387 Cornwall Hill Rd · Putnam Lake, NY 12563

$799,000

3 bd · 3.5 ba · 2,968 sqft · SingleFamily public records · 164 Days on market

Built 2002 1.27 ac lot $269/sqft · 8% below area Est $865k · 8% under ↓ 6% since listing

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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).

• Cash flow +17.5/30.0
• ARV discount +11.0/15.0
• DSCR +5.5/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

POOL IS OPEN!! The search is OVER! FULLY AVAILABLE! Welcome Home to your Income Producing 4 Bedroom Turnkey Dream Home with Legal Handi Cap Accessible Accessory 1 Bed/ 1 Full & one 1/2 Bath apartment-Owner Occupied required per town to rent. This is truly the house that keeps on giving. Two EV charging ports and 50year roof and Solar Panels-which are leased-installed Dec. 2022. Upstairs your sunny living room with mountain views awaits. Doors to dual back decks. Top newly painted and lower newly constructed with 25-year composite decking for your 27' round swimming pool. Awesome summer fun. Spacious eat-in kitchen, office/den, full bath and Bedrooms 1 and 2 . Set apart is your Primary Bedroom with full en suite bathroom and built in enclosed shelving, dual walk-in closets, with additional pull-down attic storage. Downstairs the magic continues, with your very own bar & wine cellar area, 8-9' ceilings give it a very open feeling-Must see to appreciate- with 1/2 bath and walk out to your lovely, paved patio. Washer/dryer area and then to your handicap accessible apartment. With 8 1/2' ceilings, open concept living room & full kitchen , 1 Bedroom w/ en suite full bathroom & walk in closets. Back yard boasts enchanting pergola sitting area, fire pit & unique property lay out which abuts to County Owned Property for added privacy. Newly paved driveway sets you far from the road, huge front yard . Newly pointed front walk way for ease of access and Handicapped accessible apartment entrance brings you right in. 1250 gal Septic recently pumped , water tested & passed ready for you. 1 mile to Patterson Metro North , minutes to shops, I84, skiing , parks, walking/bike trails, town park with lake, too much to list! Come home to this hidden gem nestled in beautiful Putnam County.

Key facts

• Swimming pool
• Dual back decks
• Mountain views

Tags

• MOUNTAIN VIEWS
• DUAL BACK DECKS
• 25 YEAR COMPOSITE DECKING
• SWIMMING POOL
• SPACIOUS EAT-IN KITCHEN
• PRIMARY BEDROOM WITH EN SUITE

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $799k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $799k).
• Recommended offer: $703k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.3% in Putnam 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.

Location & tenants

• Location reads 66/100 on livability (#654 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Carmel Central School District (suburban): math 46% / reading 63% proficiency, ranked #258 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $51k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $703,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.00% ✓
• Cap rate: 7.22%
• Cash-on-cash: 3.31%
• DSCR: 1.15
• GRM: 8.3

CMA / ARV

• ARV (median comp): $865,440
• List price: $799,000
• Delta: -7.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
462 Cornwall Hill Rd	0.35mi	3/2.5	3,135 (+6%)	9mo	$672,000	$214	63
49 Vista Ln	0.32mi	4/2.5 (+1)	3,200 (+8%)	20mo	$699,999	$219	47
3 Bonnie Ct	0.49mi	4/2.5 (+1)	2,804 (-6%)	22mo	$710,000	$253	41

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

Projected returns pro-forma

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

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-89,886
• Equity at exit: $119,133

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-26,655
• Equity at exit: $69,083

Cash invested: $223,720 (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 12563

• Home prices YoY: -12.7%
• Active inventory: 49
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $8,000 medium
• Mortgage (P&I): −$4,190
• Tax from tax record: −$1,179 /mo · $14,150/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,680
• Net cashflow: $618

Break-even live

Break-even rent $7,218

Max offer price $799,000

Occupancy floor 87%

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
90 Cushman Rd Patterson, NY	3.0	2.0	2286	$8,000	$3.50	12d	1	1.17mi

Listing history 4 events

1. 2026-05-19
   status Pending 1824-char remark

   Show marketing remark (1824 chars)

   POOL IS OPEN!! The search is OVER! FULLY AVAILABLE! Welcome Home to your Income Producing 4 Bedroom Turnkey Dream Home with Legal Handi Cap Accessible Accessory 1 Bed/ 1 Full & one 1/2 Bath apartment-Owner Occupied required per town to rent. This is truly the house that keeps on giving. Two EV charging ports and 50year roof and Solar Panels-which are leased-installed Dec. 2022. Upstairs your sunny living room with mountain views awaits. Doors to dual back decks. Top newly painted and lower newly constructed with 25-year composite decking for your 27' round swimming pool. Awesome summer fun. Spacious eat-in kitchen, office/den, full bath and Bedrooms 1 and 2 . Set apart is your Primary Bedroom with full en suite bathroom and built in enclosed shelving, dual walk-in closets, with additional pull-down attic storage. Downstairs the magic continues, with your very own bar & wine cellar area, 8-9' ceilings give it a very open feeling-Must see to appreciate- with 1/2 bath and walk out to your lovely, paved patio. Washer/dryer area and then to your handicap accessible apartment. With 8 1/2' ceilings, open concept living room & full kitchen , 1 Bedroom w/ en suite full bathroom & walk in closets. Back yard boasts enchanting pergola sitting area, fire pit & unique property lay out which abuts to County Owned Property for added privacy. Newly paved driveway sets you far from the road, huge front yard . Newly pointed front walk way for ease of access and Handicapped accessible apartment entrance brings you right in. 1250 gal Septic recently pumped , water tested & passed ready for you. 1 mile to Patterson Metro North , minutes to shops, I84, skiing , parks, walking/bike trails, town park with lake, too much to list! Come home to this hidden gem nestled in beautiful Putnam County.

2. 2026-05-07
   status Active 1824-char remark

   Show marketing remark (1824 chars)

   POOL IS OPEN!! The search is OVER! FULLY AVAILABLE! Welcome Home to your Income Producing 4 Bedroom Turnkey Dream Home with Legal Handi Cap Accessible Accessory 1 Bed/ 1 Full & one 1/2 Bath apartment-Owner Occupied required per town to rent. This is truly the house that keeps on giving. Two EV charging ports and 50year roof and Solar Panels-which are leased-installed Dec. 2022. Upstairs your sunny living room with mountain views awaits. Doors to dual back decks. Top newly painted and lower newly constructed with 25-year composite decking for your 27' round swimming pool. Awesome summer fun. Spacious eat-in kitchen, office/den, full bath and Bedrooms 1 and 2 . Set apart is your Primary Bedroom with full en suite bathroom and built in enclosed shelving, dual walk-in closets, with additional pull-down attic storage. Downstairs the magic continues, with your very own bar & wine cellar area, 8-9' ceilings give it a very open feeling-Must see to appreciate- with 1/2 bath and walk out to your lovely, paved patio. Washer/dryer area and then to your handicap accessible apartment. With 8 1/2' ceilings, open concept living room & full kitchen , 1 Bedroom w/ en suite full bathroom & walk in closets. Back yard boasts enchanting pergola sitting area, fire pit & unique property lay out which abuts to County Owned Property for added privacy. Newly paved driveway sets you far from the road, huge front yard . Newly pointed front walk way for ease of access and Handicapped accessible apartment entrance brings you right in. 1250 gal Septic recently pumped , water tested & passed ready for you. 1 mile to Patterson Metro North , minutes to shops, I84, skiing , parks, walking/bike trails, town park with lake, too much to list! Come home to this hidden gem nestled in beautiful Putnam County.

3. 2026-02-20
   price $799,000 1824-char remark

   Show marketing remark (1824 chars)

   POOL IS OPEN!! The search is OVER! FULLY AVAILABLE! Welcome Home to your Income Producing 4 Bedroom Turnkey Dream Home with Legal Handi Cap Accessible Accessory 1 Bed/ 1 Full & one 1/2 Bath apartment-Owner Occupied required per town to rent. This is truly the house that keeps on giving. Two EV charging ports and 50year roof and Solar Panels-which are leased-installed Dec. 2022. Upstairs your sunny living room with mountain views awaits. Doors to dual back decks. Top newly painted and lower newly constructed with 25-year composite decking for your 27' round swimming pool. Awesome summer fun. Spacious eat-in kitchen, office/den, full bath and Bedrooms 1 and 2 . Set apart is your Primary Bedroom with full en suite bathroom and built in enclosed shelving, dual walk-in closets, with additional pull-down attic storage. Downstairs the magic continues, with your very own bar & wine cellar area, 8-9' ceilings give it a very open feeling-Must see to appreciate- with 1/2 bath and walk out to your lovely, paved patio. Washer/dryer area and then to your handicap accessible apartment. With 8 1/2' ceilings, open concept living room & full kitchen , 1 Bedroom w/ en suite full bathroom & walk in closets. Back yard boasts enchanting pergola sitting area, fire pit & unique property lay out which abuts to County Owned Property for added privacy. Newly paved driveway sets you far from the road, huge front yard . Newly pointed front walk way for ease of access and Handicapped accessible apartment entrance brings you right in. 1250 gal Septic recently pumped , water tested & passed ready for you. 1 mile to Patterson Metro North , minutes to shops, I84, skiing , parks, walking/bike trails, town park with lake, too much to list! Come home to this hidden gem nestled in beautiful Putnam County.

4. 2025-11-26
   listed $849,999 Active 1824-char remark

   Show marketing remark (1824 chars)

   POOL IS OPEN!! The search is OVER! FULLY AVAILABLE! Welcome Home to your Income Producing 4 Bedroom Turnkey Dream Home with Legal Handi Cap Accessible Accessory 1 Bed/ 1 Full & one 1/2 Bath apartment-Owner Occupied required per town to rent. This is truly the house that keeps on giving. Two EV charging ports and 50year roof and Solar Panels-which are leased-installed Dec. 2022. Upstairs your sunny living room with mountain views awaits. Doors to dual back decks. Top newly painted and lower newly constructed with 25-year composite decking for your 27' round swimming pool. Awesome summer fun. Spacious eat-in kitchen, office/den, full bath and Bedrooms 1 and 2 . Set apart is your Primary Bedroom with full en suite bathroom and built in enclosed shelving, dual walk-in closets, with additional pull-down attic storage. Downstairs the magic continues, with your very own bar & wine cellar area, 8-9' ceilings give it a very open feeling-Must see to appreciate- with 1/2 bath and walk out to your lovely, paved patio. Washer/dryer area and then to your handicap accessible apartment. With 8 1/2' ceilings, open concept living room & full kitchen , 1 Bedroom w/ en suite full bathroom & walk in closets. Back yard boasts enchanting pergola sitting area, fire pit & unique property lay out which abuts to County Owned Property for added privacy. Newly paved driveway sets you far from the road, huge front yard . Newly pointed front walk way for ease of access and Handicapped accessible apartment entrance brings you right in. 1250 gal Septic recently pumped , water tested & passed ready for you. 1 mile to Patterson Metro North , minutes to shops, I84, skiing , parks, walking/bike trails, town park with lake, too much to list! Come home to this hidden gem nestled in beautiful Putnam County.

ⓘ 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: $14,150 · $1,179/mo
• Projected year-2 tax: $14,150 · $1,179/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $96,000
• − Mortgage interest: −$44,756
• − Property taxes: −$14,150
• − Insurance: −$3,995
• − Repairs & maintenance: −$7,680
• − Management: −$7,680
• − Depreciation: −$23,244
• Taxable loss: −$5,505
• Est. tax savings @ 24.0%: +$1,321
• After-tax cash flow: $8,736/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: Carmel Central School District
• NCES district ID: 3606570
• Math proficiency: 46% ▼ -15.00%
• Reading proficiency: 63% ▲ 11.00%
• Median HH income: $87,665
• Composite: 50.05/100
• National rank: #1914
• State rank: #258 of 590 in NY

Livability — Putnam Lake

• Score: 66/100
• State rank: #654
• US rank: #12186

Category grades

Amenities F Commute F Cost of living F Crime A Employment A+ Housing A+ Health & safety D- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,456

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 17% Black 9% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Cuban 1% Dominican 3%
• Common ancestry: Romanian 5% Portuguese 2% Slovak 1%
• Foreign-born: 14% · Canada, South Korea, Dominican Republic
• Languages at home: 79% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.07%
• Current HPI: 247.1582
• 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

-6.0% since first listed

4 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-02-20 Price Changed $799,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-26 Listed $849,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2025): $14,150 · -0.7% YoY. Source: county tax records.