447 E Main St · Owego, NY 13827

$39,900

4 bd · 3.0 ba · 3,012 sqft · SingleFamily public records · 13 Days on market

Built 1900 0.38 ac lot ↓ 40% since listing

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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 +15.0/30.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This is the opportunity to revive this large house in the Village of Owego. Home could be used as a single family. Property is sitting in a big lot size-0.38 Acres. Property is within walking distance to downtown Owego. Cash only. The utilities are off. Home SOLD AS IS Please do not walk alone on the property, please call me or call your favorite Realtor. Cash only. Motivated Seller.

Key facts

• Big lot size
• Built 1900
• Listed 12 days

Tags

• BIG LOT SIZE

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Residential income apartment
• Construction: Clapboard exterior
• Exterior features: Covered porch

Interior

• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Electric water heater; Partial basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $40k).
• Cap rate 63.3% vs local median 5.3% in Owego — 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 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owego Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 486 students, 53% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($276 loan paydown + $3k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 6.89% ✓
• Cap rate: 63.34%
• Cash-on-cash: 203.73%
• DSCR: 10.06
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $180,720
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
499 East Front Street St	0.20mi	3/3.0 (-1)	2,602 (-14%)	4mo	$157,000	$60	60
290 Main St	0.39mi	3/1.5 (-1)	2,680 (-11%)	5mo	$160,000	$60	48
552 E Main St	0.25mi	3/3.0 (-1)	2,712 (-10%)	24mo	$140,000	$52	47

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

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.71×
• Total profit: $108,518
• Equity at exit: $30,606

10-year hold

• IRR: —
• Equity multiple: 23.16×
• Total profit: $247,558
• Equity at exit: $61,035

Cash invested: $11,172 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $2,750 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $1,436

Break-even live

Break-even rent $932

Max offer price $39,900

Occupancy floor 43%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 Front St Owego, NY	4.0	2.5	2871	$2,750	$0.96	44d	1	0.92mi

Listing history 12 events

1. 2026-06-19
   days on market $39,900 Active 13 DOM
2. 2026-06-18
   days on market $39,900 Active 12 DOM
3. 2026-06-17
   days on market $39,900 Active 11 DOM
4. 2026-06-16
   days on market $39,900 Active 10 DOM
5. 2026-06-15
   days on market $39,900 Active 9 DOM
6. 2026-06-14
   days on market $39,900 Active 7 DOM
7. 2026-06-13
   days on market $39,900 Active 6 DOM
8. 2026-06-10
   days on market $39,900 Active 4 DOM
9. 2026-06-09
   statusdays on market $39,900 Active 3 DOM
10. 2026-06-07
    statusdays on market $39,900 Pending 2 DOM
11. 2026-06-03
    remarks 387-char remark
12. 2026-06-03
    listed $39,900 Active 1 DOM

ⓘ 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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $33,000
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$5,724
• − Repairs & maintenance: −$2,640
• − Management: −$2,640
• − Depreciation: −$1,161
• Taxable income: $18,001
• Est. tax owed @ 24.0%: −$4,320
• After-tax cash flow: $12,916/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owego, NY
• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

-40.4% since first listed

3 events — show timeline

• 2026-06-03 Listed $39,900 GBAOR
• 2022-04-02 Listed $48,000 GBAOR
• 2005-07-07 Sold (Public Records) $67,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $4,142 · +67.5% YoY. Source: county tax records.