38-40 Cliff St · Oneonta, NY 13820

$375,000

8 bd · 4.0 ba · 3,104 sqft · MultiFamily · 18 Days on market

Built 1900 Good condition 6,969 sqft lot

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Why this score? — see what drove the A- 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 +29.9/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Quality maintained 10 bedroom 4 family home just minutes to downtown and city bus lines. May be purchased with home next door 34-36 Cliff St, a four family MLS R1687927. Utilities are separate. Ample rear parking area for tenants. 3100 sqft home features a spacious front enclosed entry porch for all tenants. Outside there is a rear 2nd floor deck for both 2nd floor tenants, and separate rear entry decks for each first floor tenants. Two 3 bedroom and two 2 bedroom units. Spacious apartments all have generous square footage and closets, and all are equipped with dishwasher. Coin op laundry in basement. Home was completely gutted in the '90's so all electrical, plumbing, and wiring were done

Key facts

• Coin op laundry
• Enclosed entry porch
• Completely gutted

Tags

• ENCLOSED ENTRY PORCH
• REAR 2ND FLOOR DECK
• SEPARATE REAR ENTRY DECKS
• COIN OP LAUNDRY
• COMPLETELY GUTTED

Property features AI

Finance

• Other: Owner pays grounds care, snow removal, trash collection and water; tenants pay all utilities; Rent includes common area maintenance, gardener, snow removal, trash collection and water (per listing)
• Financial info: Four total units with separate gas and electric meters for each unit; Gross annual income reported at $51,600; Operating expenses reported at $16,171 (includes insurance, maintenance, structure maintenance, snow removal, trash, water/sewer and others); Units currently leased with listed rents: two 2-bedroom units at $950 each and two 3-bedroom units at $1,200 each; Leases expire June 30, 2027

Exterior

• Parking: Common gravel parking available
• Utilities: Public water connected; Sewer connected; Cable available
• Home design: 2-story multi-family residential building; Vinyl siding; Frame construction; Shingle roof; Stone foundation; Property listed as existing/resale; Zoned Residential Multi Use
• Construction: Frame with vinyl siding; Shingle roof; Stone foundation; Existing structure
• Exterior features: Deck; Porch; Irregular lot; Near public transit; Residential lot; City street frontage

Interior

• Kitchen: Each unit includes a kitchen with dishwasher, oven/range and refrigerator; Eat-in kitchen in each unit
• Bedrooms: Four residential units: two 2-bedroom units and two 3-bedroom units
• Flooring: Carpet; Vinyl; Varies by unit
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Carpet and vinyl flooring (varies)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $375k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $347/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Recommended offer: $369k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.5% in Oneonta — 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 75/100 on livability (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greater Plains Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 284 students, 40% FRL); Oneonta Middle School (math 28% / reading 56%, grade D-, #379 of 729 statewide, top 54%, 378 students, 44% FRL); Oneonta Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 502 students, 37% FRL).
• Market conditions: 121 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• At $5,035/mo this rent would consume 92% of the median local household income ($66k/yr) (locally 662% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Otsego County population projected at -21% 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 $105k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $369,375 (1.5% below list)

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 1900 — 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. 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?
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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.84%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $217,280
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
185-187 Chestnut St	0.35mi	7/— (-1)	2,912 (-6%)	10mo	$120,000	$41	60
69 Ford Ave	0.62mi	7/4.0 (-1)	3,182 (+2%)	13mo	$225,000	$71	51
19-21 Otsego St	0.71mi	7/3.5 (-1)	2,994 (-4%)	6mo	$210,000	$70	49

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: 36.0%
• Equity multiple: 3.79×
• Total profit: $292,593
• Equity at exit: $337,830

10-year hold

• IRR: 31.0%
• Equity multiple: 8.55×
• Total profit: $792,365
• Equity at exit: $728,543

Cash invested: $105,000 (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 13820

• Home prices YoY: 22.7%
• Active inventory: 121
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $5,035 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,057
• Net cashflow: $1,386

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,645	-5% $1,516	+0% $1,386	+5% $1,257	+10% $1,127
Rent	-10% $988	-5% $1,187	+0% $1,386	+5% $1,585	+10% $1,784
Rate	-1.0pp $1,575	-0.5pp $1,481	base $1,386	+0.5pp $1,289	+1.0pp $1,190

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,036
Total (4 units)			$5,035

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-22
   days on market $375,000 Active 18 DOM
2. 2026-06-21
   days on market $375,000 Active 17 DOM
3. 2026-06-19
   days on market $375,000 Active 15 DOM
4. 2026-06-18
   days on market $375,000 Active 14 DOM
5. 2026-06-17
   days on market $375,000 Active 13 DOM
6. 2026-06-16
   days on market $375,000 Active 12 DOM
7. 2026-06-15
   days on market $375,000 Active 11 DOM
8. 2026-06-14
   days on market $375,000 Active 9 DOM
9. 2026-06-12
   days on market $375,000 Active 8 DOM
10. 2026-06-09
    days on market $375,000 Active 5 DOM
11. 2026-06-08
    days on market $375,000 Active 4 DOM
12. 2026-06-07
    days on market $375,000 Active 3 DOM
13. 2026-06-07
    remarks 699-char remark
14. 2026-06-07
    listed $375,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 19 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: $60,420
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$4,834
• − Management: −$4,834
• − Depreciation: −$10,909
• Taxable income: $11,338
• Est. tax owed @ 24.0%: −$2,721
• After-tax cash flow: $13,912/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with minor repairs needed. Fresh paint and replacing the deck and stairs would significantly improve its curb appeal and property value.

Repairs flagged

• Minor Deck — Deck appears to have some wear and tear, but not severe
• Minor Stairs — Stairs appear to have some wear and tear, but not severe

Value-add opportunities

• Both Paint exterior — Fresh paint can improve curb appeal and property value
• Both Replace deck and stairs — Replacing worn-out deck and stairs can improve safety and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Deck · Deck appears to have some wear and tear, but not severe	Minor	$500–3,000
Stairs · Stairs appear to have some wear and tear, but not severe	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Fresh paint can improve curb appeal and property value ↑
• Both Replace deck and stairs — Replacing worn-out deck and stairs can improve safety and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Oneonta City School District
• NCES district ID: 3621780
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 57% ▲ 14.00%
• Median HH income: $41,631
• Composite: 43.19/100
• National rank: #3066
• State rank: #374 of 590 in NY

Livability — Oneonta

• Score: 75/100
• State rank: #253
• US rank: #4021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oneonta, NY
• County: Otsego County · 23,056 people
• City population: 23,056
• Metro: Oneonta, NY
• Population (ZIP): 23,056
• Household income: $65,953
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 662.0

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 57,987 people
• By 2030: 55,403 · -4.5%
• By 2040: 50,336 · -13.2%
• By 2050: 45,715 · -21.2%
• By 2075: 38,769 · -33.1%
• By 2100: 33,468 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Otsego

• 2024 margin: Lean R (+7.9) · D 46.1% · R 53.9%
• 2008→2024 swing: -13.8pp toward R · 2008: 5.9pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+5.0 2016: R+13.0 2012: D+2.0 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 67.86%
• Current HPI: 366.3391
• Rent YoY: —
• Metro: Oneonta, 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

1 event — show timeline

• 2026-06-03 Listed $375,000 UNYREIS