10 Adelaide St · Norwich, NY 13815

$159,900

4 bd · 2.0 ba · 2,470 sqft · MultiFamily public records · 20 Days on market

Built 1930 0.25 ac lot Est $128k · 24% over

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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).

• Cash flow +12.3/30.0
• Appreciation +10.0/10.0
• 1% rule +4.9/10.0
• DSCR +3.7/10.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

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

ENCHANTING! Completely Redone keeping the character & charm intact, 3+ bedrooms large dining room with original wood floor & built in china cabinets, living room, family room & parlor with elec Fireplace, large laundry room-kitchen pantry, New oversized bathroom with replica claw foot tub, shower & parlor stove, this home features a front & back stairway.

Key facts

• 0.25 acre lot
• Garage
• Built 1930

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: High-speed internet available; Public water connected; Sewer connected
• Home design: 2-story house; Existing construction
• Construction: Frame construction with vinyl siding; Blown-in insulation; Asphalt shingle roof; Stone foundation; Has basement (partial, dirt floor)
• Exterior features: Blacktop driveway; Dirt driveway; Gravel driveway; Covered patio/porch; Patio; Porch; Rectangular residential lot; City street frontage; Lot dimensions approximately 66 x 198

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Kitchen island
• Flooring: Carpet; Hardwood; Tile; Varies
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Gas heating; Forced air
• Interior features: Ceiling fan(s); Separate/formal living room; Kitchen island; Partially furnished; Natural woodwork; Window treatments; Drapes
• Laundry & utility: Washer; Dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $-28 ($-336/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (1.1% below list).
• Recommended offer: $155k (3.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stanford J Gibson Primary School (400 students, 52% FRL); Norwich Middle School (math 34% / reading 48%, grade F, #402 of 729 statewide, top 56%, 381 students, 59% FRL); Norwich High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 546 students, 48% FRL).
• Zoned-school proficiency averages 62% at this address vs 42% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Norwich City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 84 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $130k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,949 (3.1% 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. Built in 1930 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $128,440
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Sheldon St	0.16mi	3/2.5 (-1)	2,802 (+13%)	11mo	$150,000	$54	54
26 Henry St	0.60mi	5/2.0 (+1)	2,762 (+12%)	7mo	$144,900	$52	42
23 Hayes St	0.65mi	4/1.0	2,680 (+8%)	14mo	$79,900	$30	39
53 Fair St	0.75mi	3/2.0 (-1)	2,539 (+3%)	20mo	$112,000	$44	39
15 Rowley Ave	0.58mi	4/3.5	2,178 (-12%)	14mo	$120,000	$55	36

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

Projected returns pro-forma

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

5-year hold

• IRR: 23.8%
• Equity multiple: 2.91×
• Total profit: $85,431
• Equity at exit: $144,051

10-year hold

• IRR: 21.1%
• Equity multiple: 6.66×
• Total profit: $253,242
• Equity at exit: $310,651

Cash invested: $44,772 (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 13815

• Home prices YoY: 8.2%
• Active inventory: 84
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,582 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$373 /mo · $4,471/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-28

Break-even live

Break-even rent $1,617

Max offer price $154,949

Occupancy floor 97%

Sensitivity live

Price	-10% $62	-5% $17	+0% $-28	+5% $-73	+10% $-119
Rent	-10% $-153	-5% $-91	+0% $-28	+5% $34	+10% $97
Rate	-1.0pp $52	-0.5pp $13	base $-28	+0.5pp $-69	+1.0pp $-112

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-27
   status Pending
2. 2026-04-07
   listed $159,900 Active
3. 2007-05-25
   soldstatus $130,000
4. 2007-05-24
   soldstatus $130,000 388-char remark

   Show marketing remark (388 chars)

   ENCHANTING! Completely Redone keeping the character & charm intact, 3+ bedrooms large dining room with original wood floor & built in china cabinets, living room, family room & parlor with elec Fireplace, large laundry room-kitchen pantry, New oversized bathroom with replica claw foot tub, shower & parlor stove, this home features a front & back stairway.

5. 2007-02-12
   listed $139,900 388-char remark

   Show marketing remark (388 chars)

   ENCHANTING! Completely Redone keeping the character & charm intact, 3+ bedrooms large dining room with original wood floor & built in china cabinets, living room, family room & parlor with elec Fireplace, large laundry room-kitchen pantry, New oversized bathroom with replica claw foot tub, shower & parlor stove, this home features a front & back stairway.

6. 2006-06-02
   soldstatus $65,000 478-char remark

   Show marketing remark (478 chars)

   MUST SELL NOW!MAKE AN OFFER. CITY CHARMER WITH LARGE YARD, DETACHED GARAGE and VINYL SIDING! 4 Bedrooms and possible 5th bedrm. DOWSTAIRS if needed. Beautiful built in china cupboard and woodwork in dining room. Vintage style kitchen with built-in cabinets and large cast iron sink. Many improvments including: Interior painting of liv. rm. , kitchen, dining room(in process). Much original character. Has 2 driveways and could easily be made back into a two family for income!

7. 2006-06-02
   soldstatus $65,000

   Show marketing remark (478 chars)

   MUST SELL NOW!MAKE AN OFFER. CITY CHARMER WITH LARGE YARD, DETACHED GARAGE and VINYL SIDING! 4 Bedrooms and possible 5th bedrm. DOWSTAIRS if needed. Beautiful built in china cupboard and woodwork in dining room. Vintage style kitchen with built-in cabinets and large cast iron sink. Many improvments including: Interior painting of liv. rm. , kitchen, dining room(in process). Much original character. Has 2 driveways and could easily be made back into a two family for income!

8. 2005-07-22
   listed $69,900 478-char remark

   Show marketing remark (478 chars)

   MUST SELL NOW!MAKE AN OFFER. CITY CHARMER WITH LARGE YARD, DETACHED GARAGE and VINYL SIDING! 4 Bedrooms and possible 5th bedrm. DOWSTAIRS if needed. Beautiful built in china cupboard and woodwork in dining room. Vintage style kitchen with built-in cabinets and large cast iron sink. Many improvments including: Interior painting of liv. rm. , kitchen, dining room(in process). Much original character. Has 2 driveways and could easily be made back into a two family for income!

9. 1992-02-11
   soldstatus $54,250

ⓘ 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: $4,471 · $373/mo
• Projected year-2 tax: $4,471 · $373/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $18,983
• − Mortgage interest: −$8,957
• − Property taxes: −$4,471
• − Insurance: −$800
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − Depreciation: −$4,652
• Taxable loss: −$2,933
• Est. tax savings @ 24.0%: +$704
• After-tax cash flow: $368/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: Norwich City School District
• NCES district ID: 3621330
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $40,687
• Composite: 35.68/100
• National rank: #4874
• State rank: #498 of 590 in NY

Livability — Norwich

• Score: 70/100
• State rank: #447
• US rank: #7857

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, NY
• City population: 12,855
• Population (ZIP): 12,855

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Lithuanian 3% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 0%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.23%
• Current HPI: 280.463
• 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

+194.7% since first listed

9 events — show timeline

• 2026-04-27 Pending — UNYREIS
• 2026-04-07 Listed $159,900 UNYREIS
• 2007-05-25 Sold (Public Records) $130,000 Public Records
• 2007-05-24 Sold (MLS) $130,000 UNYREIS
• 2007-02-12 Listed $139,900 UNYREIS
• 2006-06-02 Sold (Public Records) $65,000 Public Records
• 2006-06-02 Sold (MLS) $65,000 UNYREIS
• 2005-07-22 Listed $69,900 UNYREIS
• 1992-02-11 Sold (Public Records) $54,250 Public Records

Property tax history

+1.5%/yr

Latest (2025): $4,471 · +1.4% YoY. Source: county tax records.