11 Reed St · Waterloo, NY 13165

$144,900

4 bd · 2.5 ba · 2,204 sqft · MultiFamily public records · 87 Days on market

Built 1890 0.25 ac lot $66/sqft · 35% below area Est $225k · 35% under

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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 +19.7/30.0
• ARV discount +15.0/15.0
• 1% rule +7.1/10.0
• DSCR +6.2/10.0
• Livability +3.8/5.0
• Schools +3.4/10.0
• 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 MLS

Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

Key facts

• Balcony
• Backyard
• Deck

Tags

• BACKYARD
• DECK
• BALCONY
• GREENHOUSE
• ZONED AS A 2 FAMILY RESIDENCE

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.8% in Waterloo — 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 75/100 on livability (#268 in NY, #4,240 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Waterloo Central School District (town): math 37% / reading 43% proficiency, ranked #525 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $145k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 7.70%
• Cash-on-cash: 5.02%
• DSCR: 1.22
• GRM: 6.9

CMA / ARV

• ARV (median comp): $224,598
• List price: $144,900
• Delta: -35.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-12,516
• Equity at exit: $21,605

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $3,657
• Equity at exit: $12,528

Cash invested: $40,572 (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 13165

• Home prices YoY: -20.7%
• Active inventory: 38
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,753 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$395 /mo · $4,736/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $170

Break-even live

Break-even rent $1,538

Max offer price $144,900

Occupancy floor 85%

Sensitivity live

Price	-10% $252	-5% $211	+0% $170	+5% $129	+10% $88
Rent	-10% $31	-5% $100	+0% $170	+5% $239	+10% $308
Rate	-1.0pp $243	-0.5pp $207	base $170	+0.5pp $132	+1.0pp $94

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-07
   status Pending 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

2. 2026-05-07
   status Pending 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

3. 2026-05-04
   historical Active Under Contract 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

4. 2026-05-04
   historical Active Under Contract 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

5. 2026-03-08
   price $144,900 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

6. 2026-03-08
   price $144,900 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

7. 2026-02-09
   listed $154,900 Active 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

8. 2026-02-09
   listed $154,900 Active 649-char remark

   Show marketing remark (649 chars)

   Welcome to 11 Reed Street in Waterloo! This home offers versatility as well as close proximity to local amenities including shopping, dining and entertainment. Boasting 4 bedrooms, 2 and a half bathrooms and 2204 square feet of living space the possibilities are endless. You can enjoy the backyard from your deck or balcony or relax while tending your plants in the greenhouse. The home is zoned as a 2 family residence although it has most recently been utilized as a single family home. Whether you are searching for a home for your large family or looking for an investment property, bring your vision and creativity and make this home your own.

9. 2005-03-24
   soldstatus $54,687

ⓘ 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: $4,736 · $395/mo
• Projected year-2 tax: $4,736 · $395/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,032
• − Mortgage interest: −$8,117
• − Property taxes: −$4,736
• − Insurance: −$724
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$4,215
• Taxable loss: −$126
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $2,066/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: Waterloo Central School District
• NCES district ID: 3600014
• Math proficiency: 37% ▼ -9.00%
• Reading proficiency: 43% ▲ 11.00%
• Median HH income: $46,726
• Composite: 34.16/100
• National rank: #5278
• State rank: #525 of 590 in NY

Livability — Waterloo

• Score: 75/100
• State rank: #268
• US rank: #4240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterloo, NY
• Population (ZIP): 9,429

Population outlook (Seneca County) Hauer SSP2

• Today (2025): 33,457 people
• By 2030: 32,540 · -2.7%
• By 2040: 30,680 · -8.3%
• By 2050: 28,875 · -13.7%
• By 2075: 24,757 · -26.0%
• By 2100: 19,591 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Slovak 4% Iranian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 2%

Political lean MEDSL · Seneca

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -14.4pp toward R · 2008: 2.6pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: R+9.1 2016: R+12.1 2012: D+9.2 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.17%
• Current HPI: 257.272
• 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

+165.0% since first listed

9 events — show timeline

• 2026-05-07 Pending — UNYREIS
• 2026-05-07 Pending — UNYREIS
• 2026-05-04 Contingent — UNYREIS
• 2026-05-04 Contingent — UNYREIS
• 2026-03-08 Price Changed $144,900 UNYREIS
• 2026-03-08 Price Changed $144,900 UNYREIS
• 2026-02-09 Listed $154,900 UNYREIS
• 2026-02-09 Listed $154,900 UNYREIS
• 2005-03-24 Sold (Public Records) $54,687 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,736 · +5.4% YoY. Source: county tax records.