13 Pheasant Rd

Copake Lake, NY 12521

$365,000B+

2 bd · 1.0 ba · 726 sqft · Built 1940 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,526/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$377
• HOA: −$0
• Vac / Maint / Mgmt: −$951
• Net cashflow: $1,284/mo
• Annual: $15,414/yr
• Cap rate: 10.52%
• Cash-on-cash: 15.08%
• DSCR: 1.67
• 1% rule: 1.24%
• Cash to close: $102,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $365k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $365k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $39k of equity ($3k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#841 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Taconic Hills Central School District (rural): math 53% / reading 51% proficiency, ranked #335 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Taconic Hills Elementary School (math 53% / reading 50%, grade C-, #1,041 of 2,108 statewide, top 50%, 562 students, 57% FRL); Taconic Hillsjunior/Senior High School (math 52% / reading 52%, grade D+, #946 of 1,100 statewide, top 88%, 502 students, 45% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $132k; list at $365k implies a 175% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.5% vs local median 2.4% in Copake Lake — 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.

Questions for listing agent

• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.