3 Maiden Lane Ln · Chatham, NY 12037

$329,000

5 bd · 3.0 ba · 2,277 sqft · MultiFamily public records · 101 Days on market

Built 1910 2,178 sqft lot $144/sqft · 52% below area Est $546k · 40% under

---

Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.9/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• 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 MLS

Steps to town, this Chatham Village multi family features three generous one bedroom apartments. The well maintained building spins off a strong positive cash flow and and has undergone significant renovations such as new high efficient heating units in each apartment and a new boiler and hot water heater. The roof was replaced in 2014.

Key facts

• New boiler
• New hot water heater
• Roof replaced

Tags

• STRONG POSITIVE CASH FLOW
• SIGNIFICANT RENOVATIONS
• NEW BOILER
• NEW HOT WATER HEATER
• ROOF REPLACED

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $329k.

Deal economics

• 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 $329k).
• Recommended offer: $299k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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: 29 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 $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $93k; list at $329k implies a 254% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,390 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 11.15%
• Cash-on-cash: 17.34%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $545,715
• List price: $329,000
• Delta: -39.71%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 - 12 School St	0.06mi	5/—	2,268 (-0%)	10mo	$352,000	$155	88
55 Woodbridge Ave	0.31mi	5/3.0	2,368 (+4%)	15mo	$480,000	$203	66

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.6%
• Equity multiple: 3.83×
• Total profit: $260,548
• Equity at exit: $296,389

10-year hold

• IRR: 31.5%
• Equity multiple: 8.64×
• Total profit: $703,566
• Equity at exit: $639,175

Cash invested: $92,120 (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 12037

• Home prices YoY: 5.6%
• Active inventory: 29
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $4,560 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$409 /mo · $4,902/yr
• Insurance: −$137
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $1,276

Break-even live

Break-even rent $2,945

Max offer price $329,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,560
Total (3 units)			$4,560

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $329,000 Active 101 DOM
2. 2026-06-18
   days on market $329,000 Active 100 DOM
3. 2026-06-17
   days on market $329,000 Active 99 DOM
4. 2026-06-16
   days on market $329,000 Active 98 DOM
5. 2026-06-15
   days on market $329,000 Active 97 DOM
6. 2026-06-14
   days on market $329,000 Active 95 DOM
7. 2026-06-12
   days on market $329,000 Active 94 DOM
8. 2026-06-09
   days on market $329,000 Active 91 DOM
9. 2026-06-08
   days on market $329,000 Active 90 DOM
10. 2026-06-07
    days on market $329,000 Active 89 DOM
11. 2026-06-04
    days on market $329,000 Active 85 DOM
12. 2026-06-02
    days on market $329,000 Active 84 DOM
13. 2026-06-01
    days on market $329,000 Active 83 DOM
14. 2026-05-31
    days on market $329,000 Active 82 DOM
15. 2026-05-31
    days on market $329,000 Active 81 DOM
16. 2026-03-10
    listed $329,000 Active 338-char remark

    Show marketing remark (338 chars)

    Steps to town, this Chatham Village multi family features three generous one bedroom apartments. The well maintained building spins off a strong positive cash flow and and has undergone significant renovations such as new high efficient heating units in each apartment and a new boiler and hot water heater. The roof was replaced in 2014.

17. 2025-10-29
    price $350,000
18. 2025-09-06
    listed $375,000 Active
19. 2014-01-22
    soldstatus $93,000
20. 2013-12-31
    historical
21. 2013-12-19
    listed $99,900
22. 2013-06-24
    listed $105,000
23. 2013-05-20
    soldstatus $50,000
24. 2003-05-09
    soldstatus $105,000

ⓘ 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: $4,902 · $409/mo
• Projected year-2 tax: $5,231 · $436/mo
• Expected delta: +$329/yr (+$27/mo · 6.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,720
• − Mortgage interest: −$18,429
• − Property taxes: −$4,902
• − Insurance: −$2,312
• − Repairs & maintenance: −$4,378
• − Management: −$4,378
• − Depreciation: −$9,571
• Taxable income: $10,751
• Est. tax owed @ 24.0%: −$2,580
• After-tax cash flow: $12,731/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: 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

• Census place: Chatham, NY
• Population (ZIP): 4,045

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 (83%)
• Race & ethnicity: White 83% Two or more races 12% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Romanian 3% Iranian 3%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Other Indo-European 6% German/W. Germanic 3% Spanish 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: ▲ 22.31%
• Current HPI: 419.8449
• 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

+213.3% since first listed

9 events — show timeline

• 2026-03-10 Listed $329,000 HVCRMLS
• 2025-10-29 Price Changed $350,000 HVCRMLS
• 2025-09-06 Listed $375,000 HVCRMLS
• 2014-01-22 Sold (MLS) $93,000 Global MLS
• 2013-12-31 Listing Removed — Global MLS
• 2013-12-19 Listed $99,900 Global MLS
• 2013-06-24 Listed $105,000 Global MLS
• 2013-05-20 Sold (Public Records) $50,000 Public Records
• 2003-05-09 Sold (Public Records) $105,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $4,902 · +4.9% YoY. Source: county tax records.