123 S Catharine St · Montour Falls, NY 14865

$145,000

1 bd · 2.0 ba · 1,581 sqft · MultiFamily public records · 93 Days on market

Built 1880 4,792 sqft lot $92/sqft · 28% below area Est $202k · 28% under

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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 +19.1/30.0
• ARV discount +15.0/15.0
• Appreciation +7.1/10.0
• 1% rule +6.4/10.0
• DSCR +6.0/10.0
• Schools +4.3/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity awaits in the heart of Montour Falls! This versatile mixed-use property gives flexibility for a variety of uses. The upper level features an updated 1-bedroom, 1-bath apartment, while the updated lower level provides additional space that can be utilized for a business, studio, office, or potential residential unit. Located minutes from Shequaga Falls, this property boasts convenient access to nearby services, shops, and dining options. The flexible layout allows for a variety of permitted uses, making it a practical option for different ownership or occupancy needs.

Key facts

• Updated apartment
• Convenient access
• Flexible layout

Tags

• UPDATED APARTMENT
• ADDITIONAL SPACE
• CONVENIENT ACCESS
• FLEXIBLE LAYOUT

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/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: $132k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#786 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: health & safety D, schools F, amenities F.
• Odessa-Montour Central School District (rural): math 41% / reading 60% proficiency, ranked #383 of 590 in NY (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (4.2% local appreciation)).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.
• Current owner paid $87k; list at $145k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; flood insurance adds $66/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 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 1880 — 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 1.14% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 7.3

CMA / ARV

• ARV (median comp): $201,805
• List price: $145,000
• Delta: -28.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.16% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.80×
• Total profit: $32,295
• Equity at exit: $74,872

10-year hold

• IRR: 14.4%
• Equity multiple: 3.38×
• Total profit: $96,709
• Equity at exit: $123,552

Cash invested: $40,600 (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 14865

• Home prices YoY: 1.6%
• Active inventory: 19
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $1,653 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$331 /mo · $3,973/yr
• Insurance: −$60
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $88

Break-even live

Break-even rent $1,542

Max offer price $145,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$846
1× unit	0	0	$807
Total (2 units)			$1,653

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $145,000 Active 93 DOM
2. 2026-06-18
   days on market $145,000 Active 92 DOM
3. 2026-06-17
   days on market $145,000 Active 91 DOM
4. 2026-06-16
   days on market $145,000 Active 90 DOM
5. 2026-06-15
   days on market $145,000 Active 89 DOM
6. 2026-06-14
   days on market $145,000 Active 87 DOM
7. 2026-06-13
   days on market $145,000 Active 86 DOM
8. 2026-06-10
   days on market $145,000 Active 84 DOM
9. 2026-06-09
   days on market $145,000 Active 83 DOM
10. 2026-06-08
    days on market $145,000 Active 82 DOM
11. 2026-06-07
    days on market $145,000 Active 81 DOM
12. 2026-06-05
    days on market $145,000 Active 78 DOM
13. 2026-06-02
    days on market $145,000 Active 76 DOM
14. 2026-06-01
    days on market $145,000 Active 75 DOM
15. 2026-05-31
    days on market $145,000 Active 74 DOM
16. 2026-05-30
    days on market $145,000 Active 73 DOM
17. 2026-04-20
    price $145,000 585-char remark

    Show marketing remark (585 chars)

    Opportunity awaits in the heart of Montour Falls! This versatile mixed-use property gives flexibility for a variety of uses. The upper level features an updated 1-bedroom, 1-bath apartment, while the updated lower level provides additional space that can be utilized for a business, studio, office, or potential residential unit. Located minutes from Shequaga Falls, this property boasts convenient access to nearby services, shops, and dining options. The flexible layout allows for a variety of permitted uses, making it a practical option for different ownership or occupancy needs.

18. 2026-03-18
    listed $150,000 Active 585-char remark

    Show marketing remark (585 chars)

    Opportunity awaits in the heart of Montour Falls! This versatile mixed-use property gives flexibility for a variety of uses. The upper level features an updated 1-bedroom, 1-bath apartment, while the updated lower level provides additional space that can be utilized for a business, studio, office, or potential residential unit. Located minutes from Shequaga Falls, this property boasts convenient access to nearby services, shops, and dining options. The flexible layout allows for a variety of permitted uses, making it a practical option for different ownership or occupancy needs.

19. 2026-02-11
    historical
20. 2026-01-21
    historical
21. 2026-01-20
    historical
22. 2026-01-20
    historical
23. 2025-11-17
    price $149,999
24. 2025-11-07
    price $154,999
25. 2025-10-17
    listed $159,999 Active
26. 2021-06-30
    soldstatus $87,000
27. 2021-06-22
    soldstatus $87,000
28. 2021-04-15
    listed $87,000

ⓘ 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: $3,973 · $331/mo
• Projected year-2 tax: $3,973 · $331/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 100% 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: $19,836
• − Mortgage interest: −$8,122
• − Property taxes: −$3,973
• − Insurance: −$1,522
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$4,218
• Taxable loss: −$1,173
• Est. tax savings @ 24.0%: +$282
• After-tax cash flow: $1,332/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: Odessa-Montour Central School District
• NCES district ID: 3621630
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 60% ▲ 7.00%
• Median HH income: $46,720
• Composite: 42.81/100
• National rank: #3142
• State rank: #383 of 590 in NY

Livability — Montour Falls

• Score: 63/100
• State rank: #786
• US rank: #15104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montour Falls, NY
• Population (ZIP): 2,578

Population outlook (Schuyler County) Hauer SSP2

• Today (2025): 17,999 people
• By 2030: 17,676 · -1.8%
• By 2040: 16,586 · -7.9%
• By 2050: 15,322 · -14.9%
• By 2075: 13,004 · -27.8%
• By 2100: 10,752 · -40.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6%
• Common ancestry: Lithuanian 7% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Schuyler

• 2024 margin: Strong R (+21.0) · D 39.5% · R 60.5%
• 2008→2024 swing: -13.9pp toward R · 2008: -7.1pp · 2024: -21.0pp
• All cycles: 2024: R+21.0 2020: R+17.6 2016: R+28.7 2012: R+7.9 2008: R+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.16%
• Current HPI: 263.1314
• 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

+66.7% since first listed

12 events — show timeline

• 2026-04-20 Price Changed $145,000 UNYREIS
• 2026-03-18 Listed $150,000 UNYREIS
• 2026-02-11 Listing Removed — UNYREIS
• 2026-01-21 Listing Removed — UNYREIS
• 2026-01-20 Listing Removed — UNYREIS
• 2026-01-20 Listing Removed — UNYREIS
• 2025-11-17 Price Changed $149,999 UNYREIS
• 2025-11-07 Price Changed $154,999 UNYREIS
• 2025-10-17 Listed $159,999 UNYREIS
• 2021-06-30 Sold (Public Records) $87,000 Public Records
• 2021-06-22 Sold (MLS) $87,000 UNYREIS
• 2021-04-15 Listed $87,000 UNYREIS

Property tax history

+8.0%/yr

Latest (2025): $3,973 · +14.5% YoY. Source: county tax records.