6784 State Route 20 · Madison, NY 13310

$289,900

5 bd · 4.5 ba · 2,734 sqft · MultiFamily public records · 5 Days on market

Built 1886 0.34 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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Appreciation +7.4/10.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

Key facts

• Fireplaces
• Dishwashers
• Unit apartment house

Tags

• UNIT APARTMENT HOUSE
• DISHWASHERS
• LAUNDRY HOOKUPS
• FIREPLACES
• CERTIFICATE OF OCCUPANCY
• BARN BEHIND THE HOUSE

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $930 ($11k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).

Location & tenants

• Location reads 59/100 on livability (#1,012 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools F, crime F.
• Madison Central School District (rural): math 35% / reading 31% proficiency, ranked #703 of 755 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 10 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (4.8% local appreciation)).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $115k; list at $290k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $289,900

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 1886 — 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. 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?
6. 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?
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: 1.28% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.74%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.79% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.51×
• Total profit: $122,600
• Equity at exit: $160,583

10-year hold

• IRR: 23.7%
• Equity multiple: 4.96×
• Total profit: $321,274
• Equity at exit: $274,134

Cash invested: $81,172 (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 13310

• Home prices YoY: 1.7%
• Active inventory: 10
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $3,707 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$358 /mo · $4,295/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$778
• Net cashflow: $930

Break-even live

Break-even rent $2,530

Max offer price $289,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,094	-5% $1,012	+0% $930	+5% $848	+10% $765
Rent	-10% $637	-5% $783	+0% $930	+5% $1,076	+10% $1,222
Rate	-1.0pp $1,076	-0.5pp $1,003	base $930	+0.5pp $854	+1.0pp $778

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	4	$3,708
Total (3 units)			$3,707

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-14
   status Pending
2. 2026-04-08
   listed $289,900 Active
3. 2024-02-13
   soldstatus $115,000
4. 2024-02-12
   soldstatus $115,000 Closed 429-char remark

   Show marketing remark (429 chars)

   Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

5. 2024-01-04
   status Pending 429-char remark

   Show marketing remark (429 chars)

   Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

6. 2023-11-03
   price $115,000 429-char remark

   Show marketing remark (429 chars)

   Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

7. 2023-09-11
   price $125,000 429-char remark

   Show marketing remark (429 chars)

   Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

8. 2023-05-04
   listed $135,000 Active 429-char remark

   Show marketing remark (429 chars)

   Investors Dream! This histstoric building has so much to offer. 3 apartments. .. 1 just about done, 1 some work done and 1 gutted. All appliances are brand new and there. All tools and material needed to finish is here! Upgraded materials have been used. .. .cement board siding, pella windows and doors, marble floors etc. Just need to pout the work in! Great rental for Morrisville College and Colgate College professionals!

ⓘ 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: $4,295 · $358/mo
• Projected year-2 tax: $4,597 · $383/mo
• Expected delta: +$302/yr (+$25/mo · 7.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°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: $44,484
• − Mortgage interest: −$16,239
• − Property taxes: −$4,295
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,559
• − Management: −$3,559
• − Depreciation: −$8,433
• Taxable income: $6,950
• Est. tax owed @ 24.0%: −$1,668
• After-tax cash flow: $9,487/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: Madison Central School District
• NCES district ID: 3618080
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 31% ▼ -4.00%
• Median HH income: $47,441
• Composite: 31.16/100
• National rank: #11276
• State rank: #703 of 755 in NY

Livability — Madison

• Score: 59/100
• State rank: #1012
• US rank: #19700

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

• City population: 1,295
• Population (ZIP): 731

Population outlook (Madison County) Hauer SSP2

• Today (2025): 69,528 people
• By 2030: 66,599 · -4.2%
• By 2040: 59,814 · -14.0%
• By 2050: 52,842 · -24.0%
• By 2075: 39,167 · -43.7%
• By 2100: 28,442 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Romanian 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.1) · D 43.5% · R 56.5%
• 2008→2024 swing: -13.9pp toward R · 2008: 0.9pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.6 2016: R+15.9 2012: D+0.3 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.79%
• Current HPI: 281.3166
• 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

+114.7% since first listed

8 events — show timeline

• 2026-04-14 Pending — UNYREIS
• 2026-04-08 Listed $289,900 UNYREIS
• 2024-02-13 Sold (Public Records) $115,000 Public Records
• 2024-02-12 Sold (MLS) $115,000 CNYIS
• 2024-01-04 Pending — CNYIS
• 2023-11-03 Price Changed $115,000 CNYIS
• 2023-09-11 Price Changed $125,000 CNYIS
• 2023-05-04 Listed $135,000 CNYIS

Property tax history

+1.9%/yr

Latest (2025): $4,295 · +2.2% YoY. Source: county tax records.