709 S James St · Rome, NY 13440

$119,900

5 bd · 2.0 ba · 1,561 sqft · MultiFamily public records · 114 Days on market

Built 1882 3,920 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
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to 709 S James St—a rare Rome opportunity sitting pretty on a triple lot totaling . 36 acres with tons of potential and plenty of room to grow! This two-unit multifamily is perfect for investors, owner-occupants, or anyone looking to build long-term wealth with steady rental income. The upstairs unit offers 3 bedrooms, 1 full bath and downstairs unit 2 bedroom / 1 bath both with laundry hookups! With separate utilities, this property is truly investor-friendly, making management simpler and returns stronger. Outside, the oversized yard spans all three lots—room for gardens, future projects, or just a whole lot of elbow room. And don’t miss the large 2-stall deta

Key facts

• Separate utilities
• Oversized yard
• Two-unit multifamily

Tags

• TRIPLE LOT
• TWO-UNIT MULTIFAMILY
• SEPARATE UTILITIES
• OVERSIZED YARD
• LARGE DETACHED GARAGE

Property features AI

Finance

• Financial info: Owner pays water and trash collection; Rent includes water and trash collection; Operating expenses may include accounting, legal, snow removal, trash, and water/sewer

Exterior

• Parking: 2-car garage; Paved parking, multiple spaces available
• Utilities: Electricity connected; Public water connected; Sewer connected
• Home design: Multi-unit property with 2 total units; 2-story building; Resale property
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Deck

Interior

• Kitchen: Eat-in kitchen; Gas water heater
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Laminate; Varies
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Walk-out basement; Eat-in kitchen (in at least one unit); Formal dining room (in at least one unit); Living room; Porch
• Laundry & utility: Laundry in-unit (both units)

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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-, amenities F, commute F.
• Rome City School District (town): math 35% / reading 46% proficiency, ranked #516 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellamy Elementary School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 567 students, 75% FRL); Lyndon H Strough Middle School (math 20% / reading 40%, grade F, #539 of 729 statewide, top 74%, 829 students, 59% FRL); Rome Free Academy (math 85% / reading 98%, grade A+, #201 of 1,100 statewide, top 18%, 1,511 students, 51% FRL).
• Market conditions: 278 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $30k; list at $120k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1882 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1882 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.51% ✓
• Cap rate: 12.35%
• Cash-on-cash: 21.62%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.7%
• Equity multiple: 1.46×
• Total profit: $15,609
• Equity at exit: $17,877

10-year hold

• IRR: 20.7%
• Equity multiple: 2.75×
• Total profit: $58,870
• Equity at exit: $10,367

Cash invested: $33,572 (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 13440

• Home prices YoY: -8.0%
• Active inventory: 278
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,808 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$145 /mo · $1,738/yr
• Insurance: −$50
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $549

Break-even live

Break-even rent $1,113

Max offer price $119,900

Occupancy floor 65%

Sensitivity live

Price	-10% $617	-5% $583	+0% $549	+5% $515	+10% $481
Rent	-10% $406	-5% $478	+0% $549	+5% $621	+10% $692
Rate	-1.0pp $610	-0.5pp $580	base $549	+0.5pp $518	+1.0pp $487

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$904
1× unit	2	1	$904
Total (2 units)			$1,808

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-17
   status Pending
2. 2026-05-06
   historical Active Under Contract
3. 2026-04-30
   status Pending
4. 2026-04-22
   status Active
5. 2026-03-08
   status Pending
6. 2026-02-09
   historical Active Under Contract
7. 2025-12-02
   listed $119,900 Active
8. 1998-12-29
   soldstatus $30,000

ⓘ 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: $1,738 · $145/mo
• Projected year-2 tax: $1,882 · $157/mo
• Expected delta: +$144/yr (+$12/mo · 8.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°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: $21,696
• − Mortgage interest: −$6,716
• − Property taxes: −$1,738
• − Insurance: −$1,266
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$3,488
• Taxable income: $5,016
• Est. tax owed @ 24.0%: −$1,204
• After-tax cash flow: $5,387/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: Rome City School District
• NCES district ID: 3624900
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▲ 10.00%
• Median HH income: $46,406
• Composite: 34.52/100
• National rank: #5178
• State rank: #516 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

• Census place: Rome, NY
• City population: 41,418
• Population (ZIP): 41,273

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -29.58%
• Current HPI: 339.3589
• 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

+299.7% since first listed

8 events — show timeline

• 2026-05-17 Pending — CNYIS
• 2026-05-06 Contingent — CNYIS
• 2026-04-30 Pending — CNYIS
• 2026-04-22 Relisted — CNYIS
• 2026-03-08 Pending — CNYIS
• 2026-02-09 Contingent — CNYIS
• 2025-12-02 Listed $119,900 CNYIS
• 1998-12-29 Sold (Public Records) $30,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,738 · +0.3% YoY. Source: county tax records.