233 Main St · Middleburgh, NY 12122

$155,000

4 bd · 1.5 ba · 2,192 sqft · SingleFamily public records · 192 Days on market

Built 1850 0.64 ac lot $71/sqft · 39% below area Est $256k · 39% 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +8.6/30.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks MLS

Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

Key facts

• 0.64 acre lot
• Garage
• Built 1850

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (15.3% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $131k (15.3% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 3.3% in Middleburgh — 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 68/100 on livability (#518 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: employment D+, amenities F, commute F.
• Middleburgh Central School District (rural): math 44% / reading 54% proficiency, ranked #409 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 51 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 $17k of equity ($1k loan paydown + $16k 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.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $40k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; list at $155k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,339 (15.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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 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: 1.05% ✓
• Cap rate: 5.26%
• Cash-on-cash: -3.70%
• DSCR: 0.84
• GRM: 8.0

CMA / ARV

• ARV (median comp): $255,604
• List price: $155,000
• Delta: -39.36%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
132 Grove St	0.34mi	5/1.5 (+1)	2,230 (+2%)	5mo	$138,000	$62	72
244 Main St	0.07mi	3/1.5 (-1)	1,913 (-13%)	14mo	$165,000	$86	59
157 Grove St	0.38mi	4/2.5	1,900 (-13%)	1mo	$305,000	$161	56
127 Grove St	0.37mi	5/2.5 (+1)	2,500 (+14%)	12mo	$359,900	$144	40

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.7%
• Equity multiple: 2.75×
• Total profit: $76,124
• Equity at exit: $139,636

10-year hold

• IRR: 19.6%
• Equity multiple: 6.33×
• Total profit: $231,352
• Equity at exit: $301,131

Cash invested: $43,400 (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 12122

• Active inventory: 51
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,625 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$540 /mo · $6,479/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-134

Break-even live

Break-even rent $1,794

Max offer price $131,339

Occupancy floor —

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $155,000 Active 192 DOM
2. 2026-06-17
   days on market $155,000 Active 191 DOM
3. 2026-06-16
   days on market $155,000 Active 190 DOM
4. 2026-06-15
   days on market $155,000 Active 189 DOM
5. 2026-06-13
   days on market $155,000 Active 187 DOM
6. 2026-06-12
   days on market $155,000 Active 186 DOM
7. 2026-06-09
   days on market $155,000 Active 183 DOM
8. 2026-06-08
   days on market $155,000 Active 182 DOM
9. 2026-06-07
   days on market $155,000 Active 181 DOM
10. 2026-06-07
    days on market $155,000 Active 180 DOM
11. 2026-06-04
    days on market $155,000 Active 177 DOM
12. 2026-06-02
    days on market $155,000 Active 176 DOM
13. 2026-06-01
    days on market $155,000 Active 175 DOM
14. 2026-05-31
    days on market $155,000 Active 174 DOM
15. 2026-04-26
    price $155,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

16. 2026-04-26
    price $155,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

17. 2026-03-10
    price $165,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

18. 2026-03-10
    price $165,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

19. 2026-02-05
    price $175,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

20. 2026-02-05
    price $175,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

21. 2026-01-31
    price $185,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

22. 2026-01-08
    price $185,000 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

23. 2025-12-08
    listed $195,000 Active 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

24. 2025-12-06
    listed $195,000 Active 259-char remark

    Show marketing remark (259 chars)

    Live upstairs, run your business downstairs (commercial/residential zoning area!), park for free, and stroll to one of the local eateries for dinner. 233 Main St is the ultimate live/work/play property in the Catskills gateway village everyone's talking about

25. 2017-10-13
    soldstatus $103,000
26. 2017-10-05
    soldstatus $103,000 Closed (Final Sale)
27. 2017-08-08
    status Pend (Under Cntr)
28. 2017-07-27
    price $107,000
29. 2017-07-06
    price $109,000
30. 2017-06-20
    price $114,500
31. 2017-05-26
    price $118,500
32. 2017-03-01
    listed $119,900 New
33. 2014-10-17
    soldstatus $97,000
34. 2014-09-30
    soldstatus $97,000
35. 2014-08-05
    historical
36. 2014-04-21
    listed $100,000
37. 2013-11-06
    historical
38. 2012-11-05
    listed $105,000
39. 2012-03-24
    historical
40. 2010-12-23
    listed $139,900
41. 2004-06-14
    soldstatus $104,000
42. 2004-04-28
    soldstatus $104,900
43. 2004-02-21
    listed $99,900

ⓘ 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: $6,479 · $540/mo
• Projected year-2 tax: $6,479 · $540/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥91°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $19,495
• − Mortgage interest: −$8,682
• − Property taxes: −$6,479
• − Insurance: −$775
• − Repairs & maintenance: −$1,560
• − Management: −$1,560
• − Depreciation: −$4,509
• Taxable loss: −$4,070
• Est. tax savings @ 24.0%: +$977
• After-tax cash flow: $-630/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: Middleburgh Central School District
• NCES district ID: 3619260
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $47,677
• Composite: 41.7/100
• National rank: #3412
• State rank: #409 of 590 in NY

Livability — Middleburgh

• Score: 68/100
• State rank: #518
• US rank: #9180

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middleburgh, NY
• Population (ZIP): 3,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% Other Indo-European 1% Spanish 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: ▲ 86.69%
• Current HPI: 322.5162
• 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

+55.2% since first listed

29 events — show timeline

• 2026-04-26 Price Changed $155,000 HVCRMLS
• 2026-04-26 Price Changed $155,000 Global MLS
• 2026-03-10 Price Changed $165,000 HVCRMLS
• 2026-03-10 Price Changed $165,000 Global MLS
• 2026-02-05 Price Changed $175,000 HVCRMLS
• 2026-02-05 Price Changed $175,000 Global MLS
• 2026-01-31 Price Changed $185,000 HVCRMLS
• 2026-01-08 Price Changed $185,000 Global MLS
• 2025-12-08 Listed $195,000 HVCRMLS
• 2025-12-06 Listed $195,000 Global MLS
• 2017-10-13 Sold (Public Records) $103,000 Public Records
• 2017-10-05 Sold (MLS) $103,000 Global MLS
• 2017-08-08 Pending — Global MLS
• 2017-07-27 Price Changed $107,000 Global MLS
• 2017-07-06 Price Changed $109,000 Global MLS
• 2017-06-20 Price Changed $114,500 Global MLS
• 2017-05-26 Price Changed $118,500 Global MLS
• 2017-03-01 Listed $119,900 Global MLS
• 2014-10-17 Sold (Public Records) $97,000 Public Records
• 2014-09-30 Sold (MLS) $97,000 Global MLS
• 2014-08-05 Listing Removed — Global MLS
• 2014-04-21 Listed $100,000 Global MLS
• 2013-11-06 Listing Removed — Global MLS
• 2012-11-05 Listed $105,000 Global MLS
• 2012-03-24 Listing Removed — Global MLS
• 2010-12-23 Listed $139,900 Global MLS
• 2004-06-14 Sold (Public Records) $104,000 Public Records
• 2004-04-28 Sold (MLS) $104,900 Global MLS
• 2004-02-21 Listed $99,900 Global MLS

Property tax history

+3.2%/yr

Latest (2025): $6,479 · +2.0% YoY. Source: county tax records.