208 E Elm St · Penn Yan, NY 14527

$165,000

6 bd · 2.0 ba · 2,380 sqft · MultiFamily public records · 75 Days on market

Built 1910 7,083 sqft lot $69/sqft · 37% below area Est $260k · 37% under ↓ 13% since listing

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

This large two unit home would be a great investment or owner occupied home with rental income. Located within walking distance to downtown Penn Yan. Close to Penn Yan's historic Main St. shopping & restaurants, as well as the public outlet trail for hiking and cycling ect. Only 5 minutes from public beaches and boat launch. 10 minutes to Keuka College, the Keuka Lake State Park and the Keuka Wine Trail. Units are upper / lower. Plenty of off street parking. Each unit has 3 bedrooms and 1 bathroom with laundry hookups and separate utilities. Municipal electric heat, public water/ sewer. Natural gas available. Private entrances. Agent is Owner. New metal roof in 2022. Partial creative financing with terms acceptable to Seller will be considered.

Key facts

• Public beaches
• Public outlet trail
• Boat launch

Tags

• WALKING DISTANCE TO DOWNTOWN
• CLOSE TO HISTORIC MAIN ST
• PUBLIC OUTLET TRAIL
• PUBLIC BEACHES
• BOAT LAUNCH
• 10 MINUTES TO KEUKA COLLEGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $575 ($7k/yr) — positive. Per door: $288/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#850 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety D, crime D-, amenities F.
• Penn Yan Central School District (town): math 57% / reading 62% proficiency, ranked #251 of 590 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 107 units permitted in Yates County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Yates County population projected at -20% 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 $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — 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 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?
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: 1.34% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.94%
• DSCR: 1.66
• GRM: 6.2

CMA / ARV

• ARV (median comp): $260,290
• List price: $165,000
• Delta: -36.61%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.5%
• Equity multiple: 1.22×
• Total profit: $9,952
• Equity at exit: $24,602

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $56,055
• Equity at exit: $14,266

Cash invested: $46,200 (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 14527

• Home prices YoY: -23.6%
• Active inventory: 59
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,211 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$237 /mo · $2,849/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $575

Break-even live

Break-even rent $1,483

Max offer price $165,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,212
Total (2 units)			$2,211

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $165,000 Active 75 DOM
2. 2026-06-17
   days on market $165,000 Active 74 DOM
3. 2026-06-16
   days on market $165,000 Active 73 DOM
4. 2026-06-15
   days on market $165,000 Active 72 DOM
5. 2026-06-13
   days on market $165,000 Active 70 DOM
6. 2026-06-12
   days on market $165,000 Active 69 DOM
7. 2026-06-09
   days on market $165,000 Active 66 DOM
8. 2026-06-08
   days on market $165,000 Active 65 DOM
9. 2026-06-07
   days on market $165,000 Active 64 DOM
10. 2026-06-07
    days on market $165,000 Active 63 DOM
11. 2026-06-04
    days on market $165,000 Active 60 DOM
12. 2026-06-02
    days on market $165,000 Active 59 DOM
13. 2026-06-01
    days on market $165,000 Active 58 DOM
14. 2026-05-31
    days on market $165,000 Active 57 DOM
15. 2026-05-08
    price $165,000 760-char remark

    Show marketing remark (760 chars)

    This large two unit home would be a great investment or owner occupied home with rental income. Located within walking distance to downtown Penn Yan. Close to Penn Yan's historic Main St. shopping & restaurants, as well as the public outlet trail for hiking and cycling ect. Only 5 minutes from public beaches and boat launch. 10 minutes to Keuka College, the Keuka Lake State Park and the Keuka Wine Trail. Units are upper / lower. Plenty of off street parking. Each unit has 3 bedrooms and 1 bathroom with laundry hookups and separate utilities. Municipal electric heat, public water/ sewer. Natural gas available. Private entrances. Agent is Owner. New metal roof in 2022. Partial creative financing with terms acceptable to Seller will be considered.

16. 2026-04-27
    price $170,000 760-char remark

    Show marketing remark (760 chars)

    This large two unit home would be a great investment or owner occupied home with rental income. Located within walking distance to downtown Penn Yan. Close to Penn Yan's historic Main St. shopping & restaurants, as well as the public outlet trail for hiking and cycling ect. Only 5 minutes from public beaches and boat launch. 10 minutes to Keuka College, the Keuka Lake State Park and the Keuka Wine Trail. Units are upper / lower. Plenty of off street parking. Each unit has 3 bedrooms and 1 bathroom with laundry hookups and separate utilities. Municipal electric heat, public water/ sewer. Natural gas available. Private entrances. Agent is Owner. New metal roof in 2022. Partial creative financing with terms acceptable to Seller will be considered.

17. 2026-04-04
    listed $175,000 Active 760-char remark

    Show marketing remark (760 chars)

    This large two unit home would be a great investment or owner occupied home with rental income. Located within walking distance to downtown Penn Yan. Close to Penn Yan's historic Main St. shopping & restaurants, as well as the public outlet trail for hiking and cycling ect. Only 5 minutes from public beaches and boat launch. 10 minutes to Keuka College, the Keuka Lake State Park and the Keuka Wine Trail. Units are upper / lower. Plenty of off street parking. Each unit has 3 bedrooms and 1 bathroom with laundry hookups and separate utilities. Municipal electric heat, public water/ sewer. Natural gas available. Private entrances. Agent is Owner. New metal roof in 2022. Partial creative financing with terms acceptable to Seller will be considered.

18. 2026-03-31
    historical
19. 2026-03-06
    price $180,000
20. 2026-02-12
    price $185,000
21. 2026-01-19
    listed $190,000 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: $2,849 · $237/mo
• Projected year-2 tax: $2,849 · $237/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°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: $26,532
• − Mortgage interest: −$9,243
• − Property taxes: −$2,849
• − Insurance: −$825
• − Repairs & maintenance: −$2,123
• − Management: −$2,123
• − Depreciation: −$4,800
• Taxable income: $4,570
• Est. tax owed @ 24.0%: −$1,097
• After-tax cash flow: $5,806/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: Penn Yan Central School District
• NCES district ID: 3622740
• Math proficiency: 57% ▲ 1.00%
• Reading proficiency: 62% ▲ 16.00%
• Median HH income: $48,067
• Composite: 50.46/100
• National rank: #1860
• State rank: #251 of 590 in NY

Livability — Penn Yan

• Score: 62/100
• State rank: #850
• US rank: #16456

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Penn Yan, NY
• City population: 12,444
• Population (ZIP): 12,444

Population outlook (Yates County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,867 · -3.8%
• By 2040: 20,750 · -12.7%
• By 2050: 18,917 · -20.4%
• By 2075: 15,090 · -36.5%
• By 2100: 11,428 · -51.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Slovak 2% Iranian 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 79% English-only · German/W. Germanic 18% Spanish 2%

Political lean MEDSL · Yates

• 2024 margin: R (+16.2) · D 41.9% · R 58.1%
• 2008→2024 swing: -12.5pp toward R · 2008: -3.7pp · 2024: -16.2pp
• All cycles: 2024: R+16.2 2020: R+18.6 2016: R+21.9 2012: R+3.0 2008: R+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.84%
• Current HPI: 291.2262
• 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

-13.2% since first listed

7 events — show timeline

• 2026-05-08 Price Changed $165,000 UNYREIS
• 2026-04-27 Price Changed $170,000 UNYREIS
• 2026-04-04 Listed $175,000 UNYREIS
• 2026-03-31 Listing Removed — UNYREIS
• 2026-03-06 Price Changed $180,000 UNYREIS
• 2026-02-12 Price Changed $185,000 UNYREIS
• 2026-01-19 Listed $190,000 UNYREIS

Property tax history

+1.0%/yr

Latest (2025): $2,849 · +5.7% YoY. Source: county tax records.