198 Main St · Salem, NY 12865

$249,777

5 bd · 5.0 ba · 4,520 sqft · MultiFamily · 20 Days on market

Built 1900 Fair condition 6,534 sqft 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 +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

This is opportunity! Mixed Use, apartments and commercial. 4 Apartments: 3 one BR, 1 two BR. Strong rental history. New carpets, good condition wood floors. Nice kitchens and baths. Apartments are electric heat, all separate. Very good condition and well maintained. PLUS 2 commercial spaces on 1st floor. Rent it all or bring your business and live and work here and rent the remaining units. Propane, forced air heat in commercial spaces. Building has had new electric, carpets, many windows and both main and lower roofs replaced. Barn / storage at rear needs some work. Detached 1 car garage at rear. Survey available. Very Good Condition

Key facts

• Four apartments
• Mixed-use building
• New electric

Tags

• MIXED-USE BUILDING
• FOUR APARTMENTS
• TWO VACANT COMMERCIAL SPACES
• UPDATED FUNCTIONAL APARTMENTS
• NEW ELECTRIC
• NEW WINDOWS

Property features AI

Finance

• Financial info: Multi-family investment: 6 total units; tenants are responsible for heat, electricity and cable TV

Exterior

• Parking: Off-street parking for 4 vehicles; Detached parking
• Utilities: Public water; Septic tank sewer
• Home design: Multi-family property
• Construction: Wood siding construction; Rubber roof
• Exterior features: Level lot; 40 ft main road frontage

Interior

• Bedrooms: Six-unit building with unit mix: two 2-bedroom units, four 1-bedroom units
• Flooring: Vinyl; Carpet
• Bathrooms: Six full bathrooms (distributed across units)
• Heating & cooling: Baseboard heating; Electric heating; Forced air
• Interior features: Vinyl and carpet flooring
• Laundry & utility: Tenants pay heat, electricity and cable TV

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#299 in NY, #4,826 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime F, amenities F, commute F.
• Salem Central School District (rural): math 42% / reading 48% proficiency, ranked #457 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salem Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 311 students, 52% FRL); Salem High School (math 57% / reading 52%, grade C-, #912 of 1,100 statewide, top 85%, 247 students, 55% FRL).
• Market conditions: 32 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Washington County population projected at -20% 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 $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $118k; list at $250k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,030 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
6. 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.
7. 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.
8. 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: 1.71% ✓
• Cap rate: 14.22%
• Cash-on-cash: 28.30%
• DSCR: 2.26
• GRM: 4.9

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: 45.7%
• Equity multiple: 4.45×
• Total profit: $241,158
• Equity at exit: $225,019

10-year hold

• IRR: 39.7%
• Equity multiple: 9.97×
• Total profit: $627,682
• Equity at exit: $485,262

Cash invested: $69,938 (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 12865

• Home prices YoY: 26.0%
• Active inventory: 32
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $4,273 medium
• Mortgage (P&I): −$1,310
• Tax est. 1.5%: −$312 /mo · $3,747/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$897
• Net cashflow: $1,650

Break-even live

Break-even rent $2,185

Max offer price $249,777

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,134
▸ 3× units	1	1	$3,138
Total (4 units)			$4,273

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: $62,444
• Closing costs: $7,493
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $249,777 Active 20 DOM
2. 2026-06-17
   days on market $249,777 Active 19 DOM
3. 2026-06-16
   days on market $249,777 Active 18 DOM
4. 2026-06-15
   days on market $249,777 Active 17 DOM
5. 2026-06-13
   days on market $249,777 Active 15 DOM
6. 2026-06-12
   days on market $249,777 Active 14 DOM
7. 2026-06-09
   days on market $249,777 Active 11 DOM
8. 2026-06-08
   days on market $249,777 Active 10 DOM
9. 2026-06-07
   days on market $249,777 Active 9 DOM
10. 2026-06-07
    days on market $249,777 Active 8 DOM
11. 2026-06-04
    days on market $249,777 Active 5 DOM
12. 2026-06-02
    days on market $249,777 Active 4 DOM
13. 2026-06-01
    days on market $249,777 Active 3 DOM
14. 2026-05-31
    days on market $249,777 Active 2 DOM
15. 2026-05-29
    listed $249,777 Active
16. 2020-09-04
    soldstatus $117,500 Closed (Final Sale) 654-char remark

    Show marketing remark (654 chars)

    This is opportunity! Mixed Use, apartments and commercial. 4 Apartments: 3 one BR, 1 two BR. Strong rental history. New carpets, good condition wood floors. Nice kitchens and baths. Apartments are electric heat, all separate. Very good condition and well maintained. PLUS 2 commercial spaces on 1st floor. Rent it all or bring your business and live and work here and rent the remaining units. Propane, forced air heat in commercial spaces. Building has had new electric, carpets, many windows and both main and lower roofs replaced. Barn / storage at rear needs some work. Detached 1 car garage at rear. Survey available. Very Good Condition

17. 2020-06-15
    status Pend (Under Cntr) 654-char remark

    Show marketing remark (654 chars)

    This is opportunity! Mixed Use, apartments and commercial. 4 Apartments: 3 one BR, 1 two BR. Strong rental history. New carpets, good condition wood floors. Nice kitchens and baths. Apartments are electric heat, all separate. Very good condition and well maintained. PLUS 2 commercial spaces on 1st floor. Rent it all or bring your business and live and work here and rent the remaining units. Propane, forced air heat in commercial spaces. Building has had new electric, carpets, many windows and both main and lower roofs replaced. Barn / storage at rear needs some work. Detached 1 car garage at rear. Survey available. Very Good Condition

18. 2020-06-02
    listed $129,000 New 654-char remark

    Show marketing remark (654 chars)

    This is opportunity! Mixed Use, apartments and commercial. 4 Apartments: 3 one BR, 1 two BR. Strong rental history. New carpets, good condition wood floors. Nice kitchens and baths. Apartments are electric heat, all separate. Very good condition and well maintained. PLUS 2 commercial spaces on 1st floor. Rent it all or bring your business and live and work here and rent the remaining units. Propane, forced air heat in commercial spaces. Building has had new electric, carpets, many windows and both main and lower roofs replaced. Barn / storage at rear needs some work. Detached 1 car garage at rear. Survey available. Very Good Condition

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $51,276
• − Mortgage interest: −$13,991
• − Property taxes: −$3,747
• − Insurance: −$1,249
• − Repairs & maintenance: −$4,102
• − Management: −$4,102
• − Depreciation: −$7,266
• Taxable income: $16,819
• Est. tax owed @ 24.0%: −$4,036
• After-tax cash flow: $15,758/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to its kitchen and bathrooms, but has a good roof and stable foundation. Updates to these areas will significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen appliances — Outdated and worn
• Major Bathroom fixtures — Outdated and worn
• Minor Exterior siding — Some wear
• Minor Carpeted floors — Worn

Value-add opportunities

• Resale Update kitchen appliances — Modern appliances will attract more buyers
• Resale Replace bathroom fixtures — Modern fixtures will appeal to buyers
• Both Paint interior walls — Fresh paint will improve curb appeal and interior aesthetics
• Both Replace windows — New windows will improve energy efficiency and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Outdated and worn	Major	$15,000–50,000
Bathroom fixtures · Outdated and worn	Major	$15,000–50,000
Exterior siding · Some wear	Minor	$500–3,000
Carpeted floors · Worn	Minor	$500–3,000
Total estimated repair cost · 4 items		$31,000–106,000

Value-add ROI direction

• Resale Update kitchen appliances — Modern appliances will attract more buyers ↑
• Resale Replace bathroom fixtures — Modern fixtures will appeal to buyers ↑
• Both Paint interior walls — Fresh paint will improve curb appeal and interior aesthetics ↑
• Both Replace windows — New windows will improve energy efficiency and curb appeal ↑

ⓘ 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: Salem Central School District
• NCES district ID: 3625470
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 48% ▬ 0.00%
• Median HH income: $51,059
• Composite: 38.72/100
• National rank: #4133
• State rank: #457 of 590 in NY

Livability — Salem

• Score: 74/100
• State rank: #299
• US rank: #4826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, NY
• Population (ZIP): 3,353

Population outlook (Washington County) Hauer SSP2

• Today (2025): 59,576 people
• By 2030: 57,618 · -3.3%
• By 2040: 52,751 · -11.5%
• By 2050: 47,514 · -20.2%
• By 2075: 35,690 · -40.1%
• By 2100: 24,807 · -58.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Black 4% Hispanic / Latino 2%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 2% Arabic 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+21.2) · D 39.4% · R 60.6%
• 2008→2024 swing: -22.0pp toward R · 2008: 0.8pp · 2024: -21.2pp
• All cycles: 2024: R+21.2 2020: R+15.6 2016: R+20.2 2012: D+1.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 76.18%
• Current HPI: 368.9719
• 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

+93.6% since first listed

4 events — show timeline

• 2026-05-29 Listed $249,777 Global MLS
• 2020-09-04 Sold (MLS) $117,500 Global MLS
• 2020-06-15 Pending — Global MLS
• 2020-06-02 Listed $129,000 Global MLS