23 Academy St · New Berlin, NY 13411

$144,900

5 bd · 3.0 ba · 2,954 sqft · MultiFamily public records · 13 Days on market

Built 1860 0.36 ac lot Est $130k · 11% over

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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 +10.0/10.0
• Livability +3.0/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0

Multi-family units

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

Listing remarks MLS

Passive Income!!! Thinking about how to prepare for your future? Invest in this 3 family unit in New Berlin, NY. Located on a quiet one way street. This property has a good size yard, and is fully occupied. Apartments include- an efficiency, 2 bedroom downstairs and a 2 bedroom upstairs. Well priced and ready to go. Its such a great opportunity you might as well purchase the multi family next door at 25 Academy Street. (#132773) Now your'e cookin!!!

Key facts

• Off street parking
• Community parks
• 0.36 acre lot

Tags

• FULLY RENTED PROPERTY
• QUIET NEIGHBORHOOD STREET
• OFF STREET PARKING
• WALKABILITY TO LOCAL EATERIES
• COMMUNITY PARKS

Property features AI

Finance

• Other: Three total residential units; Three separate electric meters and two separate gas meters; All units are month-to-month
• Financial info: Owner pays water; water is included in rent; Operating expenses include fuel and water/sewer

Exterior

• Parking: Gravel/unpaved parking available
• Utilities: Public water connected; Septic tank sewer; Water service connected
• Home design: Two-story multi-unit property; Vinyl siding; Existing/resale condition
• Construction: Vinyl siding construction
• Exterior features: Enclosed porch; Open porch; Rectangular lot with 104 x 220 dimensions; Located on a main thoroughfare

Interior

• Kitchen: Eat-in kitchens in some units; Oven/range and refrigerator included in all units; Additional appliances listed per unit
• Bedrooms: Two 2-bedroom units; One 3-bedroom unit; One 1-bedroom unit
• Flooring: Carpet; Hardwood; Tile; Vinyl; Varies by unit
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Forced air heating; Oil-fired heat
• Interior features: Carpet, hardwood, tile, vinyl and varying flooring throughout; Partial basement
• Laundry & utility: Washer and dryer in some units; Laundry in unit for at least two units; Electric water heater

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $347/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).

Location & tenants

• Location reads 60/100 on livability (#960 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools F.
• Unadilla Valley Central School District (rural): math 26% / reading 38% proficiency, ranked #571 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 28 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Chenango County population projected at -26% 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 $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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: property tax is 2.7% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,900

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 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.91% ✓
• Cap rate: 14.92%
• Cash-on-cash: 30.81%
• DSCR: 2.37
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $129,976
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Moss St	0.30mi	4/3.5 (-1)	2,630 (-11%)	10mo	$115,000	$44	52

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

Projected returns pro-forma

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

5-year hold

• IRR: 47.8%
• Equity multiple: 4.58×
• Total profit: $145,394
• Equity at exit: $130,537

10-year hold

• IRR: 41.6%
• Equity multiple: 10.27×
• Total profit: $376,243
• Equity at exit: $281,509

Cash invested: $40,572 (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 13411

• Home prices YoY: 3.3%
• Active inventory: 28
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,767 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$324 /mo · $3,888/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $1,042

Break-even live

Break-even rent $1,448

Max offer price $144,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$899
▸ 2× units	2	1	$1,868
Total (3 units)			$2,767

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $144,900 Active 13 DOM
2. 2026-06-17
   days on market $144,900 Active 12 DOM
3. 2026-06-16
   days on market $144,900 Active 11 DOM
4. 2026-06-15
   days on market $144,900 Active 10 DOM
5. 2026-06-13
   days on market $144,900 Active 8 DOM
6. 2026-06-12
   days on market $144,900 Active 7 DOM
7. 2026-06-09
   days on market $144,900 Active 4 DOM
8. 2026-06-08
   days on market $144,900 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $144,900 Active 2 DOM

ⓘ 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: $3,888 · $324/mo
• Projected year-2 tax: $3,888 · $324/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,204
• − Mortgage interest: −$8,117
• − Property taxes: −$3,888
• − Insurance: −$724
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$4,215
• Taxable income: $10,947
• Est. tax owed @ 24.0%: −$2,627
• After-tax cash flow: $9,873/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: Unadilla Valley Central School District
• NCES district ID: 3600019
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 38% ▲ 5.00%
• Median HH income: $45,176
• Composite: 27.35/100
• National rank: #6985
• State rank: #571 of 590 in NY

Livability — New Berlin

• Score: 60/100
• State rank: #960
• US rank: #18789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Berlin, NY
• Population (ZIP): 2,920

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 2%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.20%
• Current HPI: 323.6602
• 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

+145.6% since first listed

8 events — show timeline

• 2026-06-05 Listed $144,900 UNYREIS
• 2022-01-06 Sold (Public Records) $144,000 Public Records
• 2021-12-24 Sold (MLS) $75,500 ODBOR
• 2021-12-24 Sold (MLS) $75,500 UNYREIS
• 2021-10-04 Listed $79,000 ODBOR
• 2021-10-04 Listed $79,000 UNYREIS
• 2004-02-09 Sold (MLS) $50,000 UNYREIS
• 2003-04-10 Listed $59,000 UNYREIS

Property tax history

+1.7%/yr

Latest (2025): $3,888 · +2.0% YoY. Source: county tax records.