117 W Main St · Palmyra, NY 14522

$74,900

2 bd · 2.0 ba · 1,423 sqft · MultiFamily public records · 3 Days on market

Built 1896 0.29 ac lot Est $120k · 37% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• 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 MLS

Rare investor opportunity! 2 family up & down in the Village of Palmyra with long term tenants on the first floor and a gutted second floor, ready for you to finish to your specifications. This is a project for serious cash buyers. All showings must be accompanied by the buyer's agent and will be either Thursday 6/18 4-6PM or Saturday 6/20 10-noon. Delayed Negotiations - offers due 06/22 at Noon.

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 1896

Property features AI

Finance

• Other: Lot appears rectangular and residential; Near public transit; City street frontage; Lot dimensions approximately 72 x 174 (0.29 acres)

Exterior

• Parking: Detached garage; Driveway; 2-car garage
• Utilities: Cable available; High-speed internet available; Public water connected; Sewer connected
• Home design: 2 stories; Existing construction
• Construction: Wood siding; Asphalt shingle roof; Stone foundation; Resale condition
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Hardwood; Varies
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Gas heating; Hot water heating; Radiator heating
• Interior features: Separate/formal dining room; Eat-in kitchen; Bedroom on main level; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).

Location & tenants

• Location reads 71/100 on livability (#381 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• Palmyra-Macedon Central School District (town): math 41% / reading 51% proficiency, ranked #443 of 590 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Palmyra-Macedon Primary School (440 students, 37% FRL); Palmyra-Macedon Middle School (math 27% / reading 41%, grade F, #497 of 729 statewide, top 69%, 367 students, 46% FRL); Palmyra-Macedon Senior High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 605 students, 37% FRL).
• Zoned-school proficiency averages 66% at this address vs 46% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Palmyra-Macedon Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -24% 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $42k; list at $75k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.81% ✓
• Cap rate: 15.20%
• Cash-on-cash: 31.80%
• DSCR: 2.42
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $119,532
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
381 Prospect Dr	0.42mi	3/2.0 (+1)	1,517 (+7%)	9mo	$127,000	$84	56

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: 26.8%
• Equity multiple: 2.11×
• Total profit: $23,283
• Equity at exit: $11,168

10-year hold

• IRR: 34.4%
• Equity multiple: 4.14×
• Total profit: $65,940
• Equity at exit: $6,476

Cash invested: $20,972 (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 14522

• Home prices YoY: -26.9%
• Active inventory: 37
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,359 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $556

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 54%

Sensitivity live

Price	-10% $608	-5% $582	+0% $556	+5% $530	+10% $504
Rent	-10% $448	-5% $502	+0% $556	+5% $609	+10% $663
Rate	-1.0pp $594	-0.5pp $575	base $556	+0.5pp $536	+1.0pp $517

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Fayette St Palmyra, NY	2.0	1.0	1000	$1,325	$1.32	4d	1	0.44mi
3527 Vienna St Unit 6 Palmyra, NY	2.0	1.0	1031	$1,450	$1.41	12d	1	1.24mi

Listing history 3 events

1. 2026-06-18
   days on market $74,900 Active 3 DOM
2. 2026-06-17
   remarks 458-char remark
3. 2026-06-17
   listed $74,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,305
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$2,179
• Taxable income: $5,824
• Est. tax owed @ 24.0%: −$1,398
• After-tax cash flow: $5,272/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: Palmyra-Macedon Central School District
• NCES district ID: 3622380
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 51% ▲ 10.00%
• Median HH income: $52,190
• Composite: 39.65/100
• National rank: #3915
• State rank: #443 of 590 in NY

Livability — Palmyra

• Score: 71/100
• State rank: #381
• US rank: #6555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palmyra, NY
• City population: 9,230
• Population (ZIP): 9,230

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 85,662 people
• By 2030: 81,945 · -4.3%
• By 2040: 73,735 · -13.9%
• By 2050: 65,029 · -24.1%
• By 2075: 47,451 · -44.6%
• By 2100: 31,574 · -63.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 1% Hispanic / Latino 1%
• Common ancestry: Iranian 8% Romanian 3% Slovak 2%
• Foreign-born: 1% · China
• Languages at home: 98% English-only · Chinese 1% Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong R (+23.1) · D 38.5% · R 61.5%
• 2008→2024 swing: -13.2pp toward R · 2008: -9.9pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.6 2016: R+26.1 2012: R+9.3 2008: R+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.23%
• Current HPI: 217.7254
• 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

+78.3% since first listed

3 events — show timeline

• 2026-06-15 Listed $74,900 UNYREIS
• 2026-06-15 Listed $74,900 UNYREIS
• 2002-04-09 Sold (Public Records) $42,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $4,308 · +2.3% YoY. Source: county tax records.