27 Cedar St · Oneonta, NY 13820

$370,000

12 bd · 4.0 ba · 5,983 sqft · MultiFamily · 120 Days on market

Built 1923 Poor condition 8,276 sqft lot $62/sqft · 42% below area Est $641k · 42% under

---

Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Unique opportunity to acquire this grand, 12+ bedroom, four bathroom property. Three floors, with dorm style housing on the 2nd and 3rd levels. Back addition has some recent updates including new laminate flooring. Live in the back and rent out the front; pay your mortgage and make income all at once! Walking distance to Suny Oneonta and Main Street. Dream big and explore your options with this property today!

Key facts

• Recent updates
• 8,276 sq ft lot
• Garage

Tags

• RECENT UPDATES
• NEW LAMINATE FLOORING

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $370k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $631/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $370k).
• Recommended offer: $337k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 5.5% in Oneonta — 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 (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 118 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• At $6,432/mo this rent would consume 117% of the median local household income ($66k/yr) (locally 662% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $104k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $185k; list at $370k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $336,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.74% ✓
• Cap rate: 14.48%
• Cash-on-cash: 29.24%
• DSCR: 2.30
• GRM: 4.8

CMA / ARV

• ARV (median comp): $640,907
• List price: $370,000
• Delta: -42.27%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 46.5%
• Equity multiple: 4.50×
• Total profit: $362,382
• Equity at exit: $333,325

10-year hold

• IRR: 40.4%
• Equity multiple: 10.08×
• Total profit: $940,918
• Equity at exit: $718,829

Cash invested: $103,600 (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 13820

• Home prices YoY: 22.7%
• Active inventory: 118
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $6,432 medium
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,351
• Net cashflow: $2,524

Break-even live

Break-even rent $3,237

Max offer price $370,000

Occupancy floor 56%

Sensitivity live

Price	-10% $2,780	-5% $2,652	+0% $2,524	+5% $2,396	+10% $2,269
Rent	-10% $2,016	-5% $2,270	+0% $2,524	+5% $2,778	+10% $3,032
Rate	-1.0pp $2,711	-0.5pp $2,618	base $2,524	+0.5pp $2,428	+1.0pp $2,331

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$6,432
Total (4 units)			$6,432

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $370,000 Active 120 DOM
2. 2026-06-18
   days on market $370,000 Active 119 DOM
3. 2026-06-17
   days on market $370,000 Active 118 DOM
4. 2026-06-16
   days on market $370,000 Active 117 DOM
5. 2026-06-16
   price $370,000 Active 116 DOM
6. 2026-06-15
   days on market $389,000 Active 116 DOM
7. 2026-06-14
   days on market $389,000 Active 114 DOM
8. 2026-06-12
   days on market $389,000 Active 113 DOM
9. 2026-06-09
   days on market $389,000 Active 110 DOM
10. 2026-06-08
    days on market $389,000 Active 109 DOM
11. 2026-06-07
    days on market $389,000 Active 108 DOM
12. 2026-06-07
    days on market $389,000 Active 107 DOM
13. 2026-06-02
    days on market $389,000 Active 103 DOM
14. 2026-06-01
    days on market $389,000 Active 102 DOM
15. 2026-05-31
    days on market $389,000 Active 101 DOM
16. 2026-05-31
    days on market $389,000 Active 100 DOM
17. 2026-02-19
    listed $389,000 Active 413-char remark

    Show marketing remark (413 chars)

    Unique opportunity to acquire this grand, 12+ bedroom, four bathroom property. Three floors, with dorm style housing on the 2nd and 3rd levels. Back addition has some recent updates including new laminate flooring. Live in the back and rent out the front; pay your mortgage and make income all at once! Walking distance to Suny Oneonta and Main Street. Dream big and explore your options with this property today!

18. 2018-02-14
    soldstatus $185,000 302-char remark

    Show marketing remark (302 chars)

    Opportunity for multiple rental units. 3 floors with metal fire escapes for all levels. Home has great bones. Updated energy efficient boiler with sprinkler system thru out. Off street parking in rear consisting of parking area plus garage. Bring your ideas and turn this grand lady into a money maker.

19. 2017-10-24
    listed $199,000 302-char remark

    Show marketing remark (302 chars)

    Opportunity for multiple rental units. 3 floors with metal fire escapes for all levels. Home has great bones. Updated energy efficient boiler with sprinkler system thru out. Off street parking in rear consisting of parking area plus garage. Bring your ideas and turn this grand lady into a money maker.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥93°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $77,184
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$6,175
• − Management: −$6,175
• − Depreciation: −$10,764
• Taxable income: $25,945
• Est. tax owed @ 24.0%: −$6,227
• After-tax cash flow: $24,065/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive exterior and landscaping renovations to improve its curb appeal and rental value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major exterior paint — Significant peeling and discoloration
• Major landscaping — Overgrown vegetation and unkempt appearance

Value-add opportunities

• Both exterior renovation — Improves curb appeal and rental value
• Both landscaping and curb appeal — Enhances property's visual appeal
• Both interior updates — Improves living conditions and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
exterior paint · Significant peeling and discoloration	Major	$15,000–50,000
landscaping · Overgrown vegetation and unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior renovation — Improves curb appeal and rental value ↑
• Both landscaping and curb appeal — Enhances property's visual appeal ↑
• Both interior updates — Improves living conditions and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Oneonta City School District
• NCES district ID: 3621780
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 57% ▲ 14.00%
• Median HH income: $41,631
• Composite: 43.19/100
• National rank: #3066
• State rank: #374 of 590 in NY

Livability — Oneonta

• Score: 75/100
• State rank: #253
• US rank: #4021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oneonta, NY
• County: Otsego County · 23,056 people
• City population: 23,056
• Metro: Oneonta, NY
• Population (ZIP): 23,056
• Household income: $65,953
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 662.0

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 57,987 people
• By 2030: 55,403 · -4.5%
• By 2040: 50,336 · -13.2%
• By 2050: 45,715 · -21.2%
• By 2075: 38,769 · -33.1%
• By 2100: 33,468 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Otsego

• 2024 margin: Lean R (+7.9) · D 46.1% · R 53.9%
• 2008→2024 swing: -13.8pp toward R · 2008: 5.9pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+5.0 2016: R+13.0 2012: D+2.0 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 67.86%
• Current HPI: 366.3391
• Rent YoY: —
• Metro: Oneonta, NY
• 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

+95.5% since first listed

3 events — show timeline

• 2026-02-19 Listed $389,000 UNYREIS
• 2018-02-14 Sold (MLS) $185,000 UNYREIS
• 2017-10-24 Listed $199,000 UNYREIS