700 Elm St · Rome, NY 13440

$224,900

6 bd · 2.0 ba · 2,600 sqft · MultiFamily public records · 10 Days on market

Built 1929 7,841 sqft lot Est $187k · 20% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to this well-maintained 2-family home located on a desirable corner lot in Rome, NY. With approximately 2,600 square feet of living space, this property offers a fantastic opportunity for both investors and owner-occupants. Each apartment features 3 bedrooms and 1 full bathroom, with one of the units including an additional half bath for extra convenience. Both units enjoy separate utilities and private parking areas. The home includes a spacious garage that provides ample room for storage or a workshop area. A generous partially fenced-in yard offers great outdoor space for relaxing, entertaining, or gardening. The inviting front porch adds to the home's charm and provides a perfect spot to unwind. Additional features include attic and basement areas, offering even more storage or potential for expansion. Conveniently located near shopping, schools, and major routes, this home combines space, function, and value in one attractive package. Don’t miss your chance to own this versatile property in the heart of Rome

Key facts

• Natural woodwork
• Separate attics
• Separate basements

Tags

• CORNER LOT
• HARDWOOD FLOORS
• NATURAL WOODWORK
• SEPARATE ATTICS
• SEPARATE BASEMENTS
• BLACKTOP DRIVEWAYS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $718/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Cap rate 14.0% vs local median 5.6% in Rome — 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 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Rome City School District (town): math 35% / reading 46% proficiency, ranked #516 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 272 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $224,900

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 1929 — 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. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 13.95%
• Cash-on-cash: 27.36%
• DSCR: 2.22
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
527 W Thomas St	0.28mi	7/3.0 (+1)	2,560 (-2%)	8mo	$184,500	$72	69
206 Maple St	0.55mi	6/2.0	2,680 (+3%)	8mo	$213,550	$80	62
213 N Madison St	0.59mi	6/2.0	2,540 (-2%)	9mo	$105,000	$41	61
418 W Bloomfield St	0.28mi	5/2.0 (-1)	2,378 (-8%)	18mo	$144,000	$61	52
413 W Thomas St	0.40mi	5/2.0 (-1)	2,220 (-15%)	8mo	$48,000	$22	46
111 East Gdn	0.73mi	6/2.0	2,718 (+4%)	19mo	$195,500	$72	43

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: 21.4%
• Equity multiple: 1.87×
• Total profit: $54,953
• Equity at exit: $33,533

10-year hold

• IRR: 29.5%
• Equity multiple: 3.63×
• Total profit: $165,421
• Equity at exit: $19,445

Cash invested: $62,972 (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 13440

• Home prices YoY: -8.0%
• Active inventory: 272
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $3,585 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$123 /mo · $1,480/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $1,436

Break-even live

Break-even rent $1,768

Max offer price $224,900

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,584
Total (2 units)			$3,585

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-01
   status Pending
2. 2026-04-23
   historical Active Under Contract
3. 2026-04-21
   listed $224,900 Active
4. 2025-08-15
   soldstatus $227,000
5. 2025-08-05
   soldstatus $227,000 Closed 1042-char remark

   Show marketing remark (1042 chars)

   Welcome to this well-maintained 2-family home located on a desirable corner lot in Rome, NY. With approximately 2,600 square feet of living space, this property offers a fantastic opportunity for both investors and owner-occupants. Each apartment features 3 bedrooms and 1 full bathroom, with one of the units including an additional half bath for extra convenience. Both units enjoy separate utilities and private parking areas. The home includes a spacious garage that provides ample room for storage or a workshop area. A generous partially fenced-in yard offers great outdoor space for relaxing, entertaining, or gardening. The inviting front porch adds to the home's charm and provides a perfect spot to unwind. Additional features include attic and basement areas, offering even more storage or potential for expansion. Conveniently located near shopping, schools, and major routes, this home combines space, function, and value in one attractive package. Don’t miss your chance to own this versatile property in the heart of Rome

6. 2025-06-13
   status Pending 1042-char remark

   Show marketing remark (1042 chars)

   Welcome to this well-maintained 2-family home located on a desirable corner lot in Rome, NY. With approximately 2,600 square feet of living space, this property offers a fantastic opportunity for both investors and owner-occupants. Each apartment features 3 bedrooms and 1 full bathroom, with one of the units including an additional half bath for extra convenience. Both units enjoy separate utilities and private parking areas. The home includes a spacious garage that provides ample room for storage or a workshop area. A generous partially fenced-in yard offers great outdoor space for relaxing, entertaining, or gardening. The inviting front porch adds to the home's charm and provides a perfect spot to unwind. Additional features include attic and basement areas, offering even more storage or potential for expansion. Conveniently located near shopping, schools, and major routes, this home combines space, function, and value in one attractive package. Don’t miss your chance to own this versatile property in the heart of Rome

7. 2025-06-09
   listed $199,900 Active 1042-char remark

   Show marketing remark (1042 chars)

   Welcome to this well-maintained 2-family home located on a desirable corner lot in Rome, NY. With approximately 2,600 square feet of living space, this property offers a fantastic opportunity for both investors and owner-occupants. Each apartment features 3 bedrooms and 1 full bathroom, with one of the units including an additional half bath for extra convenience. Both units enjoy separate utilities and private parking areas. The home includes a spacious garage that provides ample room for storage or a workshop area. A generous partially fenced-in yard offers great outdoor space for relaxing, entertaining, or gardening. The inviting front porch adds to the home's charm and provides a perfect spot to unwind. Additional features include attic and basement areas, offering even more storage or potential for expansion. Conveniently located near shopping, schools, and major routes, this home combines space, function, and value in one attractive package. Don’t miss your chance to own this versatile property in the heart of Rome

8. 2002-08-01
   soldstatus $64,600

ⓘ 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: $1,480 · $123/mo
• Projected year-2 tax: $2,641 · $220/mo
• Expected delta: +$1,160/yr (+$97/mo · 78.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,020
• − Mortgage interest: −$12,598
• − Property taxes: −$1,480
• − Insurance: −$1,124
• − Repairs & maintenance: −$3,442
• − Management: −$3,442
• − Depreciation: −$6,543
• Taxable income: $14,392
• Est. tax owed @ 24.0%: −$3,454
• After-tax cash flow: $13,774/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: Rome City School District
• NCES district ID: 3624900
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▲ 10.00%
• Median HH income: $46,406
• Composite: 34.52/100
• National rank: #5178
• State rank: #516 of 590 in NY

Livability — Rome

• Score: 64/100
• State rank: #722
• US rank: #13676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rome, NY
• City population: 41,418
• Population (ZIP): 41,273

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 225,223 people
• By 2030: 220,384 · -2.1%
• By 2040: 209,071 · -7.2%
• By 2050: 197,920 · -12.1%
• By 2075: 175,541 · -22.1%
• By 2100: 148,491 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Oneida

• 2024 margin: Strong R (+21.3) · D 39.4% · R 60.6%
• 2008→2024 swing: -15.2pp toward R · 2008: -6.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+15.5 2016: R+21.1 2012: R+5.3 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.58%
• Current HPI: 339.3589
• 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

+248.1% since first listed

8 events — show timeline

• 2026-05-01 Pending — CNYIS
• 2026-04-23 Contingent — CNYIS
• 2026-04-21 Listed $224,900 CNYIS
• 2025-08-15 Sold (Public Records) $227,000 Public Records
• 2025-08-05 Sold (MLS) $227,000 CNYIS
• 2025-06-13 Pending — CNYIS
• 2025-06-09 Listed $199,900 CNYIS
• 2002-08-01 Sold (Public Records) $64,600 Public Records

Property tax history

-4.3%/yr

Latest (2025): $1,480 · +0.4% YoY. Source: county tax records.