480 County Highway 37 County Highway 37 Hwy · Worcester, NY 12197

$125,000

3 bd · 2.0 ba · 1,632 sqft · SingleFamily · 122 Days on market

Built 1900 Poor condition $77/sqft · 55% below area ↓ 17% since listing

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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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Appreciation +5.9/10.0
• 1% rule +5.8/10.0
• Schools +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

Escape to the peace and privacy of upstate living at 480 County Highway 37 in Worcester, NY. Set on nearly 5 picturesque acres, this charming 3-bedroom, 1-bath home offers the perfect blend of rural tranquility, space, and potential. Built in 1900, the residence features 1,632 square feet across two stories, delivering timeless character with plenty of room to personalize. Surrounded by open land and natural beauty, this property is ideal for those seeking a quiet retreat, hobby farm possibilities, or a full-time country residence. Enjoy the serenity of Otsego County while still being within reach of nearby towns, schools, and local amenities. With ample acreage, outdoor space, and classic farmhouse appeal, this is a rare opportunity to own a piece of upstate New York countryside. Don’t miss your chance to bring your vision to life in this peaceful rural setting.

Key facts

• Rural tranquility
• Picturesque acres
• Quiet retreat

Tags

• PICTURESQUE ACRES
• RURAL TRANQUILITY
• NATURAL BEAUTY
• QUIET RETREAT
• HOBBY FARM POSSIBILITIES
• COUNTRY RESIDENCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#1,037 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools D-, crime F.
• Worcester Central School District (rural): math 40% / reading 40% proficiency, ranked #642 of 755 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($864 loan paydown + $2k appreciation (1.9% 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 (1.9% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.89%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $278,468
• List price: $125,000
• Delta: -55.11%
• Verdict: UNDERPRICED
• Comps: 10 within 2.0 mi

Projected returns pro-forma

1.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.59×
• Total profit: $20,634
• Equity at exit: $48,496

10-year hold

• IRR: 14.0%
• Equity multiple: 2.86×
• Total profit: $65,004
• Equity at exit: $69,219

Cash invested: $35,000 (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 12197

• Home prices YoY: 0.6%
• Active inventory: 23
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,348 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $201

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 80%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $125,000 Active 122 DOM
2. 2026-06-17
   days on market $125,000 Active 121 DOM
3. 2026-06-16
   days on market $125,000 Active 120 DOM
4. 2026-06-15
   days on market $125,000 Active 119 DOM
5. 2026-06-13
   days on market $125,000 Active 117 DOM
6. 2026-06-12
   days on market $125,000 Active 116 DOM
7. 2026-06-09
   days on market $125,000 Active 113 DOM
8. 2026-06-08
   days on market $125,000 Active 112 DOM
9. 2026-06-07
   days on market $125,000 Active 111 DOM
10. 2026-06-07
    days on market $125,000 Active 110 DOM
11. 2026-06-04
    days on market $125,000 Active 107 DOM
12. 2026-06-02
    days on market $125,000 Active 106 DOM
13. 2026-06-01
    days on market $125,000 Active 105 DOM
14. 2026-05-31
    days on market $125,000 Active 104 DOM
15. 2026-03-16
    price $125,000 881-char remark

    Show marketing remark (881 chars)

    Escape to the peace and privacy of upstate living at 480 County Highway 37 in Worcester, NY. Set on nearly 5 picturesque acres, this charming 3-bedroom, 1-bath home offers the perfect blend of rural tranquility, space, and potential. Built in 1900, the residence features 1,632 square feet across two stories, delivering timeless character with plenty of room to personalize. Surrounded by open land and natural beauty, this property is ideal for those seeking a quiet retreat, hobby farm possibilities, or a full-time country residence. Enjoy the serenity of Otsego County while still being within reach of nearby towns, schools, and local amenities. With ample acreage, outdoor space, and classic farmhouse appeal, this is a rare opportunity to own a piece of upstate New York countryside. Don’t miss your chance to bring your vision to life in this peaceful rural setting.

16. 2026-02-13
    listed $150,000 Active 881-char remark

    Show marketing remark (881 chars)

    Escape to the peace and privacy of upstate living at 480 County Highway 37 in Worcester, NY. Set on nearly 5 picturesque acres, this charming 3-bedroom, 1-bath home offers the perfect blend of rural tranquility, space, and potential. Built in 1900, the residence features 1,632 square feet across two stories, delivering timeless character with plenty of room to personalize. Surrounded by open land and natural beauty, this property is ideal for those seeking a quiet retreat, hobby farm possibilities, or a full-time country residence. Enjoy the serenity of Otsego County while still being within reach of nearby towns, schools, and local amenities. With ample acreage, outdoor space, and classic farmhouse appeal, this is a rare opportunity to own a piece of upstate New York countryside. Don’t miss your chance to bring your vision to life in this peaceful rural setting.

ⓘ 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 1/10 Low 7 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $16,175
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$3,636
• Taxable income: $449
• Est. tax owed @ 24.0%: −$108
• After-tax cash flow: $2,304/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 · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations and repairs to bring it up to modern standards, significantly increasing its value for resale or rental.

Repairs flagged

• Major Appliances — Old and possibly non-functional
• Major Fixtures — Worn and outdated
• Major Siding — Aged and weathered
• Major Shutters — Missing
• Major Landscaping — Overgrown and unkempt

Value-add opportunities

• Resale New appliances — Modern appliances will attract more buyers
• Resale New fixtures — Upgraded fixtures will improve the home's appeal
• Resale New siding — Fresh siding will improve curb appeal and energy efficiency
• Resale New shutters — New shutters will enhance the home's curb appeal
• Both Landscaping — A well-maintained yard will increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Old and possibly non-functional	Major	$15,000–50,000
Fixtures · Worn and outdated	Major	$15,000–50,000
Siding · Aged and weathered	Major	$15,000–50,000
Shutters · Missing	Major	$15,000–50,000
Landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale New appliances — Modern appliances will attract more buyers ↑
• Resale New fixtures — Upgraded fixtures will improve the home's appeal ↑
• Resale New siding — Fresh siding will improve curb appeal and energy efficiency ↑
• Resale New shutters — New shutters will enhance the home's curb appeal ↑
• Both Landscaping — A well-maintained yard will increase both resale and rental 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: Worcester Central School District
• NCES district ID: 3631740
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 40% ▲ 5.00%
• Median HH income: $45,846
• Composite: 36.52/100
• National rank: #9306
• State rank: #642 of 755 in NY

Livability — Worcester

• Score: 59/100
• State rank: #1037
• US rank: #20500

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: 2,275
• Population (ZIP): 2,275

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Italian 4% Romanian 3% Slovak 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 7%

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: ▲ 1.88%
• Current HPI: 341.3108
• 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

-16.7% since first listed

2 events — show timeline

• 2026-03-16 Price Changed $125,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-13 Listed $150,000 OneKey® MLS as Distributed by MLS Grid