471 Main St · New York Mills, NY 13417

$259,999

30 bd · 15.0 ba · 4,000 sqft · MultiFamily · 70 Days on market

Built 1940 Fair condition 10,361 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

A LARGE BUILDING CONSISTING OF OVER 4000 SQ FT OF SPACE IN POPULAR LOCATION WITH CONTINUED STRONG GROWTH. NEARBY BUSINESS PARK, FITNESS CENTER SHOPPING MAKE THIS AN IDEAL LOCATION FOR NUMEROUS BUSINESSES. CURRENTLY RUNNING AS SUCCESSFUL LONG TERM TAVERN W/ LUNCH/SPORT CROWD.

Key facts

• Functional kitchen
• Zoned commercially
• Historic building

Tags

• HISTORIC BUILDING
• 3 APARTMENT UNITS
• ZONED COMMERCIALLY
• FUNCTIONAL KITCHEN
• KITCHEN EQUIPMENT INCLUDED
• SVEBA DALEN PIZZA OVEN

Property features AI

Finance

• Financial info: Owner pays all utilities; Rent includes all utilities; 3 total rental units; One unit currently listed at $725/month; One unit currently listed at $605/month; Operating expenses listed to include rent

Exterior

• Parking: Gravel parking; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 3 stories; Commercial zoning; Existing property condition; Shingle roof
• Construction: Stone and vinyl siding exterior
• Exterior features: Enclosed porch; Covered porch; Porch; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen (in some units); Dining area with kitchen; Formal dining room (in some units)
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms; One unit with 1 bedroom
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Baseboard heating; Radiator heating
• Interior features: Attic; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3×6bd/3.0ba + 1×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $260k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $748/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.5% vs local median 5.1% in New York Mills — 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 78/100 on livability (#175 in NY, #2,712 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: amenities F, commute F.
• New York Mills Union Free School District (suburban): math 60% / reading 65% proficiency, ranked #224 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 10 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Oneida County population projected at -12% 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 $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $40k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $260k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,399 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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.
10. 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.
11. 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: 2.69% ✓
• Cap rate: 23.55%
• Cash-on-cash: 61.61%
• DSCR: 3.74
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 73.6%
• Equity multiple: 6.22×
• Total profit: $379,780
• Equity at exit: $234,228

10-year hold

• IRR: 67.5%
• Equity multiple: 13.79×
• Total profit: $931,381
• Equity at exit: $505,121

Cash invested: $72,800 (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 13417

• Home prices YoY: 11.9%
• Active inventory: 10
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $7,006 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,471
• Net cashflow: $3,738

Break-even live

Break-even rent $2,274

Max offer price $259,999

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 3× units	6	3	$3,645
1× unit	1	1	$1,512
1× unit	2	1	$1,848
Total (5 units)			$7,006

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $259,999 Active 70 DOM
2. 2026-06-18
   days on market $259,999 Active 69 DOM
3. 2026-06-17
   days on market $259,999 Active 68 DOM
4. 2026-06-16
   days on market $259,999 Active 67 DOM
5. 2026-06-15
   days on market $259,999 Active 66 DOM
6. 2026-06-14
   days on market $259,999 Active 64 DOM
7. 2026-06-13
   days on market $259,999 Active 63 DOM
8. 2026-06-10
   days on market $259,999 Active 61 DOM
9. 2026-06-09
   days on market $259,999 Active 60 DOM
10. 2026-06-08
    days on market $259,999 Active 59 DOM
11. 2026-06-07
    days on market $259,999 Active 58 DOM
12. 2026-06-02
    days on market $259,999 Active 53 DOM
13. 2026-06-01
    days on market $259,999 Active 52 DOM
14. 2026-05-31
    days on market $259,999 Active 51 DOM
15. 2026-05-30
    days on market $259,999 Active 50 DOM
16. 2026-04-10
    listed $299,999 Active
17. 2005-03-21
    soldstatus $115,000 277-char remark

    Show marketing remark (277 chars)

    A LARGE BUILDING CONSISTING OF OVER 4000 SQ FT OF SPACE IN POPULAR LOCATION WITH CONTINUED STRONG GROWTH. NEARBY BUSINESS PARK, FITNESS CENTER SHOPPING MAKE THIS AN IDEAL LOCATION FOR NUMEROUS BUSINESSES. CURRENTLY RUNNING AS SUCCESSFUL LONG TERM TAVERN W/ LUNCH/SPORT CROWD.

18. 2004-08-31
    listed $134,900 277-char remark

    Show marketing remark (277 chars)

    A LARGE BUILDING CONSISTING OF OVER 4000 SQ FT OF SPACE IN POPULAR LOCATION WITH CONTINUED STRONG GROWTH. NEARBY BUSINESS PARK, FITNESS CENTER SHOPPING MAKE THIS AN IDEAL LOCATION FOR NUMEROUS BUSINESSES. CURRENTLY RUNNING AS SUCCESSFUL LONG TERM TAVERN W/ LUNCH/SPORT CROWD.

ⓘ 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: $84,072
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$6,726
• − Management: −$6,726
• − Depreciation: −$7,564
• Taxable income: $43,293
• Est. tax owed @ 24.0%: −$10,390
• After-tax cash flow: $34,465/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and updates to its kitchen, bathrooms, exterior, and landscaping to improve its condition and value.

Repairs flagged

• Major Kitchen appliances — Significant wear and tear.
• Major Bathroom fixtures — Significant wear and tear.
• Major Exterior siding — Weathered and in need of repainting.
• Major Flooring — Significant wear and tear.
• Major Paint — Chipped and worn.
• Moderate Windows — Functional but not pristine.
• Major HVAC appliances — Old and likely inefficient.
• Major Landscaping — Overgrown and in need of maintenance.

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics.
• Both Landscaping — Improves curb appeal and enhances property value.
• Both HVAC system upgrade — Improves comfort and energy efficiency, attracting tenants.
• Both Kitchen and bathroom updates — Enhances functionality and aesthetics, attracting tenants and buyers.
• Both Exterior siding and landscaping — Enhances curb appeal and property value, attracting tenants and buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Significant wear and tear.	Major	$15,000–50,000
Bathroom fixtures · Significant wear and tear.	Major	$15,000–50,000
Exterior siding · Weathered and in need of repainting.	Major	$15,000–50,000
Flooring · Significant wear and tear.	Major	$15,000–50,000
Paint · Chipped and worn.	Major	$15,000–50,000
Windows · Functional but not pristine.	Moderate	$3,000–15,000
HVAC appliances · Old and likely inefficient.	Major	$15,000–50,000
Landscaping · Overgrown and in need of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 8 items		$108,000–365,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping — Improves curb appeal and enhances property value. ↑
• Both HVAC system upgrade — Improves comfort and energy efficiency, attracting tenants. ↑
• Both Kitchen and bathroom updates — Enhances functionality and aesthetics, attracting tenants and buyers. ↑
• Both Exterior siding and landscaping — Enhances curb appeal and property value, attracting tenants and buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New York Mills Union Free School District
• NCES district ID: 3620610
• Math proficiency: 60% ▲ 5.00%
• Reading proficiency: 65% ▲ 13.00%
• Median HH income: $40,329
• Composite: 52.21/100
• National rank: #1605
• State rank: #224 of 590 in NY

Livability — New York Mills

• Score: 78/100
• State rank: #175
• US rank: #2712

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York Mills, NY
• City population: 3,012
• Population (ZIP): 3,012

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 (99%)
• Race & ethnicity: White 99% Asian 1%
• Common ancestry: Romanian 21% Lithuanian 4% Serbian 2%
• Foreign-born: 2%
• Languages at home: 94% English-only · Russian/Polish/Slavic 4% Vietnamese 1% 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: ▲ 31.74%
• Current HPI: 298.823
• 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

+122.4% since first listed

3 events — show timeline

• 2026-04-10 Listed $299,999 CNYIS
• 2005-03-21 Sold (MLS) $115,000 CNYIS
• 2004-08-31 Listed $134,900 CNYIS