1 Reynolds St · Alfred, NY 14802

$275,000

9 bd · 3.0 ba · 2,392 sqft · MultiFamily public records · 287 Days on market

Built 1940 6,534 sqft lot $115/sqft · 27% above area Est $216k · 27% over

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Why this score? — see what drove the C- 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 +21.0/30.0
• DSCR +6.7/10.0
• Appreciation +6.5/10.0
• 1% rule +5.6/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

3 Unit Apartment House conveniently located near both Alfred State and Alfred University Campuses. 1st floor is a 4-bedroom apartment; 2nd floor is a two Bedroom and 3rd floor is a 2 bedroom. Property is currently rented through the academic year. Rent is paid by the semester $2500.00 per person per semester: if paid on time $100.00 discount; so income is based on 8 @$2400.00.

Key facts

• 6,534 sq ft lot
• 2 parking spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive. Per door: $129/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#110 in NY, #1,824 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime D+, employment F.
• Alfred-Almond Central School District (rural): math 50% / reading 55% proficiency, ranked #345 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• Allegany County population projected at -26% 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 $77k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $275k implies a 292% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 287 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• GRM: 7.8

CMA / ARV

• ARV (median comp): $216,247
• List price: $275,000
• Delta: 27.17%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

3.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.75×
• Total profit: $58,113
• Equity at exit: $123,955

10-year hold

• IRR: 15.1%
• Equity multiple: 3.24×
• Total profit: $172,107
• Equity at exit: $191,266

Cash invested: $77,000 (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 14802

• Home prices YoY: 1.2%
• Active inventory: 6
• Price-to-rent: 23.5×

Monthly cashflow live

• Estimated rent: $2,922 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$365 /mo · $4,377/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $387

Break-even live

Break-even rent $2,432

Max offer price $275,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$2,922
Total (3 units)			$2,922

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $275,000 Active 287 DOM
2. 2026-06-18
   days on market $275,000 Active 286 DOM
3. 2026-06-17
   days on market $275,000 Active 285 DOM
4. 2026-06-16
   days on market $275,000 Active 284 DOM
5. 2026-06-15
   days on market $275,000 Active 283 DOM
6. 2026-06-14
   days on market $275,000 Active 281 DOM
7. 2026-06-12
   days on market $275,000 Active 280 DOM
8. 2026-06-09
   days on market $275,000 Active 277 DOM
9. 2026-06-08
   days on market $275,000 Active 276 DOM
10. 2026-06-07
    days on market $275,000 Active 275 DOM
11. 2026-06-05
    days on market $275,000 Active 272 DOM
12. 2026-06-02
    days on market $275,000 Active 270 DOM
13. 2026-06-01
    days on market $275,000 Active 269 DOM
14. 2026-05-31
    days on market $275,000 Active 268 DOM
15. 2026-05-30
    days on market $275,000 Active 267 DOM
16. 2026-02-27
    price $275,000 379-char remark

    Show marketing remark (379 chars)

    3 Unit Apartment House conveniently located near both Alfred State and Alfred University Campuses. 1st floor is a 4-bedroom apartment; 2nd floor is a two Bedroom and 3rd floor is a 2 bedroom. Property is currently rented through the academic year. Rent is paid by the semester $2500.00 per person per semester: if paid on time $100.00 discount; so income is based on 8 @$2400.00.

17. 2025-09-05
    listed $279,000 Active 379-char remark

    Show marketing remark (379 chars)

    3 Unit Apartment House conveniently located near both Alfred State and Alfred University Campuses. 1st floor is a 4-bedroom apartment; 2nd floor is a two Bedroom and 3rd floor is a 2 bedroom. Property is currently rented through the academic year. Rent is paid by the semester $2500.00 per person per semester: if paid on time $100.00 discount; so income is based on 8 @$2400.00.

18. 2016-07-20
    soldstatus $70,100
19. 2010-12-22
    soldstatus $75,500

ⓘ 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: $4,377 · $365/mo
• Projected year-2 tax: $4,512 · $376/mo
• Expected delta: +$135/yr (+$11/mo · 3.1%)

ⓘ 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 1/10 Low 7 d/yr ≥89°F today · 17 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: $35,064
• − Mortgage interest: −$15,404
• − Property taxes: −$4,377
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,805
• − Management: −$2,805
• − Depreciation: −$8,000
• Taxable income: $297
• Est. tax owed @ 24.0%: −$71
• After-tax cash flow: $4,572/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: Alfred-Almond Central School District
• NCES district ID: 3602700
• Math proficiency: 50% ▼ -7.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $47,682
• Composite: 44.62/100
• National rank: #2772
• State rank: #345 of 590 in NY

Livability — Alfred

• Score: 80/100
• State rank: #110
• US rank: #1824

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alfred, NY
• City population: 6,118
• Population (ZIP): 4,627

Population outlook (Allegany County) Hauer SSP2

• Today (2025): 45,362 people
• By 2030: 43,078 · -5.0%
• By 2040: 38,031 · -16.2%
• By 2050: 33,634 · -25.9%
• By 2075: 25,285 · -44.3%
• By 2100: 18,902 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 13% Black 10% Asian 5% Two or more races 4%
• Hispanic origin (detail): Dominican 1%
• Common ancestry: Romanian 2% Portuguese 1% Italian 1%
• Foreign-born: 7% · China, Canada
• Languages at home: 83% English-only · Spanish 7% Chinese 2% Other Asian/Pacific 2%

Political lean MEDSL · Allegany

• 2024 margin: Solid R (+43.2) · D 28.4% · R 71.6%
• 2008→2024 swing: -21.5pp toward R · 2008: -21.7pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.9 2016: R+42.3 2012: R+25.3 2008: R+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.02%
• Current HPI: 258.731
• 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

+264.2% since first listed

4 events — show timeline

• 2026-02-27 Price Changed $275,000 UNYREIS
• 2025-09-05 Listed $279,000 UNYREIS
• 2016-07-20 Sold (Public Records) $70,100 Public Records
• 2010-12-22 Sold (Public Records) $75,500 Public Records

Property tax history

-1.1%/yr

Latest (2025): $4,377 · -1.1% YoY. Source: county tax records.