148 France St · Sharon Springs, NY 13459

$155,000

2 bd · 1.0 ba · 1,104 sqft · SingleFamily public records · 61 Days on market

Built 1963 8,712 sqft lot $140/sqft · 24% below area Est $204k · 24% under

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Why this score? — see what drove the D+ 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 +7.4/30.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.5/10.0

Listing remarks MLS

Great ranch home featuring 3 bedrooms and 1 bathroom, with a spacious living room highlighted by a cozy fireplace. Attached garage and paved driveway offer convenience and ample parking. Located in the heart of the Village of Sharon Springs, just a short distance to local amenities and popular festivals. Enjoy a large, private backyard--perfect for relaxing or entertaining.

Key facts

• Attached garage
• Private backyard
• Paved driveway

Tags

• ATTACHED GARAGE
• PAVED DRIVEWAY
• PRIVATE BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (23.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (27.2% below list).
• Recommended offer: $113k (27.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#945 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, schools D, crime F.
• Sharon Springs Central School District (rural): math 45% / reading 45% proficiency, ranked #568 of 755 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 17 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 61 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $49k; list at $155k implies a 216% gain — meaningful room to come down on a strong offer.

Recommended offer $112,916 (27.2% 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 61 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.73% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.60%
• DSCR: 0.75
• GRM: 11.4

CMA / ARV

• ARV (median comp): $204,236
• List price: $155,000
• Delta: -24.11%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.3%
• Equity multiple: 2.65×
• Total profit: $71,557
• Equity at exit: $139,636

10-year hold

• IRR: 18.5%
• Equity multiple: 6.09×
• Total profit: $220,923
• 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 13459

• Home prices YoY: 3.2%
• Active inventory: 17
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,129 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$217 /mo · $2,604/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $-202

Break-even live

Break-even rent $1,385

Max offer price $119,244

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 22 events

1. 2026-06-18
   days on market $155,000 Active 61 DOM
2. 2026-06-17
   days on market $155,000 Active 60 DOM
3. 2026-06-16
   days on market $155,000 Active 59 DOM
4. 2026-06-15
   days on market $155,000 Active 58 DOM
5. 2026-06-13
   days on market $155,000 Active 56 DOM
6. 2026-06-12
   days on market $155,000 Active 55 DOM
7. 2026-06-09
   days on market $155,000 Active 52 DOM
8. 2026-06-08
   days on market $155,000 Active 51 DOM
9. 2026-06-07
   days on market $155,000 Active 50 DOM
10. 2026-06-07
    days on market $155,000 Active 49 DOM
11. 2026-06-04
    days on market $155,000 Active 46 DOM
12. 2026-06-03
    price $155,000 Active 45 DOM
13. 2026-06-02
    days on market $159,900 Active 45 DOM
14. 2026-06-01
    days on market $159,900 Active 44 DOM
15. 2026-05-31
    days on market $159,900 Active 43 DOM
16. 2026-04-17
    listed $159,900 Active 376-char remark

    Show marketing remark (376 chars)

    Great ranch home featuring 3 bedrooms and 1 bathroom, with a spacious living room highlighted by a cozy fireplace. Attached garage and paved driveway offer convenience and ample parking. Located in the heart of the Village of Sharon Springs, just a short distance to local amenities and popular festivals. Enjoy a large, private backyard--perfect for relaxing or entertaining.

17. 2024-10-06
    historical Contingent
18. 2024-10-06
    historical
19. 2024-09-11
    price $147,400
20. 2024-04-17
    listed $149,900 Active
21. 2006-11-28
    soldstatus $49,023
22. 1996-10-03
    soldstatus $26,000

ⓘ 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: $2,604 · $217/mo
• Projected year-2 tax: $2,612 · $218/mo
• Expected delta: +$8/yr (+$1/mo · 0.3%)

ⓘ 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 1/10 Low 6 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $13,550
• − Mortgage interest: −$8,682
• − Property taxes: −$2,604
• − Insurance: −$775
• − Repairs & maintenance: −$1,084
• − Management: −$1,084
• − Depreciation: −$4,509
• Taxable loss: −$5,189
• Est. tax savings @ 24.0%: +$1,245
• After-tax cash flow: $-1,184/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: Sharon Springs Central School District
• NCES district ID: 3626580
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $47,558
• Composite: 40.63/100
• National rank: #7640
• State rank: #568 of 755 in NY

Livability — Sharon Springs

• Score: 61/100
• State rank: #945
• US rank: #18381

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sharon Springs, NY
• Population (ZIP): 2,034

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 4% Black 1%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 4%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 3% 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: ▲ 11.37%
• Current HPI: 362.6872
• 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

+515.0% since first listed

7 events — show timeline

• 2026-04-17 Listed $159,900 Global MLS
• 2024-10-06 Contingent — Global MLS
• 2024-10-06 Listing Removed — Global MLS
• 2024-09-11 Price Changed $147,400 Global MLS
• 2024-04-17 Listed $149,900 Global MLS
• 2006-11-28 Sold (Public Records) $49,023 Public Records
• 1996-10-03 Sold (Public Records) $26,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $2,604 · +2.6% YoY. Source: county tax records.