214-216 N Bellinger St · Herkimer, NY 13350

$189,900

4 bd · 2.0 ba · 2,944 sqft · MultiFamily public records · 29 Days on market

Built 1920 6,006 sqft lot Est $132k · 43% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 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: 2 units. confirmed

Listing remarks

Spacious side-by-side duplex in Herkimer offering a strong investment or owner-occupant opportunity. The property features two units with separate utilities, furnaces, hot water tanks, and meters for each side, helping simplify ownership and reduce expenses. One unit offers 4 bedrooms with central air conditioning, while the second unit offers 3 bedrooms. Both units include 1 full bath, 1 half bath, laundry hookups, and dedicated basement storage. Shared fenced backyard and deck provide additional outdoor space. One unit is currently occupied, offering immediate income potential with flexibility for an owner-occupant or investor strategy. Conveniently located near local amenities, schools,

Key facts

• Separate utilities
• Side-by-side duplex
• 6,006 sq ft lot

Tags

• SIDE-BY-SIDE DUPLEX
• SEPARATE UTILITIES
• CENTRAL AIR CONDITIONING
• DEDICATED BASEMENT STORAGE
• SHARED FENCED BACKYARD
• IMMEDIATE INCOME POTENTIAL

Property features AI

Finance

• Other: Two total units; Unit 1 (month-to-month) rents for $1,350 and includes living room, dining area, porch and in-unit laundry; Unit 2 rents for $1,350 and includes formal dining room, living room, porch and in-unit laundry
• Financial info: Gross rental income reported: $32,400; Operating expenses reported: $6,800; Owner pays water; rent includes water; Two separate gas meters and two separate electric meters

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Cable available; Electric service with circuit breakers
• Home design: 2-story multi-family residence (Residential 2 Unit zoning); Resale property
• Construction: Vinyl siding; Spray foam insulation; Shingle roof; Stone foundation; Existing construction (year built: existing)
• Exterior features: Deck; Covered porch; Fully fenced yard; Fully fenced property

Interior

• Kitchen: Oven/range; Refrigerator
• Bedrooms: One unit with 3 bedrooms; One unit with 4 bedrooms
• Flooring: Carpet; Laminate; Tile; Vinyl; Varies
• Bathrooms: 2 full bathrooms; 2 half bathrooms; Each unit includes one full and one half bathroom
• Heating & cooling: Central air conditioning; Gas forced-air heating with multiple heating units
• Interior features: Ceiling fan(s); Carpet, laminate, tile, vinyl and varied flooring throughout; Full basement
• Laundry & utility: Laundry in unit (washer hookup); Gas water heater

What this means for you Summary

Snapshot

• This is a 1×4bd/1.5ba + 1×3bd/1.5ba units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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 $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $135k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,051 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.72% ✓
• Cap rate: 13.63%
• Cash-on-cash: 26.21%
• DSCR: 2.17
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $132,480
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 1st Ave	0.20mi	5/2.0 (+1)	2,584 (-12%)	17mo	$115,000	$45	51
322 William St	0.43mi	5/3.0 (+1)	2,736 (-7%)	11mo	$5,000	$2	50

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: 43.1%
• Equity multiple: 4.27×
• Total profit: $174,010
• Equity at exit: $171,077

10-year hold

• IRR: 37.3%
• Equity multiple: 9.60×
• Total profit: $457,339
• Equity at exit: $368,934

Cash invested: $53,172 (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: 9.3×

Monthly cashflow live

• Estimated rent: $3,268 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$345 /mo · $4,143/yr
• Insurance: −$79
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $1,106

Break-even live

Break-even rent $1,868

Max offer price $189,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
1× unit	4	1.5	$1,700
1× unit	3	1.5	$1,568
Total (2 units)			$3,268

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $189,900 Active 29 DOM
2. 2026-06-17
   days on market $189,900 Active 28 DOM
3. 2026-06-16
   days on market $189,900 Active 27 DOM
4. 2026-06-15
   days on market $189,900 Active 26 DOM
5. 2026-06-13
   days on market $189,900 Active 24 DOM
6. 2026-06-12
   days on market $189,900 Active 23 DOM
7. 2026-06-09
   days on market $189,900 Active 20 DOM
8. 2026-06-08
   days on market $189,900 Active 19 DOM
9. 2026-06-07
   days on market $189,900 Active 18 DOM
10. 2026-06-07
    days on market $189,900 Active 17 DOM
11. 2026-06-04
    days on market $189,900 Active 14 DOM
12. 2026-06-02
    days on market $189,900 Active 13 DOM
13. 2026-06-01
    days on market $189,900 Active 12 DOM
14. 2026-05-31
    days on market $189,900 Active 11 DOM
15. 2026-05-20
    listed $189,900 Active
16. 2021-07-13
    soldstatus $135,000
17. 2021-04-09
    listed $137,000

ⓘ 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: $4,143 · $345/mo
• Projected year-2 tax: $4,143 · $345/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 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: $39,216
• − Mortgage interest: −$10,637
• − Property taxes: −$4,143
• − Insurance: −$1,616
• − Repairs & maintenance: −$3,137
• − Management: −$3,137
• − Depreciation: −$5,524
• Taxable income: $11,020
• Est. tax owed @ 24.0%: −$2,645
• After-tax cash flow: $10,626/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

+38.6% since first listed

3 events — show timeline

• 2026-05-20 Listed $189,900 CNYIS
• 2021-07-13 Sold (MLS) $135,000 CNYIS
• 2021-04-09 Listed $137,000 CNYIS

Property tax history

+3.2%/yr

Latest (2025): $4,143 · +3.4% YoY. Source: county tax records.