30 Mitchell St · Norwich, NY 13815

$129,000

4 bd · 3.0 ba · 2,054 sqft · MultiFamily public records · 10 Days on market

Built 1920 3,485 sqft lot Est $113k · 14% over

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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
• Appreciation +10.0/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investment opportunity in the City of Norwich! This 3-unit property features one 2-bedroom apartment and two studio units, offering multiple income streams and flexibility for investors. Recent improvements include new windows throughout all apartments and a newer furnace, helping reduce maintenance concerns for years to come. Two of the units are being sold furnished, providing added value and potential appeal for future tenants. The property also offers off-street parking and is conveniently located near downtown Norwich, shopping, restaurants, schools, and other local amenities. Whether you're looking to add to your rental portfolio or begin your investment journey, this property offers

Key facts

• Newer furnace
• Off-street parking
• Conveniently located

Tags

• INVESTMENT OPPORTUNITY
• NEW WINDOWS
• NEWER FURNACE
• OFF-STREET PARKING
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: 3 total units in the building; Single gas meter; Single electric meter
• Financial info: Owner pays electricity and water; Rent includes electricity and water; Operating expense details: See remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Cable available; High-speed internet available; Public water connected; Sewer connected
• Home design: 2-story building; Resale property
• Construction: Vinyl siding
• Exterior features: Partial fencing; Covered and open porch; Patio/porch

Interior

• Flooring: Carpet; Vinyl; Varies
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Thermal windows; Partial basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $396/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Cap rate 17.4% vs local median 4.1% in Norwich — 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 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($892 loan paydown + $13k appreciation (10.0% local appreciation)).
• Chenango County population projected at -26% 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 $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 17y ago 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.
• Current owner paid $19k; list at $129k implies a 590% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,000

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 1920 — 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. Crime grade is D 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?
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: 2.12% ✓
• Cap rate: 17.35%
• Cash-on-cash: 39.50%
• DSCR: 2.76
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $112,970
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Cortland St	0.34mi	4/2.0	1,903 (-7%)	17mo	$50,000	$26	54
15 Rowley Ave	0.62mi	4/3.5	2,178 (+6%)	14mo	$120,000	$55	48
42 Front St	0.38mi	3/2.0 (-1)	1,858 (-10%)	16mo	$72,000	$39	44
58 Henry St	0.46mi	4/2.5	1,851 (-10%)	22mo	$140,000	$76	41

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

Projected returns pro-forma

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

5-year hold

• IRR: 54.8%
• Equity multiple: 5.04×
• Total profit: $146,070
• Equity at exit: $116,213

10-year hold

• IRR: 48.4%
• Equity multiple: 11.27×
• Total profit: $370,789
• Equity at exit: $250,619

Cash invested: $36,120 (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 13815

• Home prices YoY: 8.2%
• Active inventory: 84
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,738 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$244 /mo · $2,927/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $1,189

Break-even live

Break-even rent $1,233

Max offer price $129,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$934
▸ 2× units	1	1	$1,804
Total (3 units)			$2,738

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $129,000 Active 10 DOM
2. 2026-06-17
   days on market $129,000 Active 9 DOM
3. 2026-06-16
   days on market $129,000 Active 8 DOM
4. 2026-06-15
   days on market $129,000 Active 7 DOM
5. 2026-06-13
   days on market $129,000 Active 5 DOM
6. 2026-06-12
   days on market $129,000 Active 4 DOM
7. 2026-06-09
   remarks 699-char remark
8. 2026-06-09
   listed $129,000 Active 1 DOM

ⓘ 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: $2,927 · $244/mo
• Projected year-2 tax: $2,927 · $244/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,856
• − Mortgage interest: −$7,226
• − Property taxes: −$2,927
• − Insurance: −$645
• − Repairs & maintenance: −$2,628
• − Management: −$2,628
• − Depreciation: −$3,753
• Taxable income: $13,049
• Est. tax owed @ 24.0%: −$3,132
• After-tax cash flow: $11,135/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: Norwich City School District
• NCES district ID: 3621330
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $40,687
• Composite: 35.68/100
• National rank: #4874
• State rank: #498 of 590 in NY

Livability — Norwich

• Score: 70/100
• State rank: #447
• US rank: #7857

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, NY
• City population: 12,855
• Population (ZIP): 12,855

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Lithuanian 3% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 0%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.23%
• Current HPI: 280.463
• 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

+158.5% since first listed

9 events — show timeline

• 2026-06-08 Listed $129,000 CNYIS
• 2025-12-30 Listing Removed — UNYREIS
• 2025-06-30 Listed $99,900 UNYREIS
• 2023-02-09 Listing Removed — UNYREIS
• 2020-11-17 Listed — ODBOR
• 2020-11-17 Listed $75,000 UNYREIS
• 2019-09-19 Listed $74,500 UNYREIS
• 2016-07-25 Sold (Public Records) $18,700 Public Records
• 2009-03-09 Listed $49,900 UNYREIS

Property tax history

+3.1%/yr

Latest (2025): $2,927 · +1.4% YoY. Source: county tax records.