27 & 35 Drybrook Rd · Nichols, NY 13734

$97,000

2 bd · 1.0 ba · 900 sqft · MultiFamily · 190 Days on market

Built 1989 Fair condition 4.07 ac lot ↓ 33% 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 +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This is a good investment property or great for owner occupied, with extra income. This is a 3 trailer lot on 4 acres , on the 1st lot the trailer is tenant owned and pays $350. in lot rent , the 2nd lot is vacant and ready for a trailer to be placed , the 3rd lot has a 2 bedroom trailer in great condition and rents for $900. per. month plus utilities. There are 3 electric services and 3 septic systems and one well that feeds all 3 lots. Everything is very well maintained in this peaceful setting just off the main road.

Key facts

• 2 bedroom trailer
• 4 acres
• One well

Tags

• 4 ACRES
• 2 BEDROOM TRAILER
• 3 ELECTRIC SERVICES
• 3 SEPTIC SYSTEMS
• ONE WELL
• PEACEFUL SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $97k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• Recommended offer: $85k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#908 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime F, amenities F, commute F.
• Tioga Central School District (rural): math 51% / reading 56% proficiency, ranked #322 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tioga Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 348 students, 46% FRL); Tioga Middle School (math 42% / reading 52%, grade D+, #315 of 729 statewide, top 45%, 264 students, 50% FRL); Tioga Senior High School (math 95%, 276 students, 0% FRL).
• Market conditions: 8 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($671 loan paydown + $6k appreciation (6.6% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.6% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $85,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
8. 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.
9. 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.
10. 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: 1.74% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.44%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.9%
• Equity multiple: 3.58×
• Total profit: $70,007
• Equity at exit: $64,944

10-year hold

• IRR: 35.6%
• Equity multiple: 7.45×
• Total profit: $175,301
• Equity at exit: $121,359

Cash invested: $27,160 (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 13734

• Home prices YoY: 2.4%
• Active inventory: 8
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,692 medium
• Mortgage (P&I): −$509
• Tax est. 1.5%: −$121 /mo · $1,455/yr
• Insurance: −$40
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $600

Break-even live

Break-even rent $933

Max offer price $97,000

Occupancy floor 60%

Sensitivity live

Price	-10% $667	-5% $633	+0% $600	+5% $566	+10% $533
Rent	-10% $466	-5% $533	+0% $600	+5% $667	+10% $734
Rate	-1.0pp $649	-0.5pp $625	base $600	+0.5pp $575	+1.0pp $549

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,692
Total (2 units)			$1,692

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $97,000 Active 190 DOM
2. 2026-06-21
   days on market $97,000 Active 189 DOM
3. 2026-06-18
   days on market $97,000 Active 187 DOM
4. 2026-06-17
   days on market $97,000 Active 186 DOM
5. 2026-06-16
   days on market $97,000 Active 185 DOM
6. 2026-06-15
   days on market $97,000 Active 184 DOM
7. 2026-06-13
   days on market $97,000 Active 182 DOM
8. 2026-06-12
   days on market $97,000 Active 181 DOM
9. 2026-06-09
   days on market $97,000 Active 178 DOM
10. 2026-06-08
    days on market $97,000 Active 177 DOM
11. 2026-06-07
    days on market $97,000 Active 176 DOM
12. 2026-06-05
    days on market $97,000 Active 174 DOM
13. 2026-06-04
    days on market $97,000 Active 172 DOM
14. 2026-06-02
    days on market $97,000 Active 171 DOM
15. 2026-06-01
    days on market $97,000 Active 170 DOM
16. 2026-05-31
    days on market $97,000 Active 169 DOM
17. 2026-01-06
    status Active 526-char remark

    Show marketing remark (526 chars)

    This is a good investment property or great for owner occupied, with extra income. This is a 3 trailer lot on 4 acres , on the 1st lot the trailer is tenant owned and pays $350. in lot rent , the 2nd lot is vacant and ready for a trailer to be placed , the 3rd lot has a 2 bedroom trailer in great condition and rents for $900. per. month plus utilities. There are 3 electric services and 3 septic systems and one well that feeds all 3 lots. Everything is very well maintained in this peaceful setting just off the main road.

18. 2025-11-30
    status Pending 526-char remark

    Show marketing remark (526 chars)

    This is a good investment property or great for owner occupied, with extra income. This is a 3 trailer lot on 4 acres , on the 1st lot the trailer is tenant owned and pays $350. in lot rent , the 2nd lot is vacant and ready for a trailer to be placed , the 3rd lot has a 2 bedroom trailer in great condition and rents for $900. per. month plus utilities. There are 3 electric services and 3 septic systems and one well that feeds all 3 lots. Everything is very well maintained in this peaceful setting just off the main road.

19. 2025-11-05
    listed $97,000 Active 526-char remark

    Show marketing remark (526 chars)

    This is a good investment property or great for owner occupied, with extra income. This is a 3 trailer lot on 4 acres , on the 1st lot the trailer is tenant owned and pays $350. in lot rent , the 2nd lot is vacant and ready for a trailer to be placed , the 3rd lot has a 2 bedroom trailer in great condition and rents for $900. per. month plus utilities. There are 3 electric services and 3 septic systems and one well that feeds all 3 lots. Everything is very well maintained in this peaceful setting just off the main road.

20. 2025-10-26
    price $98,000
21. 2025-09-03
    price $114,000
22. 2025-05-17
    price $115,000
23. 2025-05-17
    price $115,000
24. 2024-11-04
    price $120,000
25. 2024-11-04
    price $120,000
26. 2024-10-28
    price $1,150,000
27. 2024-10-16
    price $120,000
28. 2024-09-12
    price $125,000
29. 2024-09-12
    price $125,000
30. 2024-09-05
    price $135,000
31. 2024-09-04
    price $135,000
32. 2024-09-04
    listed $145,000 Active
33. 2024-08-04
    listed $145,000 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 (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $20,304
• − Mortgage interest: −$5,434
• − Property taxes: −$1,455
• − Insurance: −$1,282
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − Depreciation: −$2,822
• Taxable income: $6,063
• Est. tax owed @ 24.0%: −$1,455
• After-tax cash flow: $5,744/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 property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, and exterior landscaping.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major kitchen flooring — dated and worn
• Major bathroom fixtures — dated and worn
• Major interior walls/paint — peeling and outdated
• Major landscaping — overgrown lawn

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets and flooring — modernizes the kitchen and improves functionality
• Both replace bathroom fixtures — modernizes the bathroom and improves functionality
• Both landscaping — enhances curb appeal and creates a more inviting exterior

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
kitchen flooring · dated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
interior walls/paint · peeling and outdated	Major	$15,000–50,000
landscaping · overgrown lawn	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets and flooring — modernizes the kitchen and improves functionality ↑
• Both replace bathroom fixtures — modernizes the bathroom and improves functionality ↑
• Both landscaping — enhances curb appeal and creates a more inviting exterior ↑

ⓘ 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: Tioga Central School District
• NCES district ID: 3628710
• Math proficiency: 51% ▼ -9.00%
• Reading proficiency: 56% ▲ 9.00%
• Median HH income: $55,082
• Composite: 46.16/100
• National rank: #2500
• State rank: #322 of 590 in NY

Livability — Nichols

• Score: 61/100
• State rank: #908
• US rank: #17764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,243

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Black 2%
• Common ancestry: Iranian 5% Lithuanian 3% Slovak 1%
• Foreign-born: 0%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.64%
• Current HPI: 285.9626
• 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

-33.1% since first listed

17 events — show timeline

• 2026-01-06 Relisted — GBAOR
• 2025-11-30 Pending — GBAOR
• 2025-11-05 Listed $97,000 GBAOR
• 2025-10-26 Price Changed $98,000 GBAOR
• 2025-09-03 Price Changed $114,000 GBAOR
• 2025-05-17 Price Changed $115,000 GBAOR
• 2025-05-17 Price Changed $115,000 GBAOR
• 2024-11-04 Price Changed $120,000 GBAOR
• 2024-11-04 Price Changed $120,000 GBAOR
• 2024-10-28 Price Changed $1,150,000 GBAOR
• 2024-10-16 Price Changed $120,000 GBAOR
• 2024-09-12 Price Changed $125,000 GBAOR
• 2024-09-12 Price Changed $125,000 GBAOR
• 2024-09-05 Price Changed $135,000 GBAOR
• 2024-09-04 Price Changed $135,000 GBAOR
• 2024-09-04 Listed $145,000 GBAOR
• 2024-08-04 Listed $145,000 GBAOR