2975 State Highway 23 · Laurens, NY 13861

$229,900

3 bd · 2.5 ba · 2,056 sqft · MultiFamily public records · 122 Days on market

Built 1946 2.28 ac lot $112/sqft · 20% below area Est $286k · 20% under ↓ 17% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• Appreciation +8.8/10.0
• Schools +4.6/10.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Livability +3.0/5.0
• 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 MLS

Opportunity awaits! This property is so versatile it will meet anyone's needs. MONEY MAKING OPTIONS galore with Cooperstown ALL Star Village right down the road or make it your home. There is also huge GARAGE/WORKSHOP with electric, water, heat and lots of parking. This home has two separate living spaces or open the door to upstairs and make it your private home. The first floor has 2 spacious bedrooms and 1.5 baths with a huge living room, nice kitchen that opens to the dining room with sliders to the deck, overlooking a nice FENCED IN YARD. All on 2.28 ACRES. There is a BONUS ROOM with a private entrance, which could be used as an OFFICE or rent it out. This space was once used as a hair salon. Upstairs is a ONE BEDROOM APARTMENT with NEW BATHROOM, UPDATED FLOORING and eat-in kitchen. NEW FURNACE, NEWER VINYLE SIDING and METAL ROOF. Less than 10 minutes to Cooperstown All Star Village, Oneonta, I88 and 10 minutes to Morris. Don't hesitate schedule your showing today!

Key facts

• New bathroom
• Huge garage workshop
• Bonus room

Tags

• HUGE GARAGE WORKSHOP
• FENCED IN YARD
• BONUS ROOM
• PRIVATE ENTRANCE
• ONE BEDROOM APARTMENT
• NEW BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $-1 ($-8/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (11.8% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#1,003 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Laurens Central School District (rural): math 55% / reading 50% proficiency, ranked #423 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (7.6% local appreciation)).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.6% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $202,312 (12.0% 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. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
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: 0.88% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 9.4

CMA / ARV

• ARV (median comp): $286,214
• List price: $229,900
• Delta: -19.68%
• Verdict: UNDERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

7.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 2.38×
• Total profit: $88,960
• Equity at exit: $168,550

10-year hold

• IRR: 18.0%
• Equity multiple: 5.01×
• Total profit: $258,151
• Equity at exit: $328,903

Cash invested: $64,372 (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 13861

• Home prices YoY: 2.1%
• Active inventory: 3
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $2,028 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$301 /mo · $3,616/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-1

Break-even live

Break-even rent $2,029

Max offer price $229,789

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,028
Total (2 units)			$2,028

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $229,900 Active 122 DOM
2. 2026-06-18
   days on market $229,900 Active 121 DOM
3. 2026-06-17
   days on market $229,900 Active 120 DOM
4. 2026-06-17
   price $229,900 Active 119 DOM
5. 2026-06-16
   days on market $249,900 Active 119 DOM
6. 2026-06-15
   days on market $249,900 Active 118 DOM
7. 2026-06-14
   days on market $249,900 Active 116 DOM
8. 2026-06-12
   days on market $249,900 Active 115 DOM
9. 2026-06-09
   days on market $249,900 Active 112 DOM
10. 2026-06-08
    days on market $249,900 Active 111 DOM
11. 2026-06-07
    days on market $249,900 Active 110 DOM
12. 2026-06-05
    days on market $249,900 Active 108 DOM
13. 2026-06-03
    days on market $249,900 Active 106 DOM
14. 2026-06-02
    days on market $249,900 Active 105 DOM
15. 2026-06-01
    days on market $249,900 Active 104 DOM
16. 2026-05-31
    days on market $249,900 Active 103 DOM
17. 2026-05-31
    days on market $249,900 Active 102 DOM
18. 2026-04-22
    price $249,900 984-char remark

    Show marketing remark (984 chars)

    Opportunity awaits! This property is so versatile it will meet anyone's needs. MONEY MAKING OPTIONS galore with Cooperstown ALL Star Village right down the road or make it your home. There is also huge GARAGE/WORKSHOP with electric, water, heat and lots of parking. This home has two separate living spaces or open the door to upstairs and make it your private home. The first floor has 2 spacious bedrooms and 1.5 baths with a huge living room, nice kitchen that opens to the dining room with sliders to the deck, overlooking a nice FENCED IN YARD. All on 2.28 ACRES. There is a BONUS ROOM with a private entrance, which could be used as an OFFICE or rent it out. This space was once used as a hair salon. Upstairs is a ONE BEDROOM APARTMENT with NEW BATHROOM, UPDATED FLOORING and eat-in kitchen. NEW FURNACE, NEWER VINYLE SIDING and METAL ROOF. Less than 10 minutes to Cooperstown All Star Village, Oneonta, I88 and 10 minutes to Morris. Don't hesitate schedule your showing today!

19. 2026-02-17
    listed $265,000 Active 984-char remark

    Show marketing remark (984 chars)

    Opportunity awaits! This property is so versatile it will meet anyone's needs. MONEY MAKING OPTIONS galore with Cooperstown ALL Star Village right down the road or make it your home. There is also huge GARAGE/WORKSHOP with electric, water, heat and lots of parking. This home has two separate living spaces or open the door to upstairs and make it your private home. The first floor has 2 spacious bedrooms and 1.5 baths with a huge living room, nice kitchen that opens to the dining room with sliders to the deck, overlooking a nice FENCED IN YARD. All on 2.28 ACRES. There is a BONUS ROOM with a private entrance, which could be used as an OFFICE or rent it out. This space was once used as a hair salon. Upstairs is a ONE BEDROOM APARTMENT with NEW BATHROOM, UPDATED FLOORING and eat-in kitchen. NEW FURNACE, NEWER VINYLE SIDING and METAL ROOF. Less than 10 minutes to Cooperstown All Star Village, Oneonta, I88 and 10 minutes to Morris. Don't hesitate schedule your showing today!

20. 2025-10-24
    price $289,900
21. 2025-07-21
    listed $299,900 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: $3,616 · $301/mo
• Projected year-2 tax: $3,751 · $313/mo
• Expected delta: +$135/yr (+$11/mo · 3.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 16 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: $24,336
• − Mortgage interest: −$12,878
• − Property taxes: −$3,616
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − Depreciation: −$6,688
• Taxable loss: −$3,889
• Est. tax savings @ 24.0%: +$933
• After-tax cash flow: $926/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: Laurens Central School District
• NCES district ID: 3616800
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $46,144
• Composite: 46.42/100
• National rank: #5346
• State rank: #423 of 755 in NY

Livability — Laurens

• Score: 60/100
• State rank: #1003
• US rank: #19540

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 450

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 57,987 people
• By 2030: 55,403 · -4.5%
• By 2040: 50,336 · -13.2%
• By 2050: 45,715 · -21.2%
• By 2075: 38,769 · -33.1%
• By 2100: 33,468 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Native American 6% Two or more races 2%
• Common ancestry: Portuguese 13% Scottish 8% Romanian 6%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Otsego

• 2024 margin: Lean R (+7.9) · D 46.1% · R 53.9%
• 2008→2024 swing: -13.8pp toward R · 2008: 5.9pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+5.0 2016: R+13.0 2012: D+2.0 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.61%
• Current HPI: 363.1763
• 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

-16.7% since first listed

4 events — show timeline

• 2026-04-22 Price Changed $249,900 UNYREIS
• 2026-02-17 Listed $265,000 UNYREIS
• 2025-10-24 Price Changed $289,900 UNYREIS
• 2025-07-21 Listed $299,900 UNYREIS

Property tax history

+7.8%/yr

Latest (2025): $3,616 · +18.2% YoY. Source: county tax records.