133 N Main St · Spencer, NY 14883

$359,000

8 bd · 4.0 ba · 3,144 sqft · MultiFamily · 112 Days on market

Built 1860 Excellent condition 4.69 ac lot $114/sqft · 18% below area Est $440k · 18% under

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Why this score? — see what drove the A 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.8/10.0
• Condition / age +4.8/5.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Excellent turn-key investment property. Stylishly renovated apartment Building with the perfect blend of history and modern comfort. This charming 4-unit apartment building could also be a nice place for an Owner Occupant to call home while the tenants pay the mortgage and taxes!. This 1860 gem has timeless character and has been lovingly renovated from top to bottom. Some of the improvements include: new kitchens, bathrooms, appliances, windows, doors, and decks. Set on almost 5 acres of sprawling land, This property would be a great place for quiet outside enjoyment, friendly gatherings and fun times! Set in a nice Viullage environment people can walk to the nearby village pizza shop or grocery store. Location is an easy commute to Ithaca, Elmira, and Owego. Back acreage of property is located in a 100-year floodplain. Listing agent contacted insurance company and was told that Flood Insurance would not be necessary to get a mortgage. Buyer to verify.

Key facts

• New kitchens
• New appliances
• New bathrooms

Tags

• TURN-KEY INVESTMENT PROPERTY
• RENOVATED APARTMENT BUILDING
• 4-UNIT APARTMENT BUILDING
• NEW KITCHENS
• NEW BATHROOMS
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $359k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $359k).
• Recommended offer: $327k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#567 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime F, amenities F, commute F.
• Spencer-Van Etten Central School District (rural): math 50% / reading 48% proficiency, ranked #405 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Tioga County population projected at -27% 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 $101k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($327k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $326,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 1860 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 1.28% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.58%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $439,657
• List price: $359,000
• Delta: -18.35%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
133 N Main St	0.00mi	8/4.0	3,144 (0%)	16mo	$345,000	$110	87

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: 34.3%
• Equity multiple: 3.67×
• Total profit: $268,021
• Equity at exit: $323,416

10-year hold

• IRR: 29.5%
• Equity multiple: 8.29×
• Total profit: $732,456
• Equity at exit: $697,458

Cash invested: $100,520 (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 14883

• Home prices YoY: 12.9%
• Active inventory: 26
• Price-to-rent: 26.1×

Monthly cashflow live

• Estimated rent: $4,580 medium
• Mortgage (P&I): −$1,883
• Tax est. 1.5%: −$449 /mo · $5,385/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$962
• Net cashflow: $1,137

Break-even live

Break-even rent $3,140

Max offer price $359,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,580
Total (4 units)			$4,580

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $359,000 Active 112 DOM
2. 2026-06-18
   days on market $359,000 Active 111 DOM
3. 2026-06-17
   days on market $359,000 Active 110 DOM
4. 2026-06-16
   days on market $359,000 Active 109 DOM
5. 2026-06-15
   days on market $359,000 Active 108 DOM
6. 2026-06-14
   days on market $359,000 Active 106 DOM
7. 2026-06-13
   days on market $359,000 Active 105 DOM
8. 2026-06-10
   days on market $359,000 Active 103 DOM
9. 2026-06-09
   days on market $359,000 Active 102 DOM
10. 2026-06-08
    days on market $359,000 Active 101 DOM
11. 2026-06-07
    days on market $359,000 Active 100 DOM
12. 2026-06-03
    days on market $359,000 Active 96 DOM
13. 2026-06-02
    days on market $359,000 Active 95 DOM
14. 2026-06-01
    days on market $359,000 Active 94 DOM
15. 2026-05-31
    days on market $359,000 Active 93 DOM
16. 2026-05-30
    days on market $359,000 Active 92 DOM
17. 2026-02-27
    listed $359,000 Active 967-char remark

    Show marketing remark (967 chars)

    Excellent turn-key investment property. Stylishly renovated apartment Building with the perfect blend of history and modern comfort. This charming 4-unit apartment building could also be a nice place for an Owner Occupant to call home while the tenants pay the mortgage and taxes!. This 1860 gem has timeless character and has been lovingly renovated from top to bottom. Some of the improvements include: new kitchens, bathrooms, appliances, windows, doors, and decks. Set on almost 5 acres of sprawling land, This property would be a great place for quiet outside enjoyment, friendly gatherings and fun times! Set in a nice Viullage environment people can walk to the nearby village pizza shop or grocery store. Location is an easy commute to Ithaca, Elmira, and Owego. Back acreage of property is located in a 100-year floodplain. Listing agent contacted insurance company and was told that Flood Insurance would not be necessary to get a mortgage. Buyer to verify.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,960
• − Mortgage interest: −$20,110
• − Property taxes: −$5,385
• − Insurance: −$1,795
• − Repairs & maintenance: −$4,397
• − Management: −$4,397
• − Depreciation: −$10,444
• Taxable income: $8,433
• Est. tax owed @ 24.0%: −$2,024
• After-tax cash flow: $11,623/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.

Condition & rehab AI · 1 photo

Excellent 95/100 None rehab

This multi-family property is in excellent condition with no visible repairs needed. It offers a great investment opportunity with potential for further value enhancement through landscaping and interior updates.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the property's aesthetic and appeal
• Both Interior updates to common areas — Improves the overall living experience for tenants and buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the property's aesthetic and appeal ↑
• Both Interior updates to common areas — Improves the overall living experience for tenants and buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spencer-Van Etten Central School District
• NCES district ID: 3627750
• Math proficiency: 50% ▼ -13.00%
• Reading proficiency: 48% ▲ 4.00%
• Median HH income: $48,456
• Composite: 41.82/100
• National rank: #3389
• State rank: #405 of 590 in NY

Livability — Spencer

• Score: 67/100
• State rank: #567
• US rank: #10169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, NY
• Population (ZIP): 4,525

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Iranian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Russian/Polish/Slavic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 34.53%
• Current HPI: 301.4985
• 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

1 event — show timeline

• 2026-02-27 Listed $359,000 IBRMLS