5 S State St · Ripley, NY 14775

$199,999

3 bd · 2.0 ba · 1,845 sqft · MultiFamily public records · 211 Days on market

Built 1890 10,800 sqft lot

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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 +16.7/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +3.9/10.0
• Schools +3.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Great home for investors or this home could be made into a single family home with very little effort. Live in one apartment rent the other , propery has many uses. Vinyl siding, partial basement.

Key facts

• Fully renovated
• New plumbing
• New walls

Tags

• FULLY RENOVATED
• NEW ELECTRICAL
• NEW PLUMBING
• NEW FLOORING
• NEW WALLS
• SPACIOUS COMMERCIAL SPACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $126 ($2k/yr) — positive. Per door: $63/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (10.9% below list).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,055 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D-, crime F.
• Ripley Central School District (rural): math 35% / reading 45% proficiency, ranked #651 of 755 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.0% local appreciation)).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $200k implies a 1500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.89% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.70%
• DSCR: 1.12
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.97% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 2.17×
• Total profit: $65,423
• Equity at exit: $125,402

10-year hold

• IRR: 17.2%
• Equity multiple: 4.32×
• Total profit: $186,166
• Equity at exit: $227,129

Cash invested: $56,000 (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 14775

• Home prices YoY: 1.6%
• Active inventory: 14
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $1,782 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$150 /mo · $1,796/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $126

Break-even live

Break-even rent $1,623

Max offer price $199,999

Occupancy floor 88%

Sensitivity live

Price	-10% $239	-5% $183	+0% $126	+5% $69	+10% $13
Rent	-10% $-15	-5% $56	+0% $126	+5% $196	+10% $267
Rate	-1.0pp $227	-0.5pp $177	base $126	+0.5pp $74	+1.0pp $21

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,782
Total (2 units)			$1,782

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $199,999 Active 211 DOM
2. 2026-06-18
   days on market $199,999 Active 209 DOM
3. 2026-06-17
   days on market $199,999 Active 208 DOM
4. 2026-06-16
   days on market $199,999 Active 207 DOM
5. 2026-06-15
   days on market $199,999 Active 206 DOM
6. 2026-06-13
   days on market $199,999 Active 204 DOM
7. 2026-06-12
   days on market $199,999 Active 203 DOM
8. 2026-06-09
   days on market $199,999 Active 200 DOM
9. 2026-06-08
   days on market $199,999 Active 199 DOM
10. 2026-06-07
    days on market $199,999 Active 198 DOM
11. 2026-06-05
    days on market $199,999 Active 196 DOM
12. 2026-06-04
    days on market $199,999 Active 194 DOM
13. 2026-06-02
    days on market $199,999 Active 193 DOM
14. 2026-06-01
    days on market $199,999 Active 192 DOM
15. 2026-05-31
    days on market $199,999 Active 191 DOM
16. 2026-05-15
    historical
17. 2026-02-25
    price $199,999
18. 2025-11-15
    listed $220,000 Active
19. 2013-05-16
    soldstatus $12,500
20. 2006-07-31
    soldstatus $20,500 196-char remark

    Show marketing remark (196 chars)

    Great home for investors or this home could be made into a single family home with very little effort. Live in one apartment rent the other , propery has many uses. Vinyl siding, partial basement.

21. 2006-05-30
    listed $22,900 196-char remark

    Show marketing remark (196 chars)

    Great home for investors or this home could be made into a single family home with very little effort. Live in one apartment rent the other , propery has many uses. Vinyl siding, partial basement.

22. 2005-03-07
    listed $25,900
23. 2004-02-20
    listed $26,900
24. 1998-11-28
    soldstatus $22,000

ⓘ 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: $1,796 · $150/mo
• Projected year-2 tax: $2,588 · $216/mo
• Expected delta: +$792/yr (+$66/mo · 44.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,384
• − Mortgage interest: −$11,203
• − Property taxes: −$1,796
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,711
• − Management: −$1,711
• − Depreciation: −$5,818
• Taxable loss: −$1,855
• Est. tax savings @ 24.0%: +$445
• After-tax cash flow: $1,956/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: Ripley Central School District
• NCES district ID: 3624660
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $39,212
• Composite: 35.87/100
• National rank: #9595
• State rank: #651 of 755 in NY

Livability — Ripley

• Score: 58/100
• State rank: #1055
• US rank: #21016

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ripley, NY
• Population (ZIP): 2,272

Population outlook (Chautauqua County) Hauer SSP2

• Today (2025): 123,454 people
• By 2030: 118,509 · -4.0%
• By 2040: 107,311 · -13.1%
• By 2050: 96,703 · -21.7%
• By 2075: 76,757 · -37.8%
• By 2100: 60,984 · -50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Chautauqua

• 2024 margin: Strong R (+22.0) · D 39.0% · R 61.0%
• 2008→2024 swing: -22.9pp toward R · 2008: 0.9pp · 2024: -22.0pp
• All cycles: 2024: R+22.0 2020: R+19.8 2016: R+24.6 2012: R+8.2 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.97%
• Current HPI: 385.9794
• 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

+809.1% since first listed

9 events — show timeline

• 2026-05-15 Listing Removed — UNYREIS
• 2026-02-25 Price Changed $199,999 UNYREIS
• 2025-11-15 Listed $220,000 UNYREIS
• 2013-05-16 Sold (Public Records) $12,500 Public Records
• 2006-07-31 Sold (MLS) $20,500 UNYREIS
• 2006-05-30 Listed $22,900 UNYREIS
• 2005-03-07 Listed $25,900 UNYREIS
• 2004-02-20 Listed $26,900 UNYREIS
• 1998-11-28 Sold (Public Records) $22,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,796 · +0.1% YoY. Source: county tax records.