320 Main St · Middleburgh, NY 12122

$550,000

20 bd · 24.0 ba · 4,646 sqft · MultiFamily · 79 Days on market

Built 1927 2,613 sqft lot $118/sqft · 42% above area Est $386k · 42% 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 +25.4/30.0
• Appreciation +10.0/10.0
• DSCR +8.4/10.0
• 1% rule +6.6/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Attention investors and income-property seekers: this is not your average upstate opportunity. This fully renovated mixed-use building in the center of Middleburgh offers strong, reliable cash flow with a setup that's both straightforward and smart. The residential portion features five thoughtfully designed one-bedroom apartments, each equipped with ductless heat and AC, in-unit laundry, dishwashers, and clean, modern finishes that tenants appreciate. Four units share a common entrance, while one enjoys its own private access. With consistent long-term rental demand for well-finished apartments in walkable small towns, the property offers a stable residential income stream from day one. On the ground floor, a charming commercial storefront is currently home to one of the town's favorite coffee shops and bakeries. This established tenant adds dependable rent and a steady daily presence that benefits the entire building. Mixed-use properties like this provide a valuable balance of residential and commercial income under one roof. Behind the scenes, the building has been extensively renovated with updated systems, plumbing, electrical, HVAC, and more, while retaining elements of its historic character. The result is a property that feels both refreshed and durable--modern where it matters, with the kind of charm that keeps tenants happy. Located in the center of Middleburgh, the building sits within walking distance of local shops, restaurants, and community events that give the town its welcoming small-town appeal. With five residential units and an established commercial tenant already in place, this is a clean, straightforward investment opportunity with strong fundamentals and long-term potential.

Key facts

• Fully renovated
• Updated systems
• In-unit laundry

Tags

• FULLY RENOVATED
• DUCTLESS HEAT AND AC
• IN-UNIT LAUNDRY
• CHARMING COMMERCIAL STOREFRONT
• UPDATED SYSTEMS

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/?-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• Recommended offer: $517k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Middleburgh — 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 68/100 on livability (#518 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: employment D+, amenities F, commute F.
• Middleburgh Central School District (rural): math 44% / reading 54% proficiency, ranked #409 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 51 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $59k of equity ($4k loan paydown + $55k appreciation (10.0% local appreciation)).
• Schoharie County population projected at -30% 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 $154k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 $140k; list at $550k implies a 293% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $516,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.81%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $386,172
• List price: $550,000
• Delta: 42.42%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 31.5%
• Equity multiple: 3.47×
• Total profit: $379,829
• Equity at exit: $495,484

10-year hold

• IRR: 27.2%
• Equity multiple: 7.85×
• Total profit: $1,055,667
• Equity at exit: $1,068,529

Cash invested: $154,000 (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 12122

• Active inventory: 51
• Price-to-rent: 28.6×

Monthly cashflow live

• Estimated rent: $6,405 medium
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,345
• Net cashflow: $1,259

Break-even live

Break-even rent $4,811

Max offer price $550,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	—	$6,404
Total (4 units)			$6,405

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-04
   days on market $550,000 Active 79 DOM
2. 2026-06-02
   days on market $550,000 Active 78 DOM
3. 2026-06-01
   days on market $550,000 Active 77 DOM
4. 2026-05-31
   days on market $550,000 Active 76 DOM
5. 2026-03-16
   listed $550,000 Active 1728-char remark

   Show marketing remark (1728 chars)

   Attention investors and income-property seekers: this is not your average upstate opportunity. This fully renovated mixed-use building in the center of Middleburgh offers strong, reliable cash flow with a setup that's both straightforward and smart. The residential portion features five thoughtfully designed one-bedroom apartments, each equipped with ductless heat and AC, in-unit laundry, dishwashers, and clean, modern finishes that tenants appreciate. Four units share a common entrance, while one enjoys its own private access. With consistent long-term rental demand for well-finished apartments in walkable small towns, the property offers a stable residential income stream from day one. On the ground floor, a charming commercial storefront is currently home to one of the town's favorite coffee shops and bakeries. This established tenant adds dependable rent and a steady daily presence that benefits the entire building. Mixed-use properties like this provide a valuable balance of residential and commercial income under one roof. Behind the scenes, the building has been extensively renovated with updated systems, plumbing, electrical, HVAC, and more, while retaining elements of its historic character. The result is a property that feels both refreshed and durable--modern where it matters, with the kind of charm that keeps tenants happy. Located in the center of Middleburgh, the building sits within walking distance of local shops, restaurants, and community events that give the town its welcoming small-town appeal. With five residential units and an established commercial tenant already in place, this is a clean, straightforward investment opportunity with strong fundamentals and long-term potential.

6. 2025-10-07
   price $649,000
7. 2025-07-02
   listed $690,000 Active
8. 2024-01-10
   listed $690,000 Active
9. 2017-01-30
   soldstatus $140,000 Closed (Final Sale)
10. 2016-11-22
    status Pend (Under Cntr)
11. 2016-06-20
    listed $150,000 New
12. 2016-06-20
    historical
13. 2016-06-07
    price $150,000
14. 2016-03-22
    price $164,900
15. 2015-11-24
    price $174,900
16. 2015-11-24
    status Active
17. 2015-11-19
    historical
18. 2015-10-03
    price $184,900
19. 2015-10-03
    status Active
20. 2015-09-28
    historical
21. 2015-09-10
    listed $199,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $76,860
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$6,149
• − Management: −$6,149
• − Depreciation: −$16,000
• Taxable income: $6,754
• Est. tax owed @ 24.0%: −$1,621
• After-tax cash flow: $13,487/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: Middleburgh Central School District
• NCES district ID: 3619260
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $47,677
• Composite: 41.7/100
• National rank: #3412
• State rank: #409 of 590 in NY

Livability — Middleburgh

• Score: 68/100
• State rank: #518
• US rank: #9180

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middleburgh, NY
• Population (ZIP): 3,555

Population outlook (Schoharie County) Hauer SSP2

• Today (2025): 29,080 people
• By 2030: 27,417 · -5.7%
• By 2040: 23,835 · -18.0%
• By 2050: 20,482 · -29.6%
• By 2075: 14,323 · -50.7%
• By 2100: 9,636 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Schoharie

• 2024 margin: Solid R (+30.5) · D 34.7% · R 65.3%
• 2008→2024 swing: -16.2pp toward R · 2008: -14.3pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+29.0 2016: R+34.7 2012: R+16.6 2008: R+14.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 86.69%
• Current HPI: 322.5162
• 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

+175.1% since first listed

17 events — show timeline

• 2026-03-16 Listed $550,000 HVCRMLS
• 2025-10-07 Price Changed $649,000 HVCRMLS
• 2025-07-02 Listed $690,000 HVCRMLS
• 2024-01-10 Listed $690,000 HVCRMLS
• 2017-01-30 Sold (MLS) $140,000 Global MLS
• 2016-11-22 Pending — Global MLS
• 2016-06-20 Listed $150,000 Global MLS
• 2016-06-20 Listing Removed — Global MLS
• 2016-06-07 Price Changed $150,000 Global MLS
• 2016-03-22 Price Changed $164,900 Global MLS
• 2015-11-24 Price Changed $174,900 Global MLS
• 2015-11-24 Relisted — Global MLS
• 2015-11-19 Listing Removed — Global MLS
• 2015-10-03 Price Changed $184,900 Global MLS
• 2015-10-03 Relisted — Global MLS
• 2015-09-28 Listing Removed — Global MLS
• 2015-09-10 Listed $199,900 Global MLS