11 E Main St · Friendship, NY 14739

$70,000

5 bd · 2.0 ba · 2,544 sqft · MultiFamily · 14 Days on market

Built 1850 6,098 sqft lot Est $76k · 8% under

---

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 +30.0/30.0
• ARV discount +11.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.9/10.0
• Schools +3.4/10.0
• Livability +3.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 11 East Main Street – A Prime Investment Opportunity in the Heart of Friendship, NY! This charming two-unit, income-producing property is ideally located in the historic downtown core and currently generates $1,850 per month in rental income. Whether you're an investor seeking steady cash flow or a future owner-occupant looking to offset your mortgage with rental income, this property offers the flexibility you need. Set in a classic two-story structure, each unit is thoughtfully laid out for comfortable multi-family living. Tenants enjoy off-street parking and a shared two-car garage. The spacious side yard is perfect for relaxing or entertaining during the crisp fall m

Key facts

• Solid rental history
• Spacious side yard
• Off-street parking

Tags

• HISTORIC DOWNTOWN CORE
• OFF-STREET PARKING
• SHARED TWO-CAR GARAGE
• SPACIOUS SIDE YARD
• SOLID RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).

Location & tenants

• Location reads 60/100 on livability (#992 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, schools D-.
• Friendship Central School District (rural): math 35% / reading 40% proficiency, ranked #684 of 755 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($484 loan paydown + $6k appreciation (7.9% local appreciation)).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y 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.
• Current owner paid $32k; list at $70k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 3.32% ✓
• Cap rate: 29.50%
• Cash-on-cash: 82.88%
• DSCR: 4.69
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $76,320
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 High St	0.14mi	6/2.0 (+1)	2,400 (-6%)	21mo	$55,000	$23	62
57 W Main St	0.26mi	4/2.0 (-1)	2,776 (+9%)	13mo	$83,000	$30	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 90.9%
• Equity multiple: 6.84×
• Total profit: $114,518
• Equity at exit: $52,568

10-year hold

• IRR: 87.2%
• Equity multiple: 14.69×
• Total profit: $268,256
• Equity at exit: $103,767

Cash invested: $19,600 (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 14739

• Home prices YoY: 2.7%
• Active inventory: 26
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,326 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $1,354

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 37%

Sensitivity live

Price	-10% $1,402	-5% $1,378	+0% $1,354	+5% $1,330	+10% $1,305
Rent	-10% $1,170	-5% $1,262	+0% $1,354	+5% $1,446	+10% $1,538
Rate	-1.0pp $1,389	-0.5pp $1,372	base $1,354	+0.5pp $1,336	+1.0pp $1,317

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,326
Total (2 units)			$2,326

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2025-10-21
   status Pending
2. 2025-10-07
   listed $70,000 Active
3. 2024-01-11
   historical
4. 2023-09-26
   historical
5. 2023-09-26
   listed $55,000 Active
6. 2023-09-05
   price $55,000
7. 2023-07-12
   price $60,000
8. 2023-06-22
   price $80,000
9. 2023-06-05
   listed $100,000 Active
10. 2021-07-14
    soldstatus $32,000 Closed Sale or Rented
11. 2021-05-19
    status Pending Sale
12. 2021-04-20
    listed $38,000 Active
13. 2012-09-07
    listed $20,000

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,912
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$2,233
• − Management: −$2,233
• − Depreciation: −$2,036
• Taxable income: $16,089
• Est. tax owed @ 24.0%: −$3,861
• After-tax cash flow: $12,384/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: Friendship Central School District
• NCES district ID: 3611640
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $36,835
• Composite: 33.68/100
• National rank: #10445
• State rank: #684 of 755 in NY

Livability — Friendship

• Score: 60/100
• State rank: #992
• US rank: #19386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendship, NY
• Population (ZIP): 2,494

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 45,362 people
• By 2030: 43,078 · -5.0%
• By 2040: 38,031 · -16.2%
• By 2050: 33,634 · -25.9%
• By 2075: 25,285 · -44.3%
• By 2100: 18,902 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Iranian 5% Polish 4% Romanian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+43.2) · D 28.4% · R 71.6%
• 2008→2024 swing: -21.5pp toward R · 2008: -21.7pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.9 2016: R+42.3 2012: R+25.3 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.87%
• Current HPI: 301.9616
• 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

+250.0% since first listed

13 events — show timeline

• 2025-10-21 Pending — WNYREIS
• 2025-10-07 Listed $70,000 WNYREIS
• 2024-01-11 Listing Removed — WNYREIS
• 2023-09-26 Listed $55,000 WNYREIS
• 2023-09-26 Listing Removed — WNYREIS
• 2023-09-05 Price Changed $55,000 WNYREIS
• 2023-07-12 Price Changed $60,000 WNYREIS
• 2023-06-22 Price Changed $80,000 WNYREIS
• 2023-06-05 Listed $100,000 WNYREIS
• 2021-07-14 Sold (MLS) $32,000 UNYREIS
• 2021-05-19 Pending — UNYREIS
• 2021-04-20 Listed $38,000 UNYREIS
• 2012-09-07 Listed $20,000 WNYREIS