208 N Madison St · Rome, NY 13440

$169,900

4 bd · 2.0 ba · 4,006 sqft · MultiFamily · 136 Days on market

Built 1925 Fair condition 3,485 sqft lot $42/sqft · 23% below area Est $220k · 23% under

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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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Attention lucrative investors, business minded & owner occupy buyers. .. Don't miss this property opportunity in a convenient high visibility location with walking distance to shops, restaurants & more. This property among a commercial area, designated converted Res, zoned C-3, offers numerous options of uses. It's time to add to your investment portfolio with a business opportunity.

Key facts

• Zoned c-3
• Commercial area
• 3,485 sq ft lot

Tags

• HIGH VISIBILITY LOCATION
• WALKING DISTANCE TO SHOPS
• COMMERCIAL AREA
• ZONED C-3

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 5.6% in Rome — 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 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Rome City School District (town): math 35% / reading 46% proficiency, ranked #516 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gansevoort Elementary School (math 12% / reading 22%, grade F, #2,011 of 2,108 statewide, top 96%, 443 students, 78% FRL); Lyndon H Strough Middle School (math 20% / reading 40%, grade F, #539 of 729 statewide, top 74%, 829 students, 59% FRL); Rome Free Academy (math 85% / reading 98%, grade A+, #201 of 1,100 statewide, top 18%, 1,511 students, 51% FRL).
• Market conditions: 282 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 31y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 F-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. 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: 1.08% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.81%
• DSCR: 1.30
• GRM: 7.7

CMA / ARV

• ARV (median comp): $219,858
• List price: $169,900
• Delta: -22.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 N Washington St	0.29mi	5/3.0 (+1)	3,528 (-12%)	6mo	$20,000	$6	52
723 W Dominick St #1	0.57mi	3/1.5 (-1)	3,624 (-10%)	23mo	$161,000	$44	31

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

Projected returns pro-forma

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

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-10,309
• Equity at exit: $25,333

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $13,276
• Equity at exit: $14,690

Cash invested: $47,572 (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 13440

• Home prices YoY: -8.0%
• Active inventory: 282
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,828 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $270

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 80%

Sensitivity live

Price	-10% $387	-5% $329	+0% $270	+5% $211	+10% $153
Rent	-10% $126	-5% $198	+0% $270	+5% $342	+10% $414
Rate	-1.0pp $356	-0.5pp $313	base $270	+0.5pp $226	+1.0pp $181

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $169,900 Active 136 DOM
2. 2026-06-21
   days on market $169,900 Active 135 DOM
3. 2026-06-21
   days on market $169,900 Active 134 DOM
4. 2026-06-18
   days on market $169,900 Active 132 DOM
5. 2026-06-17
   days on market $169,900 Active 131 DOM
6. 2026-06-16
   days on market $169,900 Active 130 DOM
7. 2026-06-15
   days on market $169,900 Active 129 DOM
8. 2026-06-13
   days on market $169,900 Active 127 DOM
9. 2026-06-12
   days on market $169,900 Active 126 DOM
10. 2026-06-09
    days on market $169,900 Active 123 DOM
11. 2026-06-08
    days on market $169,900 Active 122 DOM
12. 2026-06-07
    days on market $169,900 Active 121 DOM
13. 2026-06-07
    pricedays on market $169,900 Active 120 DOM
14. 2026-06-04
    days on market $179,900 Active 117 DOM
15. 2026-06-02
    days on market $179,900 Active 116 DOM
16. 2026-06-01
    days on market $179,900 Active 115 DOM
17. 2026-05-31
    days on market $179,900 Active 114 DOM
18. 2026-05-04
    price $179,900 398-char remark

    Show marketing remark (398 chars)

    Attention lucrative investors, business minded & owner occupy buyers. .. Don't miss this property opportunity in a convenient high visibility location with walking distance to shops, restaurants & more. This property among a commercial area, designated converted Res, zoned C-3, offers numerous options of uses. It's time to add to your investment portfolio with a business opportunity.

19. 2026-04-08
    price $189,900 398-char remark

    Show marketing remark (398 chars)

    Attention lucrative investors, business minded & owner occupy buyers. .. Don't miss this property opportunity in a convenient high visibility location with walking distance to shops, restaurants & more. This property among a commercial area, designated converted Res, zoned C-3, offers numerous options of uses. It's time to add to your investment portfolio with a business opportunity.

20. 2026-02-06
    listed $199,900 Active 398-char remark

    Show marketing remark (398 chars)

    Attention lucrative investors, business minded & owner occupy buyers. .. Don't miss this property opportunity in a convenient high visibility location with walking distance to shops, restaurants & more. This property among a commercial area, designated converted Res, zoned C-3, offers numerous options of uses. It's time to add to your investment portfolio with a business opportunity.

21. 2022-12-09
    historical
22. 1996-08-11
    historical
23. 1995-10-17
    listed $73,800

ⓘ 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: $21,936
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,755
• − Management: −$1,755
• − Depreciation: −$4,943
• Taxable income: $569
• Est. tax owed @ 24.0%: −$136
• After-tax cash flow: $3,103/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 moderate renovations, including exterior painting, siding repairs, and landscaping, to significantly enhance its resale and rental value.

Repairs flagged

• Major exterior paint — Peeling and chipping
• Major exterior siding — Visible damage and wear
• Major interior paint — Needs fresh coat

Value-add opportunities

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both repair and replace exterior siding — Fixing the siding improves the home's appearance and value
• Both landscaping and curb appeal — A well-maintained yard and curb appeal attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling and chipping	Major	$15,000–50,000
exterior siding · Visible damage and wear	Major	$15,000–50,000
interior paint · Needs fresh coat	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair and replace exterior siding — Fixing the siding improves the home's appearance and value ↑
• Both landscaping and curb appeal — A well-maintained yard and curb appeal attract more buyers and renters ↑

ⓘ 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: Rome City School District
• NCES district ID: 3624900
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▲ 10.00%
• Median HH income: $46,406
• Composite: 34.52/100
• National rank: #5178
• State rank: #516 of 590 in NY

Livability — Rome

• Score: 64/100
• State rank: #722
• US rank: #13676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rome, NY
• City population: 41,418
• Population (ZIP): 41,273

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% 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: ▼ -29.58%
• Current HPI: 339.3589
• 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

+143.8% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $179,900 CNYIS
• 2026-04-08 Price Changed $189,900 CNYIS
• 2026-02-06 Listed $199,900 CNYIS
• 2022-12-09 Rental Removed — RENT.
• 1996-08-11 Listing Removed — CNYIS
• 1995-10-17 Listed $73,800 CNYIS