55 McMaster St · Owego, NY 13827

$245,000

4 bd · 4.0 ba · 4,156 sqft · MultiFamily public records · 24 Days on market

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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 +23.5/30.0
• Appreciation +9.1/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Separate utilities Off street parking Updates Centrally located 3280$ gross revenue Taxes under $5000..

Key facts

• Off street parking
• Centrally located
• Listed 23 days

Tags

• OFF STREET PARKING
• CENTRALLY LOCATED

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $-4 ($-48/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (0.3% below list).
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.3% in Owego — 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 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($2k loan paydown + $20k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $245k implies a 345% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $241,325 (1.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 2.50×
• Total profit: $102,705
• Equity at exit: $187,934

10-year hold

• IRR: 18.8%
• Equity multiple: 5.36×
• Total profit: $298,934
• Equity at exit: $374,779

Cash invested: $68,600 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,750 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$329 /mo · $3,950/yr
• Insurance: −$102
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-4

Break-even live

Break-even rent $2,755

Max offer price $244,300

Occupancy floor 95%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 Front St Owego, NY	4.0	2.5	2871	$2,750	$0.96	44d	1	0.18mi

Listing history 19 events

1. 2026-06-19
   days on market $245,000 Active 24 DOM
2. 2026-06-18
   days on market $245,000 Active 23 DOM
3. 2026-06-17
   days on market $245,000 Active 22 DOM
4. 2026-06-16
   days on market $245,000 Active 21 DOM
5. 2026-06-15
   days on market $245,000 Active 20 DOM
6. 2026-06-14
   days on market $245,000 Active 18 DOM
7. 2026-06-13
   days on market $245,000 Active 17 DOM
8. 2026-06-10
   days on market $245,000 Active 15 DOM
9. 2026-06-09
   days on market $245,000 Active 14 DOM
10. 2026-06-08
    days on market $245,000 Active 13 DOM
11. 2026-06-07
    days on market $245,000 Active 12 DOM
12. 2026-06-05
    days on market $245,000 Active 9 DOM
13. 2026-06-03
    days on market $245,000 Active 8 DOM
14. 2026-06-02
    days on market $245,000 Active 7 DOM
15. 2026-06-01
    days on market $245,000 Active 6 DOM
16. 2026-05-31
    days on market $245,000 Active 5 DOM
17. 2026-05-30
    days on market $245,000 Active 4 DOM
18. 2026-05-26
    listed $245,000 Active
19. 2013-11-01
    soldstatus $55,000

ⓘ 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: $3,950 · $329/mo
• Projected year-2 tax: $4,045 · $337/mo
• Expected delta: +$95/yr (+$8/mo · 2.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,000
• − Mortgage interest: −$13,724
• − Property taxes: −$3,950
• − Insurance: −$6,750
• − Repairs & maintenance: −$2,640
• − Management: −$2,640
• − Depreciation: −$7,127
• Taxable loss: −$3,831
• Est. tax savings @ 24.0%: +$919
• After-tax cash flow: $872/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owego, NY
• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

+345.5% since first listed

2 events — show timeline

• 2026-05-26 Listed $245,000 FSBO.com
• 2013-11-01 Sold (Public Records) $55,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $3,950 · +47.6% YoY. Source: county tax records.