8460 Old River Rd · Rome, NY 13403

$139,000

3 bd · 1.5 ba · 1,735 sqft · Manufactured · 481 Days on market

Built 1950 Fair condition 1.20 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 +26.4/30.0
• Appreciation +10.0/10.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Unlock the Potential of this Multi-Income Opportunity! Perfectly situated at the high-visibility corner of Old River Road and Ritchie Road, this unique property offers a rare "Live-Work" configuration with unmatched flexibility. Formerly the site of the well-known Merrill’s Bar & Restaurant, the main structure features a spacious layout with ample parking—ideal for a home-based business, professional studio, or creative conversion. Includes a fully furnished 3-bed, 2-bath mobile home, perfect for immediate rental income or on-site living while you build your dream venture. The sale includes an additional bordering lot (100 x 205.24), providing plenty of space for expansion, outdoor seating, or additional structures. Currently zoned residential, this property is a "blank slate" for the visionary buyer. Whether you envision a grand single-family estate with a massive workshop or wish to bring your business dreams to the planning board for approval, the infrastructure is already in place. Priced to move and packed with value, this is an incredible chance for entrepreneurs or investors to secure a prime corner location with multiple revenue streams. Bring your vision and make it a reality—call today!

Key facts

• Ample parking
• Live work setup
• 1.2 acre lot

Tags

• AMPLE PARKING
• MULTI INCOME PROPERTY
• LIVE WORK SETUP

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $139k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.6% in Rome — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Oriskany Central School District (suburban): math 52% / reading 56% proficiency, ranked #314 of 590 in NY (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 23 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Oneida County population projected at -12% 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 $39k 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 481 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 481 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.20% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• GRM: 6.9

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: 32.5%
• Equity multiple: 3.54×
• Total profit: $98,803
• Equity at exit: $125,222

10-year hold

• IRR: 28.0%
• Equity multiple: 8.01×
• Total profit: $272,862
• Equity at exit: $270,046

Cash invested: $38,920 (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 13403

• Home prices YoY: 21.3%
• Active inventory: 23
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,675 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $362

Break-even live

Break-even rent $1,216

Max offer price $139,000

Occupancy floor 73%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $139,000 Active 481 DOM
2. 2026-06-17
   days on market $139,000 Active 480 DOM
3. 2026-06-16
   days on market $139,000 Active 479 DOM
4. 2026-06-15
   days on market $139,000 Active 478 DOM
5. 2026-06-13
   days on market $139,000 Active 476 DOM
6. 2026-06-12
   days on market $139,000 Active 475 DOM
7. 2026-06-09
   days on market $139,000 Active 472 DOM
8. 2026-06-08
   days on market $139,000 Active 471 DOM
9. 2026-06-07
   days on market $139,000 Active 470 DOM
10. 2026-06-07
    days on market $139,000 Active 469 DOM
11. 2026-06-04
    days on market $139,000 Active 466 DOM
12. 2026-06-02
    days on market $139,000 Active 465 DOM
13. 2026-06-01
    days on market $139,000 Active 464 DOM
14. 2026-05-31
    days on market $139,000 Active 463 DOM
15. 2025-02-22
    listed $139,000 Active 1259-char remark

    Show marketing remark (1259 chars)

    Unlock the Potential of this Multi-Income Opportunity! Perfectly situated at the high-visibility corner of Old River Road and Ritchie Road, this unique property offers a rare "Live-Work" configuration with unmatched flexibility. Formerly the site of the well-known Merrill’s Bar & Restaurant, the main structure features a spacious layout with ample parking—ideal for a home-based business, professional studio, or creative conversion. Includes a fully furnished 3-bed, 2-bath mobile home, perfect for immediate rental income or on-site living while you build your dream venture. The sale includes an additional bordering lot (100 x 205.24), providing plenty of space for expansion, outdoor seating, or additional structures. Currently zoned residential, this property is a "blank slate" for the visionary buyer. Whether you envision a grand single-family estate with a massive workshop or wish to bring your business dreams to the planning board for approval, the infrastructure is already in place. Priced to move and packed with value, this is an incredible chance for entrepreneurs or investors to secure a prime corner location with multiple revenue streams. Bring your vision and make it a reality—call today!

ⓘ 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: $20,094
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$4,044
• Taxable income: $2,270
• Est. tax owed @ 24.0%: −$545
• After-tax cash flow: $3,803/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

Fair 45/100 Moderate rehab

This multi-income opportunity requires significant repairs and updates to improve its condition and value. Potential investors should consider the extensive work needed to bring the property up to a livable and marketable standard.

Repairs flagged

• Major kitchen — No photos of kitchen
• Major bath — No photos of bathrooms
• Major flooring — No photos of flooring
• Major interior walls/paint — No photos of interior walls
• Major windows — No photos of windows
• Major HVAC/mechanicals — No photos of HVAC
• Major landscaping — No photos of landscaping

Value-add opportunities

• Both paint interior walls — Enhances curb appeal and interior aesthetics
• Both repair flooring — Improves living conditions and resale value
• Both replace windows — Enhances energy efficiency and curb appeal
• Both update HVAC — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen · No photos of kitchen	Major	$15,000–50,000
bath · No photos of bathrooms	Major	$15,000–50,000
flooring · No photos of flooring	Major	$15,000–50,000
interior walls/paint · No photos of interior walls	Major	$15,000–50,000
windows · No photos of windows	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC	Major	$15,000–50,000
landscaping · No photos of landscaping	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both repair flooring — Improves living conditions and resale value ↑
• Both replace windows — Enhances energy efficiency and curb appeal ↑
• Both update HVAC — Improves comfort and energy efficiency ↑

ⓘ 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: Oriskany Central School District
• NCES district ID: 3621960
• Math proficiency: 52% ▼ -10.00%
• Reading proficiency: 56% ▲ 4.00%
• Median HH income: $55,286
• Composite: 46.6/100
• National rank: #2419
• State rank: #314 of 590 in NY

Livability — Rome

• Score: 64/100
• State rank: #722
• US rank: #13676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 41,418
• Population (ZIP): 7,133

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 225,223 people
• By 2030: 220,384 · -2.1%
• By 2040: 209,071 · -7.2%
• By 2050: 197,920 · -12.1%
• By 2075: 175,541 · -22.1%
• By 2100: 148,491 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 11% Hispanic / Latino 7% Two or more races 2% Asian 1%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 24% Lithuanian 3% Slovak 1%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 4% Other Asian/Pacific 1%

Political lean MEDSL · Oneida

• 2024 margin: Strong R (+21.3) · D 39.4% · R 60.6%
• 2008→2024 swing: -15.2pp toward R · 2008: -6.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+15.5 2016: R+21.1 2012: R+5.3 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 54.39%
• Current HPI: 309.4119
• 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

1 event — show timeline

• 2025-02-22 Listed $139,000 CNYIS