689 Thompson Rd · Salisbury Center, NY 13365

$49,900

4 bd · 1.0 ba · 3,760 sqft · SingleFamily public records · 22 Days on market

Built 1848 3.50 ac lot

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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 +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Step back in time with this spacious 1848 Old Style farmhouse situated on 3.5 scenic rural acres in the Dolgeville School District. Offering 3,760 square feet of living space, this 4-bedroom home is filled with character, charm, and endless potential for restoration or customization. The home features over 2,000 square feet on the first floor, generous room sizes, a traditional layout, and plenty of natural light throughout. Outside, enjoy the privacy and open space of the expansive lot, complete with a 2-car attached garage and peaceful country surroundings. Whether you're looking for a primary residence, hobby farm opportunity, or investment project, this property offers a rare chance to own a piece of history with room to make it your own. Private well and septic. Convenient rural location with low taxes and plenty of possibilities for those seeking space, privacy, and country living.

Key facts

• Expansive lot
• Scenic rural acres
• Private well

Tags

• OLD STYLE FARMHOUSE
• SCENIC RURAL ACRES
• EXPANSIVE LOT
• PRIVATE WELL
• SEPTIC
• CONVENIENT RURAL LOCATION

Property features AI

Exterior

• Parking: Attached 2-car garage; Room for a total of 4 vehicles; Off-street parking
• Utilities: Septic tank
• Home design: Single family residence; Two-story layout (bedrooms on second level, main living on first)
• Construction: Wood siding; Shingle (asphalt) roof
• Exterior features: Front porch; Lot approximately 3.5 acres

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: Four bedrooms on the second level
• Bathrooms: One full bathroom (first level)
• Heating & cooling: Hot water heating; Oil-fired heating; Steam heating
• Interior features: Partial, unfinished basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Dolgeville Central School District (rural): math 30% / reading 47% proficiency, ranked #541 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James A Green Junior-Senior High School (math 92% / reading 82%, grade A, #311 of 1,100 statewide, top 30%, 371 students, 63% FRL) — zoned schools average 63% FRL vs 47% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 87% at this address vs 38% district-wide (+48 pts) — the actual schools serving this property are materially stronger than the Dolgeville Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 66 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 $5k of equity ($345 loan paydown + $5k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: property tax is 4.6% of price; built in 1848 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1848 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.92% ✓
• Cap rate: 22.55%
• Cash-on-cash: 58.08%
• DSCR: 3.58
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 70.6%
• Equity multiple: 6.03×
• Total profit: $70,347
• Equity at exit: $44,954

10-year hold

• IRR: 64.4%
• Equity multiple: 13.42×
• Total profit: $173,496
• Equity at exit: $96,945

Cash invested: $13,972 (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 13365

• Home prices YoY: 9.9%
• Active inventory: 66
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,458 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$193 /mo · $2,315/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $676

Break-even live

Break-even rent $602

Max offer price $49,900

Occupancy floor 49%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $49,900 Active 22 DOM
2. 2026-06-17
   days on market $49,900 Active 21 DOM
3. 2026-06-16
   days on market $49,900 Active 20 DOM
4. 2026-06-15
   days on market $49,900 Active 19 DOM
5. 2026-06-13
   days on market $49,900 Active 17 DOM
6. 2026-06-12
   days on market $49,900 Active 16 DOM
7. 2026-06-09
   days on market $49,900 Active 13 DOM
8. 2026-06-08
   days on market $49,900 Active 12 DOM
9. 2026-06-07
   days on market $49,900 Active 11 DOM
10. 2026-06-07
    days on market $49,900 Active 10 DOM
11. 2026-06-04
    days on market $49,900 Active 7 DOM
12. 2026-06-02
    days on market $49,900 Active 6 DOM
13. 2026-06-01
    days on market $49,900 Active 5 DOM
14. 2026-05-31
    days on market $49,900 Active 4 DOM

ⓘ 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: $2,315 · $193/mo
• Projected year-2 tax: $2,315 · $193/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 16 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: $17,492
• − Mortgage interest: −$2,795
• − Property taxes: −$2,315
• − Insurance: −$250
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$1,452
• Taxable income: $7,883
• Est. tax owed @ 24.0%: −$1,892
• After-tax cash flow: $6,223/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: Dolgeville Central School District
• NCES district ID: 3600001
• Math proficiency: 30% ▼ -25.00%
• Reading proficiency: 47% ▲ 2.00%
• Median HH income: $42,460
• Composite: 32.46/100
• National rank: #5715
• State rank: #541 of 590 in NY

Livability — Salisbury Center

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 8,545

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 8% Lithuanian 3% Polish 2%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 2% Other Indo-European 1%

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: ▲ 27.04%
• Current HPI: 300.9696
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $49,900 CNYIS
• 2026-05-27 Listed $49,900 Global MLS

Property tax history

+0.6%/yr

Latest (2025): $2,315 · -2.9% YoY. Source: county tax records.