200 Henry St · Montour Falls, NY 14865

$199,999

4 bd · 3.0 ba · 2,138 sqft · MultiFamily public records · 57 Days on market

Built 1890 0.33 ac lot $94/sqft · 16% below area Est $238k · 16% under

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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 +27.2/30.0
• ARV discount +14.7/15.0
• DSCR +9.4/10.0
• 1% rule +7.5/10.0
• Appreciation +7.1/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Attention investors: if you’re looking for a Finger Lakes turnkey investment, this is a strong, fully performing opportunity. Ideally located within walking distance of downtown Montour Falls and its iconic waterfall, this recently updated 3-unit property is fully occupied and generating immediate income. The building consists of one 2-bedroom unit (upper) and two 1-bedroom units (lower front and lower rear). Each unit is all-electric with separate hot water heaters, electric baseboard heat, and individual electric meters—keeping expenses straightforward and tenant responsibility clear. The lower front 1-BR features a welcoming front porch, large bay windows, a spacious updated

Key facts

• All electric
• Iconic waterfall
• Fully occupied

Tags

• WALKING DISTANCE TO DOWNTOWN
• ICONIC WATERFALL
• FULLY OCCUPIED
• GENERATING IMMEDIATE INCOME
• ALL ELECTRIC
• SEPARATE HOT WATER HEATERS

Property features AI

Finance

• HOA & community: Trails/paths nearby

Exterior

• Parking: No garage; Shared driveway
• Utilities: Electricity available and connected; Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story property; Existing construction
• Construction: Fiber cement siding; Asphalt roof; Block foundation; Built as existing structure
• Exterior features: Gravel driveway; Rectangular residential lot; City street frontage; Lot dimensions approximately 99 x 156

Interior

• Kitchen: Electric cooktop; Refrigerator; Eat-in kitchen
• Bedrooms: 2 main-level bedrooms; Bedroom on main level
• Flooring: Laminate; Luxury vinyl; Varied flooring
• Bathrooms: 3 full bathrooms; 2 main-level bathrooms
• Heating & cooling: Zoned heating (electric); Zoned cooling
• Interior features: Ceiling fans; Eat-in kitchen; Thermal windows
• Laundry & utility: Laundry on main level; Laundry on upper level; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#786 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: health & safety D, schools F, amenities F.
• Odessa-Montour Central School District (rural): math 41% / reading 60% proficiency, ranked #383 of 590 in NY (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 19 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $8k appreciation (4.2% local appreciation)).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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 $85k; list at $200k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.21%
• DSCR: 1.54
• GRM: 6.7

CMA / ARV

• ARV (median comp): $238,094
• List price: $199,999
• Delta: -16.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 S College Ave	0.31mi	4/2.0	2,031 (-5%)	22mo	$219,500	$108	55

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

Projected returns pro-forma

4.16% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 2.23×
• Total profit: $68,770
• Equity at exit: $103,271

10-year hold

• IRR: 20.6%
• Equity multiple: 4.31×
• Total profit: $185,331
• Equity at exit: $170,416

Cash invested: $56,000 (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 14865

• Home prices YoY: 1.6%
• Active inventory: 19
• Price-to-rent: 19.6×

Monthly cashflow live

• Estimated rent: $2,497 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$271 /mo · $3,251/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $503

Break-even live

Break-even rent $1,860

Max offer price $199,999

Occupancy floor 75%

Sensitivity live

Price	-10% $616	-5% $560	+0% $503	+5% $447	+10% $390
Rent	-10% $306	-5% $404	+0% $503	+5% $602	+10% $700
Rate	-1.0pp $604	-0.5pp $554	base $503	+0.5pp $451	+1.0pp $399

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$850
▸ 2× units	1	1	$1,648
Total (3 units)			$2,497

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-21
   days on market $199,999 Active 57 DOM
2. 2026-06-19
   days on market $199,999 Active 55 DOM
3. 2026-06-18
   days on market $199,999 Active 54 DOM
4. 2026-06-17
   days on market $199,999 Active 53 DOM
5. 2026-06-16
   days on market $199,999 Active 52 DOM
6. 2026-06-15
   days on market $199,999 Active 51 DOM
7. 2026-06-14
   days on market $199,999 Active 49 DOM
8. 2026-06-13
   days on market $199,999 Active 48 DOM
9. 2026-06-10
   days on market $199,999 Active 46 DOM
10. 2026-06-09
    days on market $199,999 Active 45 DOM
11. 2026-06-08
    days on market $199,999 Active 44 DOM
12. 2026-06-07
    days on market $199,999 Active 43 DOM
13. 2026-06-05
    days on market $199,999 Active 40 DOM
14. 2026-06-02
    days on market $199,999 Active 38 DOM
15. 2026-06-01
    days on market $199,999 Active 37 DOM
16. 2026-05-31
    days on market $199,999 Active 36 DOM
17. 2026-05-30
    days on market $199,999 Active 35 DOM
18. 2026-04-25
    listed $199,999 Active 1482-char remark
19. 2025-09-16
    historical
20. 2025-06-12
    price $199,999
21. 2025-05-27
    price $224,900
22. 2025-05-04
    price $235,000
23. 2025-04-07
    listed $249,900 Active
24. 2024-01-29
    historical
25. 2023-05-12
    listed $195,000
26. 2022-02-03
    soldstatus $85,000
27. 2022-02-01
    soldstatus $85,000
28. 2022-02-01
    soldstatus $85,000
29. 2022-02-01
    soldstatus $85,000
30. 2022-02-01
    soldstatus $85,000
31. 2021-06-17
    listed $109,900
32. 2021-06-17
    listed $109,900
33. 2021-06-17
    listed $109,900
34. 2021-06-17
    listed $109,900
35. 2007-07-06
    soldstatus $68,000
36. 2007-07-05
    soldstatus $68,000
37. 2007-04-11
    listed $70,000
38. 2007-03-18
    historical
39. 2006-09-18
    listed $68,000

ⓘ 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: $3,251 · $271/mo
• Projected year-2 tax: $3,315 · $276/mo
• Expected delta: +$65/yr (+$5/mo · 2.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% 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: $29,964
• − Mortgage interest: −$11,203
• − Property taxes: −$3,251
• − Insurance: −$1,797
• − Repairs & maintenance: −$2,397
• − Management: −$2,397
• − Depreciation: −$5,818
• Taxable income: $3,100
• Est. tax owed @ 24.0%: −$744
• After-tax cash flow: $5,293/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: Odessa-Montour Central School District
• NCES district ID: 3621630
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 60% ▲ 7.00%
• Median HH income: $46,720
• Composite: 42.81/100
• National rank: #3142
• State rank: #383 of 590 in NY

Livability — Montour Falls

• Score: 63/100
• State rank: #786
• US rank: #15104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montour Falls, NY
• Population (ZIP): 2,578

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 6%
• Common ancestry: Lithuanian 7% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · 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: ▲ 4.16%
• Current HPI: 263.1314
• 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

+194.1% since first listed

22 events — show timeline

• 2026-04-25 Listed $199,999 UNYREIS
• 2025-09-16 Listing Removed — UNYREIS
• 2025-06-12 Price Changed $199,999 UNYREIS
• 2025-05-27 Price Changed $224,900 UNYREIS
• 2025-05-04 Price Changed $235,000 UNYREIS
• 2025-04-07 Listed $249,900 UNYREIS
• 2024-01-29 Listing Removed — UNYREIS
• 2023-05-12 Listed $195,000 UNYREIS
• 2022-02-03 Sold (Public Records) $85,000 Public Records
• 2022-02-01 Sold (MLS) $85,000 IBRMLS
• 2022-02-01 Sold (MLS) $85,000 UNYREIS
• 2022-02-01 Sold (MLS) $85,000 IBRMLS
• 2022-02-01 Sold (MLS) $85,000 UNYREIS
• 2021-06-17 Listed $109,900 IBRMLS
• 2021-06-17 Listed $109,900 UNYREIS
• 2021-06-17 Listed $109,900 IBRMLS
• 2021-06-17 Listed $109,900 UNYREIS
• 2007-07-06 Sold (MLS) $68,000 UNYREIS
• 2007-07-05 Sold (Public Records) $68,000 Public Records
• 2007-04-11 Listed $70,000 UNYREIS
• 2007-03-18 Listing Removed — UNYREIS
• 2006-09-18 Listed $68,000 UNYREIS

Property tax history

+1.1%/yr

Latest (2025): $3,251 · +7.6% YoY. Source: county tax records.