348 Fourth Ave · Frankfort, NY 13340

$185,000

3 bd · 1.0 ba · 956 sqft · SingleFamily public records · 8 Days on market

Built 1920 7,840 sqft lot Est $214k · 14% under

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Why this score? — see what drove the C+ 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 +18.4/30.0
• ARV discount +13.6/15.0
• Appreciation +10.0/10.0
• DSCR +5.8/10.0
• 1% rule +5.5/10.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 348 Fourth Ave-a delightful bungalow style residence in the Village of Frankfort. This home has an enclosed sunporch to greet you as you walk to the door, 3 bedrooms and a full bath as well as a living room and an eat-in kitchen on the first floor and finished space upstairs for you to use as you choose! This home features original woodwork and high ceilings. There is storage space in the walk in attic. The basement is dry and offers additional storage as well as workshop space and a laundry area. The yard has plenty of space to relax and play. The seller has even provided a Home Warranty to provide peace of mind for prospective buyers! This home is on municipal power, and has easy access to highways, and all the amenities that the Village of Frankfort offers.

Key facts

• Eat-in kitchen
• Hardwood floors
• Enclosed front porch

Tags

• ENCLOSED FRONT PORCH
• HARDWOOD FLOORS
• EAT-IN KITCHEN
• FINISHED ROOM IN ATTIC
• FULL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).

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.
• 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 $20k of equity ($1k loan paydown + $18k 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 $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $135k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.42%
• Cash-on-cash: 4.02%
• DSCR: 1.18
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $214,144
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
507 1st Avenue Ext	0.35mi	3/1.0	960 (+0%)	1mo	$215,100	$224	82
108 W Canal St	0.73mi	2/1.0 (-1)	980 (+2%)	24mo	$150,000	$153	37

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: 27.2%
• Equity multiple: 3.16×
• Total profit: $111,872
• Equity at exit: $166,663

10-year hold

• IRR: 23.8%
• Equity multiple: 7.20×
• Total profit: $320,918
• Equity at exit: $359,414

Cash invested: $51,800 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,937 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$310 /mo · $3,715/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $173

Break-even live

Break-even rent $1,718

Max offer price $185,000

Occupancy floor 86%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-15
   status Pending
2. 2026-04-07
   listed $185,000 Active
3. 2024-11-06
   soldstatus $135,000 Closed 781-char remark

   Show marketing remark (781 chars)

   Welcome to 348 Fourth Ave-a delightful bungalow style residence in the Village of Frankfort. This home has an enclosed sunporch to greet you as you walk to the door, 3 bedrooms and a full bath as well as a living room and an eat-in kitchen on the first floor and finished space upstairs for you to use as you choose! This home features original woodwork and high ceilings. There is storage space in the walk in attic. The basement is dry and offers additional storage as well as workshop space and a laundry area. The yard has plenty of space to relax and play. The seller has even provided a Home Warranty to provide peace of mind for prospective buyers! This home is on municipal power, and has easy access to highways, and all the amenities that the Village of Frankfort offers.

4. 2024-07-28
   historical Active Under Contract 781-char remark

   Show marketing remark (781 chars)

   Welcome to 348 Fourth Ave-a delightful bungalow style residence in the Village of Frankfort. This home has an enclosed sunporch to greet you as you walk to the door, 3 bedrooms and a full bath as well as a living room and an eat-in kitchen on the first floor and finished space upstairs for you to use as you choose! This home features original woodwork and high ceilings. There is storage space in the walk in attic. The basement is dry and offers additional storage as well as workshop space and a laundry area. The yard has plenty of space to relax and play. The seller has even provided a Home Warranty to provide peace of mind for prospective buyers! This home is on municipal power, and has easy access to highways, and all the amenities that the Village of Frankfort offers.

5. 2024-07-08
   listed $140,000 Active 781-char remark

   Show marketing remark (781 chars)

   Welcome to 348 Fourth Ave-a delightful bungalow style residence in the Village of Frankfort. This home has an enclosed sunporch to greet you as you walk to the door, 3 bedrooms and a full bath as well as a living room and an eat-in kitchen on the first floor and finished space upstairs for you to use as you choose! This home features original woodwork and high ceilings. There is storage space in the walk in attic. The basement is dry and offers additional storage as well as workshop space and a laundry area. The yard has plenty of space to relax and play. The seller has even provided a Home Warranty to provide peace of mind for prospective buyers! This home is on municipal power, and has easy access to highways, and all the amenities that the Village of Frankfort offers.

6. 2020-11-19
   soldstatus $97,850
7. 2008-10-28
   soldstatus $62,900

ⓘ 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: $3,715 · $310/mo
• Projected year-2 tax: $3,715 · $310/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $23,243
• − Mortgage interest: −$10,363
• − Property taxes: −$3,715
• − Insurance: −$925
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$5,382
• Taxable loss: −$861
• Est. tax savings @ 24.0%: +$207
• After-tax cash flow: $2,286/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

+194.1% since first listed

7 events — show timeline

• 2026-04-15 Pending — Global MLS
• 2026-04-07 Listed $185,000 Global MLS
• 2024-11-06 Sold (MLS) $135,000 CNYIS
• 2024-07-28 Contingent — CNYIS
• 2024-07-08 Listed $140,000 CNYIS
• 2020-11-19 Sold (Public Records) $97,850 Public Records
• 2008-10-28 Sold (Public Records) $62,900 Public Records

Property tax history

+4.3%/yr

Latest (2025): $3,715 · +0.0% YoY. Source: county tax records.