206 N Madison Ave · Watkins Glen, NY 14891

$229,000

5 bd · 2.0 ba · 2,300 sqft · MultiFamily public records · 46 Days on market

Built 1944 7,405 sqft lot $100/sqft · 26% below area Est $308k · 26% 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
• Cash flow +14.9/30.0
• DSCR +4.6/10.0
• 1% rule +4.3/10.0
• Schools +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Imagine yourself here—it’s easy! This well-located two-unit sits just minutes north of the Village of Watkins Glen, with easy access to shops, dining, and everyday conveniences. Recent improvements include a new roof, siding, mostly new windows, a new front porch, and brand-new high-efficiency boilers—leaving you to focus on simple day-to-day maintenance. Enjoy easy parking right out front and beautiful seasonal views of Seneca Lake. The property features an expanded 1BR/1BA unit and a 3BR/1BA unit, both currently rented month-to-month. A solid investment opportunity or an ideal option for owner-occupancy while building equity.

Key facts

• New siding
• New front porch
• Easy parking

Tags

• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• NEW FRONT PORCH
• HIGH-EFFICIENCY BOILERS
• EASY PARKING

Property features AI

Finance

• Other: Owner pays water (and other items/see remarks); water also listed as included in rent (see remarks)
• Financial info: Gross rental income reported at $25,200; Operating expenses reported at $9,300 (includes insurance and maintenance); Unit rents: one unit at $1,300 (month-to-month), one unit at $800 (month-to-month)

Exterior

• Parking: See remarks for parking details
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Vinyl siding exterior
• Construction: Vinyl siding construction; Existing structure
• Exterior features: Irregular lot; Road frontage on a main thoroughfare; 0.17-acre lot (62 x 115)

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Eat-in kitchen (in one unit)
• Bedrooms: One unit with 3 bedrooms; One unit with 1 bedroom
• Flooring: Hardwood; Varies by area/unit
• Bathrooms: Two full bathrooms total; Each unit includes one full bathroom
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Hardwood and varied flooring; Full and partial finished basement
• Laundry & utility: Electric water heater; Dryer (listed for one unit)

🏷️ Possibly a rental listed for sale. The $229,000 price doesn't fit this home's estimated sale value (~$307,987) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $68 ($811/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (7.3% below list).
• Recommended offer: $212k (7.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#527 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: schools C-, health & safety D, amenities F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $229k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,300 (7.3% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.93% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• GRM: 9.0

CMA / ARV

• ARV (median comp): $307,987
• List price: $229,000
• Delta: -25.65%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-32,756
• Equity at exit: $34,145

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-22,784
• Equity at exit: $19,800

Cash invested: $64,120 (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 14891

• Home prices YoY: -11.4%
• Active inventory: 18
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $2,123 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$313 /mo · $3,759/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $68

Break-even live

Break-even rent $2,037

Max offer price $229,000

Occupancy floor 92%

Sensitivity live

Price	-10% $197	-5% $132	+0% $68	+5% $3	+10% $-62
Rent	-10% $-100	-5% $-16	+0% $68	+5% $151	+10% $235
Rate	-1.0pp $183	-0.5pp $126	base $68	+0.5pp $8	+1.0pp $-52

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,003
1× unit	3	1	$1,120
Total (2 units)			$2,123

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $229,000 Active 46 DOM
2. 2026-06-18
   days on market $229,000 Active 44 DOM
3. 2026-06-17
   days on market $229,000 Active 43 DOM
4. 2026-06-16
   days on market $229,000 Active 42 DOM
5. 2026-06-15
   days on market $229,000 Active 41 DOM
6. 2026-06-13
   days on market $229,000 Active 39 DOM
7. 2026-06-12
   days on market $229,000 Active 38 DOM
8. 2026-06-09
   pricedays on market $229,000 Active 35 DOM
9. 2026-06-08
   days on market $249,000 Active 34 DOM
10. 2026-06-07
    days on market $249,000 Active 33 DOM
11. 2026-06-07
    days on market $249,000 Active 32 DOM
12. 2026-06-04
    days on market $249,000 Active 29 DOM
13. 2026-06-02
    days on market $249,000 Active 28 DOM
14. 2026-06-01
    days on market $249,000 Active 27 DOM
15. 2026-05-31
    days on market $249,000 Active 26 DOM
16. 2026-05-05
    listed $249,000 Active 653-char remark
17. 2024-09-13
    historical
18. 2024-07-24
    listed $249,900
19. 2022-10-17
    soldstatus $117,000
20. 2020-09-22
    historical
21. 2020-09-22
    historical
22. 2020-07-10
    listed $119,900
23. 2020-07-10
    listed $119,900
24. 2020-07-10
    listed $119,900
25. 2020-07-09
    listed $119,900

ⓘ 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: $3,759 · $313/mo
• Projected year-2 tax: $3,815 · $318/mo
• Expected delta: +$55/yr (+$5/mo · 1.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥97°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: $25,476
• − Mortgage interest: −$12,828
• − Property taxes: −$3,759
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,038
• − Management: −$2,038
• − Depreciation: −$6,662
• Taxable loss: −$2,994
• Est. tax savings @ 24.0%: +$719
• After-tax cash flow: $1,529/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: Watkins Glen Central School District
• NCES district ID: 3630240
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▼ -2.00%
• Median HH income: $47,157
• Composite: 37.53/100
• National rank: #4395
• State rank: #472 of 590 in NY

Livability — Watkins Glen

• Score: 68/100
• State rank: #527
• US rank: #9331

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watkins Glen, NY
• Population (ZIP): 4,527

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 2% Asian 2% Black 2% Hispanic / Latino 1%
• Common ancestry: Romanian 8% Iranian 3% Slovak 3%
• Foreign-born: 3% · China
• Languages at home: 95% English-only · Spanish 2% Chinese 1% 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: ▼ -35.39%
• Current HPI: 274.4932
• 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

+91.0% since first listed

11 events — show timeline

• 2026-06-09 Price Changed $229,000 UNYREIS
• 2026-05-05 Listed $249,000 UNYREIS
• 2024-09-13 Listing Removed — UNYREIS
• 2024-07-24 Listed $249,900 UNYREIS
• 2022-10-17 Sold (Public Records) $117,000 Public Records
• 2020-09-22 Listing Removed — UNYREIS
• 2020-09-22 Listing Removed — UNYREIS
• 2020-07-10 Listed $119,900 IBRMLS
• 2020-07-10 Listed $119,900 IBRMLS
• 2020-07-10 Listed $119,900 UNYREIS
• 2020-07-09 Listed $119,900 UNYREIS

Property tax history

+5.7%/yr

Latest (2025): $3,759 · +5.7% YoY. Source: county tax records.