250 E Main St · Frankfort, NY 13340

$215,000

6 bd · 4.4 ba · 5,445 sqft · MultiFamily public records · 51 Days on market

Built 1900 5,600 sqft lot $39/sqft · 69% below area ↓ 14% since listing

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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
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• 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: 2 units. 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

Right in the heart of the Village of Frankfort, this 5,400+ sq ft mixed-use property blends charm, income, and flexibility all in one. The building features three income-producing residential units alongside a street-level commercial storefront currently operating as a salon, drawing in steady visibility and foot traffic. Major updates give peace of mind, including a new roof (2022), a brand-new steam boiler installed this year, and a new hot water heater. Tenants enjoy ample off-street parking, plus the added bonus of a 1-car garage in the back, while customers benefit from easy street parking right out front. With commercial zoning and excellent exposure, the possibilities are wide open-p

Key facts

• New hot water heater
• 1-car garage
• Mixed-use property

Tags

• MIXED-USE PROPERTY
• NEW ROOF
• NEW STEAM BOILER
• NEW HOT WATER HEATER
• AMPLE OFF-STREET PARKING
• 1-CAR GARAGE

Property features AI

Finance

• Other: Multi-unit property with 4 total units; 3 separate electric meters; 1 separate gas meter
• Financial info: Operating expense details available in remarks; Owner pays: see remarks; Rent includes: see remarks

Exterior

• Parking: Attached garage with 1 space; Gravel parking with two or more additional spaces
• Utilities: Public water connected; Sewer connected; Electricity connected (circuit breakers); Cable available; High-speed internet available
• Home design: 2-story building; Resale property
• Construction: Vinyl siding; Copper plumbing; Asphalt shingle roof; Full basement
• Exterior features: Rectangular lot; Frontage on a main thoroughfare

Interior

• Flooring: Carpet; Laminate; Vinyl; Varied flooring
• Bathrooms: 4 full bathrooms; 1 half bathroom
• Heating & cooling: Gas heating; Steam heating
• Interior features: Ceiling fan(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $781/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#648 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Frankfort-Schuyler Central School District (town): math 32% / reading 45% proficiency, ranked #538 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frankfort-Schuyler Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 349 students, 48% FRL); Frankfort-Schuyler Middle School (math 17% / reading 52%, grade F, #483 of 729 statewide, top 68%, 210 students, 49% FRL); Frankfort-Schuyler Central High School (math 92%, 258 students, 45% FRL).
• Market conditions: 40 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Herkimer County population projected at -24% 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 $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.82% ✓
• Cap rate: 15.02%
• Cash-on-cash: 31.15%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $688,180
• List price: $215,000
• Delta: -68.76%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 S Frankfort St	0.20mi	5/— (-1)	5,968 (+10%)	24mo	$349,900	$59	50

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: 48.0%
• Equity multiple: 4.60×
• Total profit: $216,714
• Equity at exit: $193,689

10-year hold

• IRR: 41.8%
• Equity multiple: 10.30×
• Total profit: $560,074
• Equity at exit: $417,698

Cash invested: $60,200 (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 13340

• Home prices YoY: 8.1%
• Active inventory: 40
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,906 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$306 /mo · $3,670/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $1,563

Break-even live

Break-even rent $1,928

Max offer price $215,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,685	-5% $1,624	+0% $1,563	+5% $1,502	+10% $1,441
Rent	-10% $1,254	-5% $1,409	+0% $1,563	+5% $1,717	+10% $1,871
Rate	-1.0pp $1,671	-0.5pp $1,618	base $1,563	+0.5pp $1,507	+1.0pp $1,450

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$3,906
Total (2 units)			$3,906

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $215,000 Active 51 DOM
2. 2026-06-18
   days on market $215,000 Active 50 DOM
3. 2026-06-17
   days on market $215,000 Active 49 DOM
4. 2026-06-16
   days on market $215,000 Active 48 DOM
5. 2026-06-15
   days on market $215,000 Active 47 DOM
6. 2026-06-14
   days on market $215,000 Active 45 DOM
7. 2026-06-13
   days on market $215,000 Active 44 DOM
8. 2026-06-10
   days on market $215,000 Active 42 DOM
9. 2026-06-09
   days on market $215,000 Active 41 DOM
10. 2026-06-08
    days on market $215,000 Active 40 DOM
11. 2026-06-07
    days on market $215,000 Active 39 DOM
12. 2026-06-02
    days on market $215,000 Active 34 DOM
13. 2026-06-01
    days on market $215,000 Active 33 DOM
14. 2026-05-31
    days on market $215,000 Active 32 DOM
15. 2026-05-30
    days on market $215,000 Active 31 DOM
16. 2026-04-29
    listed $215,000 Active 1093-char remark
17. 2025-09-24
    historical $950
18. 2025-09-24
    historical
19. 2025-07-30
    price $215,000
20. 2025-07-14
    listed $950
21. 2025-07-14
    price $225,000
22. 2025-06-09
    listed $249,000 Active

ⓘ 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: $3,670 · $306/mo
• Projected year-2 tax: $3,670 · $306/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $46,872
• − Mortgage interest: −$12,043
• − Property taxes: −$3,670
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,750
• − Management: −$3,750
• − Depreciation: −$6,255
• Taxable income: $16,330
• Est. tax owed @ 24.0%: −$3,919
• After-tax cash flow: $14,835/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: Frankfort-Schuyler Central School District
• NCES district ID: 3611400
• Math proficiency: 32% ▼ -12.00%
• Reading proficiency: 45% ▲ 3.00%
• Median HH income: $46,499
• Composite: 32.87/100
• National rank: #5610
• State rank: #538 of 590 in NY

Livability — Frankfort

• Score: 66/100
• State rank: #648
• US rank: #12129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, NY
• Population (ZIP): 7,322

Population outlook (Herkimer County) Hauer SSP2

• Today (2025): 59,340 people
• By 2030: 56,838 · -4.2%
• By 2040: 51,098 · -13.9%
• By 2050: 45,080 · -24.0%
• By 2075: 32,648 · -45.0%
• By 2100: 22,266 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Black 2% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Lithuanian 3% American 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Russian/Polish/Slavic 6% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Herkimer

• 2024 margin: Solid R (+36.4) · D 31.8% · R 68.2%
• 2008→2024 swing: -27.1pp toward R · 2008: -9.3pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+30.5 2016: R+34.5 2012: R+8.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.15%
• Current HPI: 336.077
• 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

-13.7% since first listed

7 events — show timeline

• 2026-04-29 Listed $215,000 CNYIS
• 2025-09-24 Rental Removed $950 CNYIS
• 2025-09-24 Listing Removed — CNYIS
• 2025-07-30 Price Changed $215,000 CNYIS
• 2025-07-14 Listed for Rent $950 CNYIS
• 2025-07-14 Price Changed $225,000 CNYIS
• 2025-06-09 Listed $249,000 CNYIS

Property tax history

+2.7%/yr

Latest (2025): $3,670 · -5.3% YoY. Source: county tax records.