76 Broad St #4 · Morris, NY 13808

$110,000

12 bd · 6.0 ba · 7,863 sqft · MultiFamily · 137 Days on market

Built 1920 Poor condition 0.49 ac lot ↓ 8% 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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +4.5/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Looking for a project? Calling all contractors - unique property in the center of Morris. Two structures on the property a 3 family which has a 1 bedroom apartment (occupied by property manager), a 2 bedroom apartment that needs work/renovation and is not livable at the moment. Rear apartment which is occupied - 4 bedroom unit. There is also a detached single family that had a fire and has been reframed inside and there is blown insulation on the second floor bedroom ceilings - ready for wiring, plumbing, sheet rocking etc. Once this project is completed the rental income potential will increase - keep it as an investment or resell it. Property is being sold strictly as is where is.

Key facts

• Two structures
• Unique property
• 0.49 acre lot

Tags

• UNIQUE PROPERTY
• TWO STRUCTURES
• DETACHED SINGLE FAMILY
• RENTAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 12-bed/6.0-bath multifamily listed at $110k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 51/100 on livability (#1,167 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A; Watch: health & safety C-, housing D+, amenities F.
• Morris Central School District (rural): math 55% / reading 45% proficiency, ranked #464 of 755 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 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 ($761 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 $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.79×
• Total profit: $24,330
• Equity at exit: $42,723

10-year hold

• IRR: 17.4%
• Equity multiple: 3.29×
• Total profit: $70,628
• Equity at exit: $61,016

Cash invested: $30,800 (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 13808

• Home prices YoY: 0.5%
• Active inventory: 14
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,378 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $273

Break-even live

Break-even rent $1,033

Max offer price $110,000

Occupancy floor 75%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $110,000 Active 137 DOM
2. 2026-06-17
   days on market $110,000 Active 136 DOM
3. 2026-06-16
   days on market $110,000 Active 135 DOM
4. 2026-06-15
   days on market $110,000 Active 134 DOM
5. 2026-06-13
   days on market $110,000 Active 132 DOM
6. 2026-06-12
   days on market $110,000 Active 131 DOM
7. 2026-06-09
   days on market $110,000 Active 128 DOM
8. 2026-06-08
   days on market $110,000 Active 127 DOM
9. 2026-06-07
   days on market $110,000 Active 126 DOM
10. 2026-06-07
    days on market $110,000 Active 125 DOM
11. 2026-06-04
    days on market $110,000 Active 122 DOM
12. 2026-06-02
    days on market $110,000 Active 121 DOM
13. 2026-06-01
    days on market $110,000 Active 120 DOM
14. 2026-05-31
    days on market $110,000 Active 119 DOM
15. 2026-04-23
    price $110,000 692-char remark

    Show marketing remark (692 chars)

    Looking for a project? Calling all contractors - unique property in the center of Morris. Two structures on the property a 3 family which has a 1 bedroom apartment (occupied by property manager), a 2 bedroom apartment that needs work/renovation and is not livable at the moment. Rear apartment which is occupied - 4 bedroom unit. There is also a detached single family that had a fire and has been reframed inside and there is blown insulation on the second floor bedroom ceilings - ready for wiring, plumbing, sheet rocking etc. Once this project is completed the rental income potential will increase - keep it as an investment or resell it. Property is being sold strictly as is where is.

16. 2026-01-31
    listed $120,000 Active 692-char remark

    Show marketing remark (692 chars)

    Looking for a project? Calling all contractors - unique property in the center of Morris. Two structures on the property a 3 family which has a 1 bedroom apartment (occupied by property manager), a 2 bedroom apartment that needs work/renovation and is not livable at the moment. Rear apartment which is occupied - 4 bedroom unit. There is also a detached single family that had a fire and has been reframed inside and there is blown insulation on the second floor bedroom ceilings - ready for wiring, plumbing, sheet rocking etc. Once this project is completed the rental income potential will increase - keep it as an investment or resell it. Property is being sold strictly as is where is.

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 17 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: $16,530
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$1,216
• − Repairs & maintenance: −$1,322
• − Management: −$1,322
• − Depreciation: −$3,200
• Taxable income: $1,657
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $2,873/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and renovations to bring it up to a livable and marketable condition.

Repairs flagged

• Major Kitchen — No photos of kitchen
• Major Bathrooms — No photos of bathrooms
• Major Roof — No photos of roof
• Major Exterior — Snow on roof and ground
• Major Flooring — No photos of flooring
• Major Interior walls/paint — No photos of interior walls/paint
• Major Windows — No photos of windows
• Major Foundation/structure — No photos of foundation/structure
• Major HVAC/mechanicals — No photos of HVAC/mechanicals
• Major Landscaping/curb appeal — Snow on landscaping

Value-add opportunities

• Both Clean and repair all areas — Cleanliness and repairs will attract tenants and buyers
• Both Paint interior and exterior — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace windows and doors — New windows and doors improve energy efficiency and curb appeal
• Both Install new HVAC system — A new HVAC system ensures comfort and energy efficiency
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal attract tenants and buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No photos of kitchen	Major	$15,000–50,000
Bathrooms · No photos of bathrooms	Major	$15,000–50,000
Roof · No photos of roof	Major	$15,000–50,000
Exterior · Snow on roof and ground	Major	$15,000–50,000
Flooring · No photos of flooring	Major	$15,000–50,000
Interior walls/paint · No photos of interior walls/paint	Major	$15,000–50,000
Windows · No photos of windows	Major	$15,000–50,000
Foundation/structure · No photos of foundation/structure	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC/mechanicals	Major	$15,000–50,000
Landscaping/curb appeal · Snow on landscaping	Major	$15,000–50,000
Total estimated repair cost · 10 items		$150,000–500,000

Value-add ROI direction

• Both Clean and repair all areas — Cleanliness and repairs will attract tenants and buyers ↑
• Both Paint interior and exterior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace windows and doors — New windows and doors improve energy efficiency and curb appeal ↑
• Both Install new HVAC system — A new HVAC system ensures comfort and energy efficiency ↑
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal attract tenants and buyers ↑

ⓘ 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: Morris Central School District
• NCES district ID: 3619860
• Math proficiency: 55% ▲ 10.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $48,249
• Composite: 44.66/100
• National rank: #6000
• State rank: #464 of 755 in NY

Livability — Morris

• Score: 51/100
• State rank: #1167
• US rank: #25400

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morris, NY
• Population (ZIP): 1,486

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 (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · German/W. Germanic 6%

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: ▲ 1.89%
• Current HPI: 410.1348
• 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

-8.3% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $110,000 UNYREIS
• 2026-01-31 Listed $120,000 UNYREIS