7377-7379 Owasco Rd · Melrose Park, NY 13021

$199,000

6 bd · 2.0 ba · 2,160 sqft · MultiFamily public records · 12 Days on market

Built 1910 7,224 sqft lot Est $210k · 5% under

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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 +9.8/15.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +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

Welcome to a side-by-side multi-family residence on the peaceful Owasco River that offers comfortable living space inside and attractive income potential. Each unit features three spacious bedrooms and a full bathroom, allowing you to occupy one side as your primary home while renting out the other, or to lease both units for maximum cash flow. The interior has been thoughtfully remodeled over the years, showcasing modern finishes, an updated kitchen, bright living areas, and ample storage throughout. Both units have private front and back porches along with driveways, providing welcoming entryways and pleasant outdoor space. The location is ideal, just steps from a well-maintained playgrou

Key facts

• Updated kitchen
• Owasco lake
• Owasco river

Tags

• MULTI-FAMILY RESIDENCE
• OWASCO RIVER
• UPDATED KITCHEN
• PRIVATE FRONT AND BACK PORCHES
• OWASCO LAKE
• LOW-MAINTENANCE LANDSCAPING

Property features AI

Finance

• Other: Two total units (multi-family); Two separate gas meters; Two separate electric meters; Waterfront: Owasco Inlet with river/stream access; approximately 20 ft frontage; Lot is rectangular residential parcel (50 x 144, ~0.1659 acres)
• Financial info: Tenant pays all utilities (for rental units); Operating expense details: see remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Electricity connected (fuse panel); Public water connected; Sewer connected; High-speed internet available
• Home design: 2-story building; Existing construction
• Construction: Block and concrete construction; Asphalt roof; Block foundation; Built previously (existing)
• Exterior features: Deck; Open porch

Interior

• Flooring: Carpet; Hardwood; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas forced-air heating
• Interior features: Carpet and hardwood flooring; flooring varies; Full basement
• Laundry & utility: Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $593/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 13.4% vs local median 1.6% in Melrose Park — 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 68/100 on livability (#512 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools D+, amenities F, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• At $3,466/mo this rent would consume 69% of the median local household income ($61k/yr) (locally 1449% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Cayuga County population projected at -18% 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $90k; list at $199k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

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. 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 D-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. 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: 1.74% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.56%
• DSCR: 2.14
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $209,520
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
152 S Fulton St #150	0.58mi	5/2.0 (-1)	1,996 (-8%)	9mo	$115,000	$58	48
9 Perry St	0.63mi	5/3.0 (-1)	2,248 (+4%)	19mo	$217,900	$97	39

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

Projected returns pro-forma

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

5-year hold

• IRR: 19.2%
• Equity multiple: 1.78×
• Total profit: $43,501
• Equity at exit: $29,672

10-year hold

• IRR: 27.6%
• Equity multiple: 3.44×
• Total profit: $135,862
• Equity at exit: $17,206

Cash invested: $55,720 (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 13021

• Home prices YoY: -22.4%
• Active inventory: 221
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,466 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$425 /mo · $5,098/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $1,187

Break-even live

Break-even rent $1,964

Max offer price $199,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,466
Total (2 units)			$3,466

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-19
   days on market $199,000 Active 12 DOM
2. 2026-06-18
   days on market $199,000 Active 11 DOM
3. 2026-06-17
   days on market $199,000 Active 10 DOM
4. 2026-06-16
   days on market $199,000 Active 9 DOM
5. 2026-06-15
   days on market $199,000 Active 8 DOM
6. 2026-06-14
   days on market $199,000 Active 6 DOM
7. 2026-06-12
   days on market $199,000 Active 5 DOM
8. 2026-06-09
   days on market $199,000 Active 2 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $199,000 Active 1 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: $5,098 · $425/mo
• Projected year-2 tax: $5,098 · $425/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 ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $41,592
• − Mortgage interest: −$11,147
• − Property taxes: −$5,098
• − Insurance: −$995
• − Repairs & maintenance: −$3,327
• − Management: −$3,327
• − Depreciation: −$5,789
• Taxable income: $11,908
• Est. tax owed @ 24.0%: −$2,858
• After-tax cash flow: $11,384/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: Auburn City School District
• NCES district ID: 3603480
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $43,567
• Composite: 29.71/100
• National rank: #6452
• State rank: #558 of 590 in NY

Livability — Melrose Park

• Score: 68/100
• State rank: #512
• US rank: #9116

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Melrose Park, NY
• County: Cayuga County · 37,247 people
• Metro: Auburn, NY
• Population (ZIP): 37,247
• Household income: $60,712
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1449.0

Population outlook (Cayuga County) Hauer SSP2

• Today (2025): 74,820 people
• By 2030: 72,402 · -3.2%
• By 2040: 66,917 · -10.6%
• By 2050: 61,007 · -18.5%
• By 2075: 48,047 · -35.8%
• By 2100: 34,512 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 8% Subsaharan African 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Cayuga

• 2024 margin: R (+13.0) · D 43.5% · R 56.5%
• 2008→2024 swing: -21.5pp toward R · 2008: 8.5pp · 2024: -13.0pp
• All cycles: 2024: R+13.0 2020: R+9.2 2016: R+13.2 2012: D+10.8 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.53%
• Current HPI: 338.5537
• Rent YoY: —
• Metro: Auburn, NY
• 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

+192.6% since first listed

3 events — show timeline

• 2026-06-07 Listed $199,000 UNYREIS
• 2005-01-07 Sold (Public Records) $90,000 Public Records
• 2003-10-28 Sold (Public Records) $68,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $5,098 · +1.6% YoY. Source: county tax records.