18 N Main St · Middleville, NY 13406

$229,000

36 bd · None ba · 3,717 sqft · MultiFamily · 45 Days on market

Built 1880 Good condition $62/sqft · 158% above area ↓ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Condition / age +3.8/5.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor alert! This fully occupied 6-unit apartment building is the kind of rare find that makes your calculator sit up and smile. Offered for sale with cash or commercial financing only, the property features 3,717 square feet with a smart mix of two two-bedroom units and four one-bedroom units, giving you a solid setup for steady rental income from day one. The building has been well maintained and updated over time, including a brand-new propane boiler in 2025, six separate electric meters, six hot water heaters, and vinyl replacement windows and doors throughout. The roof is a durable mix of steel and asphalt, adding another layer of practical value for the investor who prefers less drama and more upside. Outside, the huge yard and green space give this property an edge that is hard to find in a multi-family offering. Tenants will appreciate room to spread out, and the generous lot also supports convenient off-street parking. Being close to a playground and park adds everyday appeal, while the location puts you just minutes from Herkimer and about 25 minutes from Utica. Commercial zoning may offer added flexibility, and village water paired with a septic tank keeps the setup straightforward. With some long-term tenants already in place and the entire building occupied, this is a strong opportunity for investors looking to expand their portfolio with a property that already has momentum. If you have been waiting for a multi-family investment with income, updates, outdoor space, and parking, this one deserves a look. Reach out today before someone else beats you to it.

Key facts

• Huge yard
• Off street parking
• Parking

Tags

• BRAND NEW PROPANE BOILER
• SIX SEPARATE ELECTRIC METERS
• SIX HOT WATER HEATERS
• VINYL REPLACEMENT WINDOWS
• HUGE YARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 4×1bd/1ba units multifamily listed at $229k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $229k).
• Recommended offer: $222k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#1,105 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools F.
• West Canada Valley Central School District (rural): math 54% / reading 57% proficiency, ranked #296 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 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 $15k of equity ($2k loan paydown + $14k appreciation (6.1% 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 (6.1% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-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: 2.14% ✓
• Cap rate: 18.24%
• Cash-on-cash: 42.68%
• DSCR: 2.90
• GRM: 3.9

CMA / ARV

• ARV (median comp): $88,811
• List price: $229,000
• Delta: 157.85%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

6.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.3%
• Equity multiple: 4.25×
• Total profit: $208,702
• Equity at exit: $144,773

10-year hold

• IRR: 48.1%
• Equity multiple: 8.84×
• Total profit: $502,932
• Equity at exit: $263,244

Cash invested: $64,120 (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 13406

• Home prices YoY: 1.9%
• Active inventory: 5
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $4,890 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,027
• Net cashflow: $2,225

Break-even live

Break-even rent $2,074

Max offer price $229,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,684
▸ 4× units	1	1	$3,208
Total (6 units)			$4,890

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $229,000 Active 45 DOM
2. 2026-06-18
   days on market $229,000 Active 44 DOM
3. 2026-06-17
   days on market $229,000 Active 43 DOM
4. 2026-06-16
   days on market $229,000 Active 42 DOM
5. 2026-06-15
   days on market $229,000 Active 41 DOM
6. 2026-06-14
   days on market $229,000 Active 39 DOM
7. 2026-06-13
   days on market $229,000 Active 38 DOM
8. 2026-06-10
   days on market $229,000 Active 36 DOM
9. 2026-06-09
   days on market $229,000 Active 35 DOM
10. 2026-06-08
    days on market $229,000 Active 34 DOM
11. 2026-06-07
    days on market $229,000 Active 33 DOM
12. 2026-06-05
    days on market $229,000 Active 30 DOM
13. 2026-06-02
    days on market $229,000 Active 28 DOM
14. 2026-06-01
    days on market $229,000 Active 27 DOM
15. 2026-05-31
    days on market $229,000 Active 26 DOM
16. 2026-05-30
    days on market $229,000 Active 25 DOM
17. 2026-05-05
    listed $229,000 Active 1598-char remark

    Show marketing remark (1598 chars)

    Investor alert! This fully occupied 6-unit apartment building is the kind of rare find that makes your calculator sit up and smile. Offered for sale with cash or commercial financing only, the property features 3,717 square feet with a smart mix of two two-bedroom units and four one-bedroom units, giving you a solid setup for steady rental income from day one. The building has been well maintained and updated over time, including a brand-new propane boiler in 2025, six separate electric meters, six hot water heaters, and vinyl replacement windows and doors throughout. The roof is a durable mix of steel and asphalt, adding another layer of practical value for the investor who prefers less drama and more upside. Outside, the huge yard and green space give this property an edge that is hard to find in a multi-family offering. Tenants will appreciate room to spread out, and the generous lot also supports convenient off-street parking. Being close to a playground and park adds everyday appeal, while the location puts you just minutes from Herkimer and about 25 minutes from Utica. Commercial zoning may offer added flexibility, and village water paired with a septic tank keeps the setup straightforward. With some long-term tenants already in place and the entire building occupied, this is a strong opportunity for investors looking to expand their portfolio with a property that already has momentum. If you have been waiting for a multi-family investment with income, updates, outdoor space, and parking, this one deserves a look. Reach out today before someone else beats you to it.

18. 2023-10-27
    historical
19. 2023-04-27
    listed $265,000 Active
20. 2023-01-17
    historical
21. 2022-07-17
    listed $250,000 Active

ⓘ 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 9/10 Extreme FEMA zone X · 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,680
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,812
• − Repairs & maintenance: −$4,694
• − Management: −$4,694
• − Depreciation: −$6,662
• Taxable income: $24,555
• Est. tax owed @ 24.0%: −$5,893
• After-tax cash flow: $20,807/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

Good 75/100 Cosmetic rehab

This fully occupied 6-unit apartment building is in good condition with minimal maintenance required. It offers a solid setup for steady rental income and is ready for a fresh coat of paint to enhance its curb appeal.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Clean gutters — Improves drainage 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: West Canada Valley Central School District
• NCES district ID: 3630600
• Math proficiency: 54% ▼ -6.00%
• Reading proficiency: 57% ▲ 13.00%
• Median HH income: $54,416
• Composite: 47.76/100
• National rank: #2232
• State rank: #296 of 590 in NY

Livability — Middleville

• Score: 56/100
• State rank: #1105
• US rank: #22577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middleville, NY
• Population (ZIP): 491

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Romanian 16% Lithuanian 4% Scandinavian 2%
• Foreign-born: 0%

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: ▲ 6.06%
• Current HPI: 320.7785
• 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

-8.4% since first listed

5 events — show timeline

• 2026-05-05 Listed $229,000 CNYIS
• 2023-10-27 Listing Removed — CNYIS
• 2023-04-27 Listed $265,000 CNYIS
• 2023-01-17 Listing Removed — CNYIS
• 2022-07-17 Listed $250,000 CNYIS