311 Main St · Theresa, NY 13691

$69,900

2 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 186 Days on market

Built 1880 0.50 ac 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
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

DUPLEX IN THE VILLAGE. THIS ASSET NEEDS WORK, ARE YOU UP FOR IT? THIS DUPLEX IS A LOWER AND UPPER. ALSO HAS A LARGE BARN FOR PARKING OR WHAT EVER. CALL TODAY !!!

Key facts

• Open layout
• High ceilings
• Large storage garage

Tags

• HIGH CEILINGS
• OPEN LAYOUT
• LARGE STORAGE GARAGE

Property features AI

Exterior

• Parking: Detached garage; 2-car garage
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: 2 stories; Existing construction
• Construction: Wood siding; Architectural shingle roof; Block and stone foundation; Finished basement
• Exterior features: Gravel driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 132 x 165

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 1 main-level bedroom
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Heating: see remarks
• Interior features: Separate/formal dining room; Eat-in kitchen; Workshop; Other (see remarks)
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $70k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: employment D, health & safety D, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($483 loan paydown + $4k appreciation (5.6% local appreciation)).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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.
• Current owner paid $10k; list at $70k implies a 582% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.57% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.81%
• DSCR: 1.84
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.4%
• Equity multiple: 2.95×
• Total profit: $38,243
• Equity at exit: $42,296

10-year hold

• IRR: 28.6%
• Equity multiple: 5.99×
• Total profit: $97,758
• Equity at exit: $75,320

Cash invested: $19,572 (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 13691

• Home prices YoY: 1.2%
• Active inventory: 30
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$165 /mo · $1,976/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $307

Break-even live

Break-even rent $709

Max offer price $69,900

Occupancy floor 67%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $69,900 Active 186 DOM
2. 2026-06-18
   days on market $69,900 Active 185 DOM
3. 2026-06-17
   days on market $69,900 Active 184 DOM
4. 2026-06-16
   days on market $69,900 Active 183 DOM
5. 2026-06-15
   days on market $69,900 Active 182 DOM
6. 2026-06-14
   days on market $69,900 Active 180 DOM
7. 2026-06-12
   days on market $69,900 Active 179 DOM
8. 2026-06-09
   days on market $69,900 Active 176 DOM
9. 2026-06-08
   days on market $69,900 Active 175 DOM
10. 2026-06-07
    days on market $69,900 Active 174 DOM
11. 2026-06-05
    days on market $69,900 Active 171 DOM
12. 2026-06-03
    days on market $69,900 Active 170 DOM
13. 2026-06-02
    days on market $69,900 Active 169 DOM
14. 2026-06-01
    days on market $69,900 Active 168 DOM
15. 2026-05-31
    days on market $69,900 Active 167 DOM
16. 2026-05-30
    days on market $69,900 Active 166 DOM
17. 2025-12-14
    listed $69,900 Active
18. 2019-07-30
    soldstatus $10,250 161-char remark

    Show marketing remark (161 chars)

    DUPLEX IN THE VILLAGE. THIS ASSET NEEDS WORK, ARE YOU UP FOR IT? THIS DUPLEX IS A LOWER AND UPPER. ALSO HAS A LARGE BARN FOR PARKING OR WHAT EVER. CALL TODAY !!!

19. 2019-03-11
    listed $12,500 161-char remark

    Show marketing remark (161 chars)

    DUPLEX IN THE VILLAGE. THIS ASSET NEEDS WORK, ARE YOU UP FOR IT? THIS DUPLEX IS A LOWER AND UPPER. ALSO HAS A LARGE BARN FOR PARKING OR WHAT EVER. CALL TODAY !!!

20. 2006-06-27
    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: $1,976 · $165/mo
• Projected year-2 tax: $1,976 · $165/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,173
• − Mortgage interest: −$3,915
• − Property taxes: −$1,976
• − Insurance: −$350
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$2,033
• Taxable income: $2,791
• Est. tax owed @ 24.0%: −$670
• After-tax cash flow: $3,013/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: Indian River Central School District
• NCES district ID: 3615300
• Math proficiency: 33% ▼ -21.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $45,599
• Composite: 35.25/100
• National rank: #4977
• State rank: #502 of 590 in NY

Livability — Theresa

• Score: 65/100
• State rank: #693
• US rank: #13103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Theresa, NY
• Population (ZIP): 3,172

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 12% Asian 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Slovak 2% Romanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.63%
• Current HPI: 459.7016
• 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

+27.1% since first listed

4 events — show timeline

• 2025-12-14 Listed $69,900 CNYIS
• 2019-07-30 Sold (MLS) $10,250 CNYIS
• 2019-03-11 Listed $12,500 CNYIS
• 2006-06-27 Sold (Public Records) $55,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,976 · +0.3% YoY. Source: county tax records.