5044 Ny-23 · Windham, NY 12496

$399,000

3 bd · 1.0 ba · 1,227 sqft · SingleFamily public records · 8 Days on market

Built 1925 0.48 ac lot Est $512k · 22% 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
• Cash flow +13.2/30.0
• Appreciation +7.5/10.0
• Schools +4.3/10.0
• DSCR +4.0/10.0
• Livability +3.0/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Walk to the Windham Path from this newly renovated two story home. Offered fully furnished, stocked with everything you need to greet your next guest, this active Airbnb is ready for the next owner. Two first floor bedrooms each with their own beautifully new tiled bath. New kitchen with butcher block counter tops, new appliances with induction stove. Upstairs 2 more bedroom with its own half bath in between. Tastefully furnished and decorated to comfortably sleep 8. Sit out on the new deck and take in the mountain views and ski slope views after a day or skiing or hiking. Affordable taxes make this an attractive find. Located minutes away from everything Windham has to offer including the

Key facts

• New kitchen
• Induction stove
• New appliances

Tags

• NEWLY RENOVATED
• FULLY FURNISHED
• NEW KITCHEN
• BUTCHER BLOCK COUNTER TOPS
• NEW APPLIANCES
• INDUCTION STOVE

Property features AI

Exterior

• Parking: Deck (listed under parking/garage information)
• Utilities: Private water source; 100 amp electric service
• Home design: Single-family residence; One-and-one-half story
• Construction: Vinyl siding; Built as a house (structure type)
• Exterior features: Views; Front and back entry; Deck

Interior

• Kitchen: Cooktop; Induction cooktop; Range; Dishwasher; Refrigerator
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Oil heating; Window air conditioning units
• Interior features: Cooktop, Induction cooktop, Range, Dishwasher, Refrigerator; Vinyl flooring; Basement with concrete construction, partial finish, exterior and interior entry
• Laundry & utility: No laundry hookups listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-6 ($-69/yr) — negative.
• To cash-flow at today's rent, offer at most $398k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (23.3% below list).
• Recommended offer: $306k (23.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: 145 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 $23k of equity ($3k loan paydown + $20k 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 $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.
• Current owner paid $180k; list at $399k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $306,223 (23.3% 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. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.77% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $511,659
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
384 Route 296	0.26mi	3/1.5	1,200 (-2%)	4mo	$150,000	$125	79
38 Cambridge Heights Rd	0.53mi	3/2.0	1,140 (-7%)	1mo	$475,000	$417	58
14 Martin Ln Ln	0.46mi	3/2.0	1,152 (-6%)	19mo	$220,500	$191	48
21 Nauvoo Rd	0.50mi	2/1.5 (-1)	1,072 (-13%)	8mo	$520,000	$485	42

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

Projected returns pro-forma

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

5-year hold

• IRR: 13.0%
• Equity multiple: 1.83×
• Total profit: $92,718
• Equity at exit: $227,468

10-year hold

• IRR: 13.8%
• Equity multiple: 3.50×
• Total profit: $279,786
• Equity at exit: $393,707

Cash invested: $111,720 (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 12496

• Home prices YoY: 1.2%
• Active inventory: 145
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,062 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$166 /mo · $1,995/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $-6

Break-even live

Break-even rent $3,069

Max offer price $397,986

Occupancy floor 95%

Sensitivity live

Price	-10% $220	-5% $107	+0% $-6	+5% $-119	+10% $-232
Rent	-10% $-248	-5% $-127	+0% $-6	+5% $115	+10% $236
Rate	-1.0pp $195	-0.5pp $96	base $-6	+0.5pp $-109	+1.0pp $-214

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $399,000 Active 8 DOM
2. 2026-06-18
   days on market $399,000 Active 6 DOM
3. 2026-06-17
   days on market $399,000 Active 5 DOM
4. 2026-06-16
   days on market $399,000 Active 4 DOM
5. 2026-06-15
   days on market $399,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $399,000 Active 1 DOM

ⓘ 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: $1,995 · $166/mo
• Projected year-2 tax: $4,369 · $364/mo
• Expected delta: +$2,374/yr (+$198/mo · 119.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 8 d/yr ≥86°F today · 18 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: $36,747
• − Mortgage interest: −$22,350
• − Property taxes: −$1,995
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,940
• − Management: −$2,940
• − Depreciation: −$11,607
• Taxable loss: −$7,080
• Est. tax savings @ 24.0%: +$1,699
• After-tax cash flow: $1,630/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

+565.0% since first listed

7 events — show timeline

• 2026-06-12 Listed $399,000 HVCRMLS
• 2025-05-13 Listed $425,000 HVCRMLS
• 2022-10-19 Sold (Public Records) $179,500 Public Records
• 2014-07-21 Listed $143,000 HVCRMLS
• 2012-03-05 Listing Removed — Global MLS
• 2010-03-29 Listed $167,500 Global MLS
• 2005-08-11 Sold (Public Records) $60,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,995 · +4.6% YoY. Source: county tax records.