178 Main St · Philmont, NY 12565

$390,000

5 bd · 3.5 ba · 3,503 sqft · MultiFamily public records · 18 Days on market

Built 1890 0.40 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.6/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• 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: 4 units. confirmed

Listing remarks

Discover an exceptional investment opportunity with this spacious, fully updated three-unit property offering over 3,500 square feet of living space. Designed for both strong current returns and future income growth, this turnkey asset is ideal for investors seeking immediate cash flow with upside potential. Or owner occupants looking to offset living expenses. The building features three well-maintained and thoughtfully updated apartments: Unit 1: Generous 3-bedroom, 1.5-bath layout Unit 2: Comfortable 2-bedroom, 1-bath unit Unit 3: Efficient and desirable 1-bedroom, 1-bath unit Two units are currently rented with leases in place. All units are clean and updated minimizing upfront exp

Key facts

• Three unit property
• Newer boiler
• 0.4 acre lot

Tags

• FULLY UPDATED PROPERTY
• THREE UNIT PROPERTY
• NEWER BOILER
• EXCELLENT ACCESSIBILITY
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Financial info: Residential income (triplex)
• HOA & community: Playground; Street lights; Sidewalks

Exterior

• Parking: Off-street parking
• Utilities: 200+ amp electric service; Public sewer
• Home design: Triplex residential income property; Facing unspecified
• Construction: Stone foundation; Shingle roof; Built as a triplex
• Exterior features: Private yard; Cleared lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Vinyl; Wood
• Heating & cooling: Baseboard heating; Hot water heating; Oil heating
• Interior features: High-speed internet
• Laundry & utility: In-unit laundry with washer hookup; Electric dryer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $789/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $390k).
• Recommended offer: $384k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#958 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: schools F, crime F, amenities 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.
• Market conditions: 12 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.8% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $240k; list at $390k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $384,150 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
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: 1.83% ✓
• Cap rate: 16.00%
• Cash-on-cash: 34.68%
• DSCR: 2.54
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.79% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.1%
• Equity multiple: 2.61×
• Total profit: $175,270
• Equity at exit: $98,035

10-year hold

• IRR: 38.4%
• Equity multiple: 5.09×
• Total profit: $446,917
• Equity at exit: $106,300

Cash invested: $109,200 (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 12565

• Home prices YoY: -0.2%
• Active inventory: 12
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $7,132 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$271 /mo · $3,248/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,498
• Net cashflow: $3,156

Break-even live

Break-even rent $3,137

Max offer price $390,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$7,132
Total (4 units)			$7,132

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-05
   status Pending
2. 2026-04-24
   historical Active Under Contract
3. 2026-04-17
   listed $390,000 Active
4. 2021-10-13
   soldstatus $240,000
5. 2020-03-19
   soldstatus $150,000

ⓘ 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: $3,248 · $271/mo
• Projected year-2 tax: $4,920 · $410/mo
• Expected delta: +$1,671/yr (+$139/mo · 51.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $85,584
• − Mortgage interest: −$21,846
• − Property taxes: −$3,248
• − Insurance: −$1,950
• − Repairs & maintenance: −$6,847
• − Management: −$6,847
• − Depreciation: −$11,345
• Taxable income: $33,501
• Est. tax owed @ 24.0%: −$8,040
• After-tax cash flow: $29,831/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: Taconic Hills Central School District
• NCES district ID: 3628620
• Math proficiency: 53% ▲ 10.00%
• Reading proficiency: 51% ▲ 11.00%
• Median HH income: $57,329
• Composite: 45.16/100
• National rank: #2676
• State rank: #335 of 590 in NY

Livability — Philmont

• Score: 60/100
• State rank: #958
• US rank: #18780

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Philmont, NY
• City population: 1,575
• Population (ZIP): 1,575

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 (79%)
• Race & ethnicity: White 79% Black 15% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Slovak 5% Iranian 4% Romanian 3%
• Foreign-born: 10% · Canada

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: ▼ -0.79%
• Current HPI: 377.9813
• 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

+160.0% since first listed

5 events — show timeline

• 2026-05-05 Pending — HVCRMLS
• 2026-04-24 Contingent — HVCRMLS
• 2026-04-17 Listed $390,000 HVCRMLS
• 2021-10-13 Sold (Public Records) $240,000 Public Records
• 2020-03-19 Sold (Public Records) $150,000 Public Records

Property tax history

-0.6%/yr

Latest (2025): $3,248 · -0.5% YoY. Source: county tax records.