231 E Main St · Waterloo, NY 13165

$65,000

4 bd · 2.0 ba · 1,976 sqft · MultiFamily public records · 72 Days on market

Built 1865 6,098 sqft lot $33/sqft · 69% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.4/10.0
• 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 MLS

Welcome to 231 E. Main Street in Waterloo! This two-unit upstairs downstairs apartment building has started to take shape! Bring your vision for lots of potential for a fantastic investment property! Plumbing & electrical has been roughed in & the downstairs unit has been drywalled & ready for finishes. Inside each unit you'll find 2 bedrooms & 1 full bath with laundry hook ups & spacious closets. An open concept kitchen & living room has been designed with plumbing & electrical & areas for electric baseboard roughed in throughout! 3 new panel boxes in basement for separate utilities & an added panel for the basement! Bring your vision & don't miss out on a great opportunity!

Key facts

• 6,098 sq ft lot
• Built 1865
• Listed 72 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 34.6% vs local median 4.8% in Waterloo — 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 (#268 in NY, #4,240 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Waterloo Central School District (town): math 37% / reading 43% proficiency, ranked #525 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $20k; list at $65k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1865 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1865 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 4.00% ✓
• Cap rate: 34.58%
• Cash-on-cash: 101.03%
• DSCR: 5.50
• GRM: 2.1

CMA / ARV

• ARV (median comp): $206,814
• List price: $65,000
• Delta: -68.57%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 E Elizabeth St	0.39mi	4/2.0	1,989 (+1%)	4mo	$100,000	$50	77

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

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 5.79×
• Total profit: $87,140
• Equity at exit: $9,692

10-year hold

• IRR: —
• Equity multiple: 12.09×
• Total profit: $201,883
• Equity at exit: $5,620

Cash invested: $18,200 (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 13165

• Home prices YoY: -20.7%
• Active inventory: 38
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,600 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$154 /mo · $1,846/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,532

Break-even live

Break-even rent $660

Max offer price $65,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,569	-5% $1,551	+0% $1,532	+5% $1,514	+10% $1,495
Rent	-10% $1,327	-5% $1,430	+0% $1,532	+5% $1,635	+10% $1,738
Rate	-1.0pp $1,565	-0.5pp $1,549	base $1,532	+0.5pp $1,515	+1.0pp $1,498

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,600
Total (2 units)			$2,600

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $65,000 Active 72 DOM
2. 2026-06-18
   days on market $65,000 Active 70 DOM
3. 2026-06-17
   days on market $65,000 Active 69 DOM
4. 2026-06-16
   days on market $65,000 Active 68 DOM
5. 2026-06-15
   days on market $65,000 Active 67 DOM
6. 2026-06-13
   days on market $65,000 Active 65 DOM
7. 2026-06-12
   days on market $65,000 Active 64 DOM
8. 2026-06-09
   days on market $65,000 Active 61 DOM
9. 2026-06-08
   days on market $65,000 Active 60 DOM
10. 2026-06-07
    days on market $65,000 Active 59 DOM
11. 2026-06-07
    days on market $65,000 Active 58 DOM
12. 2026-06-04
    days on market $65,000 Active 55 DOM
13. 2026-06-02
    days on market $65,000 Active 54 DOM
14. 2026-06-01
    days on market $65,000 Active 53 DOM
15. 2026-05-31
    days on market $65,000 Active 52 DOM
16. 2026-04-09
    listed $65,000 Active 744-char remark

    Show marketing remark (744 chars)

    Welcome to 231 E. Main Street in Waterloo! This two-unit upstairs downstairs apartment building has started to take shape! Bring your vision for lots of potential for a fantastic investment property! Plumbing & electrical has been roughed in & the downstairs unit has been drywalled & ready for finishes. Inside each unit you'll find 2 bedrooms & 1 full bath with laundry hook ups & spacious closets. An open concept kitchen & living room has been designed with plumbing & electrical & areas for electric baseboard roughed in throughout! 3 new panel boxes in basement for separate utilities & an added panel for the basement! Bring your vision & don't miss out on a great opportunity!

17. 2026-02-10
    status Pending
18. 2026-02-06
    historical
19. 2026-01-22
    status Active
20. 2026-01-22
    historical Active Under Contract
21. 2025-11-18
    listed $65,000 Active
22. 2025-11-01
    historical
23. 2025-08-25
    price $65,000
24. 2025-08-22
    price $67,000
25. 2025-07-14
    status Active
26. 2025-06-01
    status Pending
27. 2025-03-09
    listed $70,000 Active
28. 2022-06-24
    soldstatus $20,000
29. 2022-06-23
    soldstatus $20,000 Closed Sale or Rented
30. 2022-06-16
    soldstatus $20,000 Closed Sale or Rented
31. 2022-04-12
    status Pending Sale
32. 2022-04-01
    status Pending Sale
33. 2022-02-18
    listed $35,000 Active
34. 2022-02-18
    listed $35,000 Active

ⓘ 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: $1,846 · $154/mo
• Projected year-2 tax: $1,846 · $154/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,200
• − Mortgage interest: −$3,641
• − Property taxes: −$1,846
• − Insurance: −$325
• − Repairs & maintenance: −$2,496
• − Management: −$2,496
• − Depreciation: −$1,891
• Taxable income: $18,505
• Est. tax owed @ 24.0%: −$4,441
• After-tax cash flow: $13,946/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: Waterloo Central School District
• NCES district ID: 3600014
• Math proficiency: 37% ▼ -9.00%
• Reading proficiency: 43% ▲ 11.00%
• Median HH income: $46,726
• Composite: 34.16/100
• National rank: #5278
• State rank: #525 of 590 in NY

Livability — Waterloo

• Score: 75/100
• State rank: #268
• US rank: #4240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterloo, NY
• Population (ZIP): 9,429

Population outlook (Seneca County) Hauer SSP2

• Today (2025): 33,457 people
• By 2030: 32,540 · -2.7%
• By 2040: 30,680 · -8.3%
• By 2050: 28,875 · -13.7%
• By 2075: 24,757 · -26.0%
• By 2100: 19,591 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Slovak 4% Iranian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 2%

Political lean MEDSL · Seneca

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -14.4pp toward R · 2008: 2.6pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: R+9.1 2016: R+12.1 2012: D+9.2 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.17%
• Current HPI: 257.272
• 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

+85.7% since first listed

19 events — show timeline

• 2026-04-09 Listed $65,000 UNYREIS
• 2026-02-10 Pending — UNYREIS
• 2026-02-06 Listing Removed — UNYREIS
• 2026-01-22 Relisted — UNYREIS
• 2026-01-22 Contingent — UNYREIS
• 2025-11-18 Listed $65,000 UNYREIS
• 2025-11-01 Listing Removed — UNYREIS
• 2025-08-25 Price Changed $65,000 UNYREIS
• 2025-08-22 Price Changed $67,000 UNYREIS
• 2025-07-14 Relisted — UNYREIS
• 2025-06-01 Pending — UNYREIS
• 2025-03-09 Listed $70,000 UNYREIS
• 2022-06-24 Sold (Public Records) $20,000 Public Records
• 2022-06-23 Sold (MLS) $20,000 UNYREIS
• 2022-06-16 Sold (MLS) $20,000 UNYREIS
• 2022-04-12 Pending — UNYREIS
• 2022-04-01 Pending — UNYREIS
• 2022-02-18 Listed $35,000 UNYREIS
• 2022-02-18 Listed $35,000 UNYREIS

Property tax history

+1.3%/yr

Latest (2025): $1,846 · +5.3% YoY. Source: county tax records.