16 W Main St #1 · Morrisville, NY 13408

$260,000

24 bd · 16.0 ba · 3,762 sqft · MultiFamily public records · 9 Days on market

Built 1920 0.65 ac 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
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Established 4-unit multi-family property located in the Village of Morrisville. Three units are currently leased with consistent rental history, while one unit has been recently renovated and is vacant ideal for owner-occupancy or leasing at current market rates. Property features separate living spaces with practical layouts and off-street parking. Conveniently located near SUNY Morrisville, local shops, and amenities, supporting strong rental demand. A solid investment opportunity with immediate income and potential for increased returns.

Key facts

• Strong rental demand
• Off-street parking
• 0.65 acre lot

Tags

• MULTI-FAMILY PROPERTY
• RECENTLY RENOVATED UNIT
• SEPARATE LIVING SPACES
• OFF-STREET PARKING
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $431/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $260k).

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 $18k of equity ($2k loan paydown + $16k 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 $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $260,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.79% ✓
• Cap rate: 14.25%
• Cash-on-cash: 28.41%
• DSCR: 2.26
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 39.8%
• Equity multiple: 3.59×
• Total profit: $188,554
• Equity at exit: $167,224

10-year hold

• IRR: 36.9%
• Equity multiple: 7.43×
• Total profit: $468,115
• Equity at exit: $306,568

Cash invested: $72,800 (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: 18.6×

Monthly cashflow live

• Estimated rent: $4,660 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$486 /mo · $5,834/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $1,723

Break-even live

Break-even rent $2,478

Max offer price $260,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$4,660
Total (4 units)			$4,660

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-10
   status Pending
2. 2026-04-01
   listed $260,000 Active

ⓘ 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: $5,834 · $486/mo
• Projected year-2 tax: $5,834 · $486/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 4/10 Moderate FEMA zone X · 20% 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 100% 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: $55,920
• − Mortgage interest: −$14,564
• − Property taxes: −$5,834
• − Insurance: −$1,300
• − Repairs & maintenance: −$4,474
• − Management: −$4,474
• − Depreciation: −$7,564
• Taxable income: $17,711
• Est. tax owed @ 24.0%: −$4,251
• After-tax cash flow: $16,430/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

2 events — show timeline

• 2026-04-10 Pending — CNYIS
• 2026-04-01 Listed $260,000 CNYIS

Property tax history

+5.6%/yr

Latest (2025): $5,834 · +2.0% YoY. Source: county tax records.