4 South St · Belfast, NY 14711

$70,000

4 bd · 2.0 ba · 2,080 sqft · SingleFamily public records · 102 Days on market

Built 1930 0.55 ac lot $34/sqft · 42% below area Est $121k · 42% under ↓ 26% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great potential with this 2 family home located in Belfast NY, Allegany County. This spacious two-story home sits on over a half an acre and offers 2,080 square feet of living space. The property has been converted into a two-family residence making it ideal for rental income, extended family living, or future renovation into a single-family home. The upstairs unit features approximately 1,040 square feet with two to three bedrooms, a full bathroom, and a galley-style kitchen. The downstairs unit includes one bedroom, a full bathroom with laundry hookups, a kitchen, living room, and dining room. Both units benefit from high ceilings and plenty of natural light. The full basement houses updated mechanicals including a newer on-demand hot water system, a new hot water tank, and a water softener. Outside, the home includes a spacious wrap-around porch perfect for enjoying the outdoors. A large barn with an upper level offers additional storage or potential workspace. This property is located within walking distance of Belfast School and Main Street, and is just a 15-minute drive to Houghton College. With all new replacement windows already installed, this home has a solid foundation and strong potential. It is being sold as-is, and is ready for the next owner to bring their vision to life.

Key facts

• Wrap around porch
• Natural light
• Updated mechanicals

Tags

• GALLEY STYLE KITCHEN
• HIGH CEILINGS
• NATURAL LIGHT
• UPDATED MECHANICALS
• ON DEMAND HOT WATER SYSTEM
• WRAP AROUND PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#927 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, crime F.
• Belfast Central School District (rural): math 50% / reading 40% proficiency, ranked #577 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($484 loan paydown + $4k appreciation (6.1% local appreciation)).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 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 1930 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.92% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.13%
• DSCR: 2.03
• GRM: 4.3

CMA / ARV

• ARV (median comp): $120,617
• List price: $70,000
• Delta: -41.96%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Merton Ave	0.25mi	4/1.5	2,344 (+13%)	2mo	$15,000	$6	64

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

Projected returns pro-forma

6.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.1%
• Equity multiple: 3.29×
• Total profit: $44,904
• Equity at exit: $44,526

10-year hold

• IRR: 32.6%
• Equity multiple: 6.79×
• Total profit: $113,400
• Equity at exit: $81,198

Cash invested: $19,600 (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 14711

• Home prices YoY: 2.2%
• Active inventory: 23
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$287 /mo · $3,445/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $378

Break-even live

Break-even rent $865

Max offer price $70,000

Occupancy floor 67%

Sensitivity live

Price	-10% $626	-5% $602	+0% $378	+5% $358	+10% $338
Rent	-10% $272	-5% $325	+0% $378	+5% $431	+10% $484
Rate	-1.0pp $413	-0.5pp $396	base $378	+0.5pp $360	+1.0pp $341

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-12
   statusdays on market $70,000 Pending 102 DOM
2. 2026-06-09
   days on market $70,000 Active 101 DOM
3. 2026-06-08
   days on market $70,000 Active 100 DOM
4. 2026-06-07
   days on market $70,000 Active 99 DOM
5. 2026-06-07
   pricedays on market $70,000 Active 98 DOM
6. 2026-06-04
   days on market $85,000 Active 95 DOM
7. 2026-06-02
   days on market $85,000 Active 94 DOM
8. 2026-06-01
   days on market $85,000 Active 93 DOM
9. 2026-05-31
   days on market $85,000 Active 92 DOM
10. 2026-02-28
    listed $85,000 Active 1307-char remark

    Show marketing remark (1307 chars)

    Great potential with this 2 family home located in Belfast NY, Allegany County. This spacious two-story home sits on over a half an acre and offers 2,080 square feet of living space. The property has been converted into a two-family residence making it ideal for rental income, extended family living, or future renovation into a single-family home. The upstairs unit features approximately 1,040 square feet with two to three bedrooms, a full bathroom, and a galley-style kitchen. The downstairs unit includes one bedroom, a full bathroom with laundry hookups, a kitchen, living room, and dining room. Both units benefit from high ceilings and plenty of natural light. The full basement houses updated mechanicals including a newer on-demand hot water system, a new hot water tank, and a water softener. Outside, the home includes a spacious wrap-around porch perfect for enjoying the outdoors. A large barn with an upper level offers additional storage or potential workspace. This property is located within walking distance of Belfast School and Main Street, and is just a 15-minute drive to Houghton College. With all new replacement windows already installed, this home has a solid foundation and strong potential. It is being sold as-is, and is ready for the next owner to bring their vision to life.

11. 2026-01-16
    historical
12. 2026-01-16
    historical
13. 2025-09-25
    price $89,900
14. 2025-09-25
    price $89,900
15. 2025-08-07
    price $99,500
16. 2025-08-07
    price $99,500
17. 2025-05-22
    listed $115,000 Active
18. 2025-05-21
    listed $115,000 Active

ⓘ 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: $3,445 · $287/mo
• Projected year-2 tax: $3,445 · $287/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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,119
• − Mortgage interest: −$3,921
• − Property taxes: −$3,445
• − Insurance: −$350
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$2,036
• Taxable income: $3,787
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $3,625/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: Belfast Central School District
• NCES district ID: 3604350
• Math proficiency: 50% ▲ 10.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $42,217
• Composite: 40.14/100
• National rank: #7847
• State rank: #577 of 755 in NY

Livability — Belfast

• Score: 61/100
• State rank: #927
• US rank: #18080

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belfast, NY
• Population (ZIP): 1,861

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 45,362 people
• By 2030: 43,078 · -5.0%
• By 2040: 38,031 · -16.2%
• By 2050: 33,634 · -25.9%
• By 2075: 25,285 · -44.3%
• By 2100: 18,902 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 3%
• Foreign-born: 0% · Canada
• Languages at home: 91% English-only · German/W. Germanic 9%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+43.2) · D 28.4% · R 71.6%
• 2008→2024 swing: -21.5pp toward R · 2008: -21.7pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.9 2016: R+42.3 2012: R+25.3 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.12%
• Current HPI: 286.2504
• 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

-26.1% since first listed

9 events — show timeline

• 2026-02-28 Listed $85,000 CNYIS
• 2026-01-16 Listing Removed — CNYIS
• 2026-01-16 Listing Removed — CNYIS
• 2025-09-25 Price Changed $89,900 CNYIS
• 2025-09-25 Price Changed $89,900 CNYIS
• 2025-08-07 Price Changed $99,500 CNYIS
• 2025-08-07 Price Changed $99,500 CNYIS
• 2025-05-22 Listed $115,000 CNYIS
• 2025-05-21 Listed $115,000 CNYIS

Property tax history

+8.7%/yr

Latest (2025): $3,445 · +0.6% YoY. Source: county tax records.