318 S Main St · Herkimer, NY 13350

$149,900

5 bd · 2.0 ba · 1,944 sqft · MultiFamily public records · 86 Days on market

Built 1900 7,800 sqft lot $77/sqft · at area comps Est $155k · at est.

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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 +25.8/30.0
• Appreciation +10.0/10.0
• ARV discount +9.1/15.0
• DSCR +8.6/10.0
• 1% rule +7.7/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 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

Herkimer Two-Unit Home with Great Investment Opportunity! Excellent opportunity to own a two-unit property in Herkimer, NY with strong rental potential! The first unit offers 2 bedrooms, 1 bath, and a possible 3rd bedroom, perfect for added space or a home office. The second unit features 1 bedroom and 1 bath, ideal for a tenant or owner-occupant. Finished attic space offers potential for another bedroom or bonus space along with storage space. Each unit has separate utilities, including water, making management simple and efficient. Enjoy off-street parking and a deep, fenced-in yard—a great space for outdoor enjoyment or pets. With a little TLC, this property can truly shine and deliver excellent returns. Whether you’re looking to expand your investment portfolio or occupy one unit and rent the other, this property is full of potential!

Key facts

• Two-unit property
• Separate utilities
• Finished attic space

Tags

• TWO-UNIT PROPERTY
• STRONG RENTAL POTENTIAL
• FINISHED ATTIC SPACE
• SEPARATE UTILITIES
• OFF-STREET PARKING
• FENCED-IN YARD

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.5% in Herkimer — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#392 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities D+, crime D.
• Herkimer Central School District (town): math 46% / reading 47% proficiency, ranked #455 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 56 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Herkimer County population projected at -24% 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $50k; list at $150k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.27% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 6.5

CMA / ARV

• ARV (median comp): $155,284
• List price: $149,900
• Delta: -3.47%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 S Washington St	0.15mi	4/2.0 (-1)	1,876 (-4%)	16mo	$79,000	$42	68
321 King St	0.23mi	4/2.0 (-1)	1,811 (-7%)	11mo	$10,000	$6	64
116 George St	0.16mi	4/2.0 (-1)	2,130 (+10%)	13mo	$120,000	$56	61
317 King St	0.23mi	4/3.0 (-1)	2,115 (+9%)	11mo	$80,000	$38	57
226 Folts St	0.49mi	4/3.0 (-1)	2,020 (+4%)	24mo	$125,000	$62	42

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: 30.7%
• Equity multiple: 3.41×
• Total profit: $101,340
• Equity at exit: $135,042

10-year hold

• IRR: 26.6%
• Equity multiple: 7.75×
• Total profit: $283,299
• Equity at exit: $291,223

Cash invested: $41,972 (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 13350

• Home prices YoY: 8.9%
• Active inventory: 56
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $1,910 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$298 /mo · $3,571/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $307

Break-even live

Break-even rent $1,521

Max offer price $149,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$995
1× unit	1	1	$915
Total (2 units)			$1,910

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-02
   listed $149,900 Active 862-char remark

   Show marketing remark (862 chars)

   Herkimer Two-Unit Home with Great Investment Opportunity! Excellent opportunity to own a two-unit property in Herkimer, NY with strong rental potential! The first unit offers 2 bedrooms, 1 bath, and a possible 3rd bedroom, perfect for added space or a home office. The second unit features 1 bedroom and 1 bath, ideal for a tenant or owner-occupant. Finished attic space offers potential for another bedroom or bonus space along with storage space. Each unit has separate utilities, including water, making management simple and efficient. Enjoy off-street parking and a deep, fenced-in yard—a great space for outdoor enjoyment or pets. With a little TLC, this property can truly shine and deliver excellent returns. Whether you’re looking to expand your investment portfolio or occupy one unit and rent the other, this property is full of potential!

2. 2025-12-14
   historical
3. 2025-11-01
   price $157,500
4. 2025-10-31
   price $147,500
5. 2025-10-14
   listed $157,500 Active
6. 2024-03-29
   listed $159,900 Active
7. 2004-09-23
   soldstatus $50,000
8. 1996-08-30
   soldstatus $38,000

ⓘ 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: $3,571 · $298/mo
• Projected year-2 tax: $3,571 · $298/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 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: $22,920
• − Mortgage interest: −$8,397
• − Property taxes: −$3,571
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$4,361
• Taxable income: $1,509
• Est. tax owed @ 24.0%: −$362
• After-tax cash flow: $3,325/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: Herkimer Central School District
• NCES district ID: 3614220
• Math proficiency: 46% ▲ 6.00%
• Reading proficiency: 47% ▲ 9.00%
• Median HH income: $39,447
• Composite: 38.87/100
• National rank: #4100
• State rank: #455 of 590 in NY

Livability — Herkimer

• Score: 71/100
• State rank: #392
• US rank: #6787

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herkimer, NY
• Population (ZIP): 9,641

Population outlook (Herkimer County) Hauer SSP2

• Today (2025): 59,340 people
• By 2030: 56,838 · -4.2%
• By 2040: 51,098 · -13.9%
• By 2050: 45,080 · -24.0%
• By 2075: 32,648 · -45.0%
• By 2100: 22,266 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 2% Asian 2% Hispanic / Latino 1%
• Common ancestry: Romanian 9% Lithuanian 4% Italian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · French/Haitian/Cajun 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Herkimer

• 2024 margin: Solid R (+36.4) · D 31.8% · R 68.2%
• 2008→2024 swing: -27.1pp toward R · 2008: -9.3pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+30.5 2016: R+34.5 2012: R+8.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.43%
• Current HPI: 324.4601
• 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

+294.5% since first listed

8 events — show timeline

• 2026-03-02 Listed $149,900 CNYIS
• 2025-12-14 Listing Removed — CNYIS
• 2025-11-01 Price Changed $157,500 CNYIS
• 2025-10-31 Price Changed $147,500 CNYIS
• 2025-10-14 Listed $157,500 CNYIS
• 2024-03-29 Listed $159,900 UNYREIS
• 2004-09-23 Sold (Public Records) $50,000 Public Records
• 1996-08-30 Sold (Public Records) $38,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $3,571 · +3.4% YoY. Source: county tax records.