28 Eaton St · Morrisville, NY 13408

$134,000

3 bd · 2.0 ba · 1,834 sqft · SingleFamily · 17 Days on market

Built 1850 0.49 ac lot

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Why this score? — see what drove the C 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 +17.9/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +5.6/10.0
• 1% rule +4.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This cute 1850 two-story home has been in the same family for over 60 years. It is zoned as a 2-family (MLS# S1209885) or could also be your single family home (MLS# S1209849). The front half has 2 bedrooms, 1 bath, and a kitchen. The back half, with a separate entrance, has 1 bedroom, 1 bath, and a kitchen. Each half has their own furnace and hot water heater. This home is priced below assessed value to sell as is, so the options for you are endless! Inside the “carriage house”, 2-car garage with attached carport, is room for your shop or additional storage. This village home sits on a beautiful nearly half acre and is within walking distance to all the village shops.

Key facts

• Extra storage space
• Covered parking
• Furnace installed

Tags

• FURNACE INSTALLED
• WINDOW A C UNITS
• DETACHED GARAGE
• COVERED PARKING
• EXTRA STORAGE SPACE

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water (connected); Sewer available; Water available
• Home design: Single-story property; Resale home
• Construction: Vinyl siding; Metal roof; Block foundation; Built (existing)
• Exterior features: Concrete driveway; Rectangular lot (73 x 246)

Interior

• Kitchen: Electric oven and range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 1 main-level bedroom
• Flooring: Hardwood; Varies
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Gas forced-air heating
• Interior features: Eat-in kitchen; Bedroom on main level; Partial basement
• Laundry & utility: Washer and Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (2.0% below list).
• Recommended offer: $131k (2.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#291 in NY, #4,741 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools C-, amenities F, commute F.
• Morrisville-Eaton Central School District (rural): math 59% / reading 72% proficiency, ranked #177 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 18 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($926 loan paydown + $8k appreciation (6.2% local appreciation)).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, 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 17 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $16k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $134k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,364 (2.0% below list)

Questions for the listing agent

1. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.98% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $355,796
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3474 Westview Rd	0.61mi	3/2.0	1,762 (-4%)	20mo	$342,450	$194	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.23% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.27×
• Total profit: $47,655
• Equity at exit: $86,185

10-year hold

• IRR: 18.2%
• Equity multiple: 4.58×
• Total profit: $134,180
• Equity at exit: $158,000

Cash invested: $37,520 (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 13408

• Home prices YoY: 2.3%
• Active inventory: 18
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,314 medium
• Mortgage (P&I): −$703
• Tax est. 1.5%: −$168 /mo · $2,010/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $112

Break-even live

Break-even rent $1,172

Max offer price $134,000

Occupancy floor 86%

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $134,000 Active 17 DOM
2. 2026-06-17
   days on market $134,000 Active 16 DOM
3. 2026-06-16
   days on market $134,000 Active 15 DOM
4. 2026-06-15
   days on market $134,000 Active 14 DOM
5. 2026-06-13
   pricedays on market $134,000 Active 12 DOM
6. 2026-06-12
   days on market $144,900 Active 11 DOM
7. 2026-06-09
   days on market $144,900 Active 8 DOM
8. 2026-06-08
   days on market $144,900 Active 7 DOM
9. 2026-06-07
   days on market $144,900 Active 6 DOM
10. 2026-06-07
    pricedays on market $144,900 Active 5 DOM
11. 2026-06-04
    days on market $149,900 Active 2 DOM
12. 2026-06-01
    remarks 597-char remark
13. 2026-06-01
    listed $149,900 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $15,764
• − Mortgage interest: −$7,506
• − Property taxes: −$2,010
• − Insurance: −$670
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$3,898
• Taxable loss: −$843
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $1,543/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: Morrisville-Eaton Central School District
• NCES district ID: 3619920
• Math proficiency: 59% ▲ 12.00%
• Reading proficiency: 72% ▲ 17.00%
• Median HH income: $49,688
• Composite: 55.56/100
• National rank: #1239
• State rank: #177 of 590 in NY

Livability — Morrisville

• Score: 74/100
• State rank: #291
• US rank: #4741

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morrisville, NY
• Population (ZIP): 3,422

Population outlook (Madison County) Hauer SSP2

• Today (2025): 69,528 people
• By 2030: 66,599 · -4.2%
• By 2040: 59,814 · -14.0%
• By 2050: 52,842 · -24.0%
• By 2075: 39,167 · -43.7%
• By 2100: 28,442 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Asian 7% Black 5% Hispanic / Latino 5% Two or more races 3%
• Common ancestry: Danish 3% Polish 2% Slovak 2%
• Foreign-born: 5% · China, Canada, South Korea
• Languages at home: 87% English-only · German/W. Germanic 4% Spanish 3% Chinese 2%

Political lean MEDSL · Madison

• 2024 margin: R (+13.1) · D 43.5% · R 56.5%
• 2008→2024 swing: -13.9pp toward R · 2008: 0.9pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.6 2016: R+15.9 2012: D+0.3 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.23%
• Current HPI: 275.2987
• 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

+141.8% since first listed

9 events — show timeline

• 2026-06-01 Listed $149,900 WNYREIS
• 2019-10-18 Sold (MLS) $62,500 CNYIS
• 2019-08-06 Pending — CNYIS
• 2019-08-06 Pending — CNYIS
• 2019-07-23 Contingent — CNYIS
• 2019-07-23 Contingent — CNYIS
• 2019-07-21 Listing Removed — CNYIS
• 2019-07-17 Listed $62,000 CNYIS
• 2019-07-17 Listed $62,000 CNYIS