65 Washington St · Waterloo, NY 13165

$135,000

4 bd · 2.0 ba · 2,870 sqft · MultiFamily · 5 Days on market

Built 1910 Good condition 8,712 sqft lot

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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
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Well-maintained side-by-side duplex featuring separate utilities and long-term tenancy. Ideal for an owner-occupant looking to live in one unit while generating rental income from the other or for investors seeking a solid addition to their portfolio. Current rents are below market value, offering strong upside potential. The south's side main living offers a large eat-in kitchen, a dining room, and a comfortable living room. Upstairs includes 3 bedrooms and a full bath, along with attic storage for added space. The north's side includes a functional kitchen, a dining room, a decent-sized living room, and full bathroom on the main living. Upstairs offers a large open room with access to a s

Key facts

• Functional kitchen
• Separate utilities
• Large eat-in kitchen

Tags

• SIDE-BY-SIDE DUPLEX
• SEPARATE UTILITIES
• LARGE EAT-IN KITCHEN
• ATTIC STORAGE
• FUNCTIONAL KITCHEN
• VERSATILE LAYOUT

Property features AI

Finance

• Other: Two total dwelling units; Two separate gas meters; Two separate electric meters
• Financial info: Operating expenses include insurance and maintenance; Owner pays trash collection; Rent includes trash collection; Unit 1 actual rent $700 (month-to-month); Unit 2 actual rent $650 (month-to-month)

Exterior

• Parking: Two or more parking spaces
• Utilities: Cable available; High-speed internet available; Public water (connected); Sewer connected; Circuit breaker electric
• Home design: 2-story building; Resale property
• Construction: Aluminum siding
• Exterior features: Deck; Open porch; Porch

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen (in one unit); Formal dining room (both units include a formal dining room)
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas forced air heating; Has heating
• Interior features: Ceiling fan(s); Thermal windows
• Laundry & utility: Laundry in unit (both units); Washer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $639/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Cap rate 17.6% vs local median 4.9% in Waterloo — 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 75/100 on livability (#268 in NY, #4,240 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Waterloo Central School District (town): math 37% / reading 43% proficiency, ranked #525 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Skoi-Yase School (349 students, 59% FRL); Waterloo Middle School (math 13% / reading 31%, grade F, #656 of 729 statewide, top 90%, 338 students, 63% FRL); Waterloo High School (math 82% / reading 82%, grade A, #452 of 1,100 statewide, top 44%, 438 students, 58% FRL) — zoned schools average 60% FRL vs 40% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 40% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Waterloo Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 40 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

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 1910 — 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: 2.07% ✓
• Cap rate: 17.65%
• Cash-on-cash: 40.55%
• DSCR: 2.80
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 37.0%
• Equity multiple: 2.57×
• Total profit: $59,529
• Equity at exit: $20,129

10-year hold

• IRR: 43.6%
• Equity multiple: 5.15×
• Total profit: $156,775
• Equity at exit: $11,672

Cash invested: $37,800 (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 13165

• Home prices YoY: -20.7%
• Active inventory: 40
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,798 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $1,277

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,371	-5% $1,324	+0% $1,277	+5% $1,231	+10% $1,184
Rent	-10% $1,056	-5% $1,167	+0% $1,277	+5% $1,388	+10% $1,499
Rate	-1.0pp $1,345	-0.5pp $1,312	base $1,277	+0.5pp $1,242	+1.0pp $1,207

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,798
Total (2 units)			$2,798

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-05-15
   listed $135,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,576
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,686
• − Management: −$2,686
• − Depreciation: −$3,927
• Taxable income: $14,014
• Est. tax owed @ 24.0%: −$3,363
• After-tax cash flow: $11,966/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 · 2 photos

Good 75/100 Cosmetic rehab

A well-maintained and move-in-ready multi-family home with good curb appeal and potential for value enhancement through minor updates.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value
• Resale Upgrade kitchen appliances — Modernizes kitchen and attracts more buyers
• Both Install smart home features — Improves energy efficiency and adds modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value ↑
• Resale Upgrade kitchen appliances — Modernizes kitchen and attracts more buyers ↑
• Both Install smart home features — Improves energy efficiency and adds modern amenities ↑

ⓘ 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: Waterloo Central School District
• NCES district ID: 3600014
• Math proficiency: 37% ▼ -9.00%
• Reading proficiency: 43% ▲ 11.00%
• Median HH income: $46,726
• Composite: 34.16/100
• National rank: #5278
• State rank: #525 of 590 in NY

Livability — Waterloo

• Score: 75/100
• State rank: #268
• US rank: #4240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterloo, NY
• Population (ZIP): 9,429

Population outlook (Seneca County) Hauer SSP2

• Today (2025): 33,457 people
• By 2030: 32,540 · -2.7%
• By 2040: 30,680 · -8.3%
• By 2050: 28,875 · -13.7%
• By 2075: 24,757 · -26.0%
• By 2100: 19,591 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Slovak 4% Iranian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 2%

Political lean MEDSL · Seneca

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -14.4pp toward R · 2008: 2.6pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: R+9.1 2016: R+12.1 2012: D+9.2 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.17%
• Current HPI: 257.272
• 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

2 events — show timeline

• 2026-05-20 Pending — UNYREIS
• 2026-05-15 Listed $135,000 UNYREIS