244 N Main St · Salem, NY 12865

$24,500

4 bd · 1.0 ba · 1,288 sqft · SingleFamily public records · 104 Days on market

Built 1909 7,840 sqft lot ↓ 49% 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

Key facts

• Plenty of space
• Complete renovation
• 7,840 sq ft lot

Tags

• WALKING DISTANCE TO SHOPS
• COMPLETE RENOVATION
• PLENTY OF SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $22k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#299 in NY, #4,826 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime F, amenities F, commute F.
• Salem Central School District (rural): math 42% / reading 48% proficiency, ranked #457 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 34 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($169 loan paydown + $2k appreciation (10.0% local appreciation)).
• Washington County population projected at -20% 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 19y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $22,295 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 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 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. 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: 5.52% ✓
• Cap rate: 47.04%
• Cash-on-cash: 145.53%
• DSCR: 7.48
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 10.68×
• Total profit: $66,393
• Equity at exit: $22,072

10-year hold

• IRR: —
• Equity multiple: 23.44×
• Total profit: $153,970
• Equity at exit: $47,598

Cash invested: $6,860 (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 12865

• Home prices YoY: 26.0%
• Active inventory: 34
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,353 medium
• Mortgage (P&I): −$128
• Tax from tax record: −$99 /mo · $1,183/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $832

Break-even live

Break-even rent $300

Max offer price $24,500

Occupancy floor 34%

Sensitivity live

Price	-10% $917	-5% $908	+0% $832	+5% $825	+10% $818
Rent	-10% $725	-5% $778	+0% $832	+5% $885	+10% $939
Rate	-1.0pp $844	-0.5pp $838	base $832	+0.5pp $826	+1.0pp $819

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: $6,125
• Closing costs: $735
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-17
   status $24,500 Pending 104 DOM
2. 2026-06-16
   days on market $24,500 Active 104 DOM
3. 2026-06-15
   days on market $24,500 Active 103 DOM
4. 2026-06-13
   days on market $24,500 Active 101 DOM
5. 2026-06-12
   days on market $24,500 Active 100 DOM
6. 2026-06-09
   days on market $24,500 Active 97 DOM
7. 2026-06-08
   days on market $24,500 Active 96 DOM
8. 2026-06-07
   days on market $24,500 Active 95 DOM
9. 2026-06-07
   days on market $24,500 Active 94 DOM
10. 2026-06-04
    days on market $24,500 Active 91 DOM
11. 2026-06-02
    days on market $24,500 Active 90 DOM
12. 2026-06-01
    days on market $24,500 Active 89 DOM
13. 2026-05-31
    days on market $24,500 Active 88 DOM
14. 2026-04-29
    price $25,500 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

15. 2026-03-23
    status Active 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

16. 2026-03-15
    status Pending 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

17. 2026-02-25
    status Active 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

18. 2026-02-24
    status Pending 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

19. 2026-02-23
    listed $29,500 Active 205-char remark

    Show marketing remark (205 chars)

    Come check out this home in the heart of Salem. Home is located in walking distance to shops. Home is in need of a complete renovation but has plenty of space inside to grow in to. Cash or rehab loan only.

20. 2026-01-19
    historical
21. 2025-11-11
    price $35,000
22. 2025-03-01
    listed $45,000 Active
23. 2024-12-31
    historical
24. 2024-06-07
    listed $45,500 Active
25. 2024-05-02
    soldstatus $19,750 Closed
26. 2023-10-30
    status Pending
27. 2023-07-27
    listed $30,000 Active
28. 2023-07-25
    historical
29. 2023-01-25
    historical
30. 2023-01-25
    listed $30,000 Active
31. 2023-01-25
    price $30,000
32. 2023-01-25
    status Active
33. 2023-01-15
    historical
34. 2022-07-14
    listed $49,000 Active
35. 2009-03-25
    soldstatus $22,000
36. 2009-03-20
    soldstatus $22,000
37. 2009-02-21
    listed $28,000
38. 2008-11-09
    historical
39. 2008-06-26
    listed $25,800
40. 2008-03-07
    soldstatus $20,000
41. 2007-10-03
    listed $49,900

ⓘ 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: $1,183 · $99/mo
• Projected year-2 tax: $1,183 · $99/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 6/10 Major FEMA zone X · 69% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,242
• − Mortgage interest: −$1,372
• − Property taxes: −$1,183
• − Insurance: −$122
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$713
• Taxable income: $10,252
• Est. tax owed @ 24.0%: −$2,461
• After-tax cash flow: $7,523/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: Salem Central School District
• NCES district ID: 3625470
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $51,059
• Composite: 38.72/100
• National rank: #4133
• State rank: #457 of 590 in NY

Livability — Salem

• Score: 74/100
• State rank: #299
• US rank: #4826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NY
• Population (ZIP): 3,353

Population outlook (Washington County) Hauer SSP2

• Today (2025): 59,576 people
• By 2030: 57,618 · -3.3%
• By 2040: 52,751 · -11.5%
• By 2050: 47,514 · -20.2%
• By 2075: 35,690 · -40.1%
• By 2100: 24,807 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Black 4% Hispanic / Latino 2%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 2% Arabic 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+21.2) · D 39.4% · R 60.6%
• 2008→2024 swing: -22.0pp toward R · 2008: 0.8pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+15.6 2016: R+20.2 2012: D+1.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 76.18%
• Current HPI: 368.9719
• 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

-48.9% since first listed

28 events — show timeline

• 2026-04-29 Price Changed $25,500 Global MLS
• 2026-03-23 Relisted — Global MLS
• 2026-03-15 Pending — Global MLS
• 2026-02-25 Relisted — Global MLS
• 2026-02-24 Pending — Global MLS
• 2026-02-23 Listed $29,500 Global MLS
• 2026-01-19 Listing Removed — Global MLS
• 2025-11-11 Price Changed $35,000 Global MLS
• 2025-03-01 Listed $45,000 Global MLS
• 2024-12-31 Listing Removed — Global MLS
• 2024-06-07 Listed $45,500 Global MLS
• 2024-05-02 Sold (MLS) $19,750 Global MLS
• 2023-10-30 Pending — Global MLS
• 2023-07-27 Listed $30,000 Global MLS
• 2023-07-25 Listing Removed — Global MLS
• 2023-01-25 Listing Removed — Global MLS
• 2023-01-25 Listed $30,000 Global MLS
• 2023-01-25 Price Changed $30,000 Global MLS
• 2023-01-25 Relisted — Global MLS
• 2023-01-15 Listing Removed — Global MLS
• 2022-07-14 Listed $49,000 Global MLS
• 2009-03-25 Sold (Public Records) $22,000 Public Records
• 2009-03-20 Sold (MLS) $22,000 Global MLS
• 2009-02-21 Listed $28,000 Global MLS
• 2008-11-09 Listing Removed — Global MLS
• 2008-06-26 Listed $25,800 Global MLS
• 2008-03-07 Sold (MLS) $20,000 Global MLS
• 2007-10-03 Listed $49,900 Global MLS

Property tax history

+0.1%/yr

Latest (2025): $1,183 · +8.1% YoY. Source: county tax records.