancy floor 77%

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: $56,975
• Closing costs: $6,837
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $227,900 Active 57 DOM
2. 2026-06-17
   days on market $227,900 Active 56 DOM
3. 2026-06-17
   price $227,900 Active 55 DOM
4. 2026-06-16
   days on market $234,900 Active 55 DOM
5. 2026-06-15
   days on market $234,900 Active 54 DOM
6. 2026-06-13
   days on market $234,900 Active 52 DOM
7. 2026-06-12
   days on market $234,900 Active 51 DOM
8. 2026-06-09
   days on market $234,900 Active 48 DOM
9. 2026-06-08
   days on market $234,900 Active 47 DOM
10. 2026-06-07
    days on market $234,900 Active 46 DOM
11. 2026-06-07
    days on market $234,900 Active 45 DOM
12. 2026-06-04
    days on market $234,900 Active 42 DOM
13. 2026-06-02
    days on market $234,900 Active 41 DOM
14. 2026-06-01
    days on market $234,900 Active 40 DOM
15. 2026-05-31
    days on market $234,900 Active 39 DOM
16. 2026-04-21
    listed $234,900 Active 591-char remark

    Show marketing remark (591 chars)

    Perfect Condo Getaway Beautiful 2bd, 2bth with a woodburning fireplace condo located minutes to Windham Mountain skiing and 15 minutes to hunter Mountain. This well priced home is a blink away from the town of Windham with all the restaurant's, night life and local brewery's to enjoy and be home in minutes. There is porch that backs up to a wooded area. Enjoy resort-style amenities including a Swimming pool, tennis courts and dog walking area for the pooch. Great AirBnB ''and it is allowed'' which is becoming few and far between. Great getaway or a well priced home for year round.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 8 d/yr ≥86°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $31,204
• − Mortgage interest: −$12,766
• − Property taxes: −$3,418
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,496
• − Management: −$2,496
• − Depreciation: −$6,630
• Taxable income: $2,258
• Est. tax owed @ 24.0%: −$542
• After-tax cash flow: $5,210/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 · 14 photos

Good 75/100 Cosmetic rehab

This property is in good condition with a good condition score of 75. It has a good exterior, interior, and systems. The property has a good curb appeal and is located in a desirable area with resort-style amenities. The property is a good investment for both resale and rental.

Value-add opportunities

• Both Paint the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and the overall look of the property, making it more attractive to potential buyers or renters.
• Both Replace the fireplace mantel — Replacing the fireplace mantel can add a touch of elegance and improve the aesthetic appeal of the living room.
• Both Upgrade the kitchen appliances — Upgrading the kitchen appliances can make the kitchen more functional and appealing to potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and the overall look of the property, making it more attractive to potential buyers or renters. ↑
• Both Replace the fireplace mantel — Replacing the fireplace mantel can add a touch of elegance and improve the aesthetic appeal of the living room. ↑
• Both Upgrade the kitchen appliances — Upgrading the kitchen appliances can make the kitchen more functional and appealing to potential buyers or renters. ↑

ⓘ 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: 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

1 event — show timeline

• 2026-04-21 Listed $234,900 HVCRMLS