398 Main Street St · Owego, NY 13827

$229,000

3 bd · 3.0 ba · 2,840 sqft · MultiFamily public records · 15 Days on market

Built 1900 10,454 sqft lot Est $199k · 15% over ↓ 12% since listing

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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 +9.1/10.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0

Multi-family units

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

Listing remarks

Don't miss this opportunity to own a terrific 3 unit property in the Village of Owego! This is an ideal property for owner occupy or investment property. Each unit offers it's own private exterior space. The 2nd floor unit has a foyer entrance, gorgeous curved staircase which leads to a 1 bedroom 1 bath apartment with large living room and kitchen. The 2nd apartment is very spacious and has an extra room off the bedroom for an office or could become a laundry room. The 3rd apartment has a rear entrance, Kitchen with plenty of space, bedroom, living room with paneled walls and beamed ceiling and built in cabinets. The full bath has a skylight. Off the living room is a bonus room which coul

Key facts

• Rear entrance
• Curved staircase
• Bonus room

Tags

• FOYER ENTRANCE
• CURVED STAIRCASE
• EXTRA ROOM OFF BEDROOM
• REAR ENTRANCE
• SKYLIGHT
• BONUS ROOM

Property features AI

Finance

• Financial info: Operating as a triplex with units renting at $725 and $775

Exterior

• Parking: Driveway; 2-car garage
• Utilities: Public water; Public sewer; Electricity available
• Home design: Residential income property (triplex)
• Construction: Wood siding; Stone foundation
• Exterior features: Covered porch; Level, landscaped lot

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: Three full bathrooms total; One full bathroom in the 1-bedroom unit; One full bathroom in the 2-bedroom unit
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Skylights; Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $439/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $229k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 5.3% in Owego — 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 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owego Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 486 students, 53% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($2k loan paydown + $19k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, 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 15 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,565 (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 1900 — 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. 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.
6. 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.
7. 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: 1.70% ✓
• Cap rate: 13.20%
• Cash-on-cash: 24.67%
• DSCR: 2.10
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $198,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
425 Front St	0.11mi	4/4.0 (+1)	2,614 (-8%)	12mo	$183,333	$70	63
22-24 Temple St	0.70mi	4/4.0 (+1)	2,584 (-9%)	12mo	$90,000	$35	34

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

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.8%
• Equity multiple: 3.81×
• Total profit: $180,038
• Equity at exit: $175,661

10-year hold

• IRR: 35.4%
• Equity multiple: 8.18×
• Total profit: $460,401
• Equity at exit: $350,304

Cash invested: $64,120 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $3,900 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$467 /mo · $5,599/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $1,318

Break-even live

Break-even rent $2,232

Max offer price $229,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,448	-5% $1,383	+0% $1,318	+5% $1,253	+10% $1,188
Rent	-10% $1,010	-5% $1,164	+0% $1,318	+5% $1,472	+10% $1,626
Rate	-1.0pp $1,433	-0.5pp $1,376	base $1,318	+0.5pp $1,259	+1.0pp $1,198

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,900
Total (3 units)			$3,900

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 Front St Owego, NY	4.0	2.5	2871	$2,750	$0.96	44d	1	0.80mi

Listing history 13 events

1. 2026-06-03
   statusdays on market $229,000 Pending 15 DOM
2. 2026-06-02
   days on market $229,000 Active 14 DOM
3. 2026-06-01
   days on market $229,000 Active 13 DOM
4. 2026-05-31
   days on market $229,000 Active 12 DOM
5. 2026-05-30
   days on market $229,000 Active 11 DOM
6. 2026-05-19
   listed $229,000 Active
7. 2026-01-22
   historical $975
8. 2026-01-06
   price $975
9. 2025-11-19
   listed $1,050
10. 2025-09-25
    price $222,500
11. 2025-08-08
    price $225,500
12. 2025-05-10
    listed $234,000 Active
13. 2024-10-22
    listed $259,900 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: $5,599 · $467/mo
• Projected year-2 tax: $5,599 · $467/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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,800
• − Mortgage interest: −$12,828
• − Property taxes: −$5,599
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,744
• − Management: −$3,744
• − Depreciation: −$6,662
• Taxable income: $13,079
• Est. tax owed @ 24.0%: −$3,139
• After-tax cash flow: $12,678/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owego, NY
• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

-11.9% since first listed

8 events — show timeline

• 2026-05-19 Listed $229,000 GBAOR
• 2026-01-22 Rental Removed $975 GBAOR
• 2026-01-06 Price Changed $975 GBAOR
• 2025-11-19 Listed for Rent $1,050 GBAOR
• 2025-09-25 Price Changed $222,500 GBAOR
• 2025-08-08 Price Changed $225,500 GBAOR
• 2025-05-10 Listed $234,000 GBAOR
• 2024-10-22 Listed $259,900 GBAOR

Property tax history

+4.8%/yr

Latest (2025): $5,599 · +47.6% YoY. Source: county tax records.