124 Prospect St · Schoharie, NY 12157

$279,900

16 bd · 16.0 ba · 3,876 sqft · MultiFamily public records · 130 Days on market

Built 1880 0.50 ac lot ↓ 7% 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 +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

Key facts

• Multi family gem
• High speed internet
• Four unit property

Tags

• MULTI FAMILY GEM
• INVESTMENT OPPORTUNITY
• FOUR UNIT PROPERTY
• CLASSIC NATURAL WOODWORK
• HIGH SPEED INTERNET
• MASSIVE TWO STORY BARN

Property features AI

Finance

• Financial info: Multifamily property with four rental units; Tenants pay cable TV, DSL internet, and electricity; Owner pays sewer, water, snow removal, and heat

Exterior

• Parking: Seven off-street parking spaces; Driveway with stone surface
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers; Cable connected
• Home design: Quadruplex; Two-story building; Main road frontage
• Construction: Clapboard and wood siding; Block and stone foundation; Metal roof
• Exterior features: Front porch; Patio; Outbuilding and barn(s)

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Four 1-bedroom units (Units 1 & 2 on 1st floor; Units 3 & 4 on 2nd floor)
• Flooring: Vinyl; Wood; Carpet
• Bathrooms: Four full bathrooms (two on 1st floor, two on 2nd floor)
• Heating & cooling: Hot water baseboard heating (oil); Window air conditioning units
• Interior features: Paddle fan; High-speed internet; Double-pane windows with wood frames
• Laundry & utility: Washer hookup; Electric dryer hookup; Other laundry provisions

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#761 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: schools D+, crime F, amenities F.
• Schoharie Central School District (rural): math 39% / reading 46% proficiency, ranked #476 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Schoharie County population projected at -30% 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 $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.72% ✓
• Cap rate: 14.41%
• Cash-on-cash: 28.97%
• DSCR: 2.29
• 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: 46.3%
• Equity multiple: 4.48×
• Total profit: $273,012
• Equity at exit: $252,156

10-year hold

• IRR: 40.2%
• Equity multiple: 10.05×
• Total profit: $709,309
• Equity at exit: $543,784

Cash invested: $78,372 (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 12157

• Home prices YoY: 20.9%
• Active inventory: 26
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $4,805 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$319 /mo · $3,831/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,009
• Net cashflow: $1,892

Break-even live

Break-even rent $2,410

Max offer price $279,900

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,804
Total (4 units)			$4,805

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-30
   status Pending 1489-char remark

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

2. 2026-04-30
   status Pending

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

3. 2026-03-04
   price $279,900 1489-char remark

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

4. 2026-03-04
   price $279,900

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

5. 2025-12-19
   listed $299,900 Active 1489-char remark

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

6. 2025-12-19
   listed $299,900 Active

   Show marketing remark (1489 chars)

   124 Prospect St: A Turn-Key Multi-Family Gem in Schoharie Discover a well-maintained investment opportunity in the heart of historic Schoharie. This four-unit Colonial-style property offers a consistent rental history with apartments that are easy to manage and maintain. Each of the four units features a comfortable one-bedroom, one-bath layout, highlighted by classic natural woodwork and cozy interiors. With high-speed internet already in place and essential appliances included, these units are perfectly suited for today's modern tenants. Beyond the living quarters, the property features a massive two-story barn that provides significant added value. This versatile space is ideal for tenant storage, a private workshop, or a creative conversion project. The exterior is equally impressive, boasting inviting front porches, a large level yard, and a dedicated outdoor seating area for relaxation. Ample off-street parking ensures convenience for all residents. The location is a major draw for renters, situated just steps away from village shops, local restaurants, and the library. Nature lovers will appreciate being so close to the famous hiking trails at Vroman's Nose and the recreational opportunities on Schoharie Creek. From the local farm stores to the rich history of the Old Stone Fort, the community offers a vibrant quality of life. Whether you are a seasoned investor or looking for your first multi-family home, this property is a solid addition to any portfolio.

ⓘ 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: $3,831 · $319/mo
• Projected year-2 tax: $4,281 · $357/mo
• Expected delta: +$450/yr (+$37/mo · 11.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,660
• − Mortgage interest: −$15,679
• − Property taxes: −$3,831
• − Insurance: −$1,400
• − Repairs & maintenance: −$4,613
• − Management: −$4,613
• − Depreciation: −$8,143
• Taxable income: $19,382
• Est. tax owed @ 24.0%: −$4,652
• After-tax cash flow: $18,055/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: Schoharie Central School District
• NCES district ID: 3626100
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $56,868
• Composite: 37.2/100
• National rank: #4472
• State rank: #476 of 590 in NY

Livability — Schoharie

• Score: 64/100
• State rank: #761
• US rank: #14594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Schoharie, NY
• Population (ZIP): 4,444

Population outlook (Schoharie County) Hauer SSP2

• Today (2025): 29,080 people
• By 2030: 27,417 · -5.7%
• By 2040: 23,835 · -18.0%
• By 2050: 20,482 · -29.6%
• By 2075: 14,323 · -50.7%
• By 2100: 9,636 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 3% Asian 2% Black 1%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 3% · China, South Korea
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Schoharie

• 2024 margin: Solid R (+30.5) · D 34.7% · R 65.3%
• 2008→2024 swing: -16.2pp toward R · 2008: -14.3pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+29.0 2016: R+34.7 2012: R+16.6 2008: R+14.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 56.89%
• Current HPI: 328.5011
• 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

-6.7% since first listed

6 events — show timeline

• 2026-04-30 Pending — UNYREIS
• 2026-04-30 Pending — Global MLS
• 2026-03-04 Price Changed $279,900 UNYREIS
• 2026-03-04 Price Changed $279,900 Global MLS
• 2025-12-19 Listed $299,900 Global MLS
• 2025-12-19 Listed $299,900 UNYREIS

Property tax history

+1.0%/yr

Latest (2025): $3,831 · -9.8% YoY. Source: county tax records.