642 Main St · Cobleskill, NY 12043

$325,000

15 bd · 5.1 ba · 2,220 sqft · MultiFamily public records · 44 Days on market

Built 1928 4,356 sqft lot $146/sqft · 27% above area Est $474k · 31% under

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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 +21.2/30.0
• ARV discount +15.0/15.0
• Appreciation +9.9/10.0
• DSCR +6.8/10.0
• 1% rule +6.0/10.0
• Schools +4.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent investment opportunity. Five apartments, two buildings. Totally remodeled in 2013 and 2014. Three units were gut renovated. Great cash flow with gross rents over $60,000/year and a net operating Income of $41,000. Central Cobleskill location. Walking distance to all services. This is a Must See Investment!

Key facts

• Gut renovated
• Totally remodeled
• Five apartments

Tags

• INVESTMENT OPPORTUNITY
• FIVE APARTMENTS
• TWO BUILDINGS
• TOTALLY REMODELED
• GUT RENOVATED
• CENTRAL COBLESKILL LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/1.7-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive. Per door: $157/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.3% in Cobleskill — 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 62/100 on livability (#876 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A, health & safety A; Watch: schools D, amenities F, commute F.
• Cobleskill-Richmondville Central School District (town): math 53% / reading 52% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (9.9% local appreciation)).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 17y 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 $155k; list at $325k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% 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 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.10% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.22%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

• ARV (median comp): $474,387
• List price: $325,000
• Delta: -31.49%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

9.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 3.24×
• Total profit: $203,943
• Equity at exit: $289,373

10-year hold

• IRR: 24.9%
• Equity multiple: 7.33×
• Total profit: $576,347
• Equity at exit: $620,448

Cash invested: $91,000 (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 12043

• Home prices YoY: 3.3%
• Active inventory: 31
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $3,572 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$511 /mo · $6,128/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$750
• Net cashflow: $471

Break-even live

Break-even rent $2,975

Max offer price $325,000

Occupancy floor 82%

Sensitivity live

Price	-10% $655	-5% $563	+0% $471	+5% $379	+10% $288
Rent	-10% $189	-5% $330	+0% $471	+5% $613	+10% $754
Rate	-1.0pp $635	-0.5pp $554	base $471	+0.5pp $387	+1.0pp $302

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	1.7	$3,573
Total (3 units)			$3,572

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-05-04
   status Pending 317-char remark

   Show marketing remark (317 chars)

   Excellent investment opportunity. Five apartments, two buildings. Totally remodeled in 2013 and 2014. Three units were gut renovated. Great cash flow with gross rents over $60,000/year and a net operating Income of $41,000. Central Cobleskill location. Walking distance to all services. This is a Must See Investment!

2. 2026-04-08
   status Active 317-char remark

   Show marketing remark (317 chars)

   Excellent investment opportunity. Five apartments, two buildings. Totally remodeled in 2013 and 2014. Three units were gut renovated. Great cash flow with gross rents over $60,000/year and a net operating Income of $41,000. Central Cobleskill location. Walking distance to all services. This is a Must See Investment!

3. 2026-03-24
   historical 317-char remark

   Show marketing remark (317 chars)

   Excellent investment opportunity. Five apartments, two buildings. Totally remodeled in 2013 and 2014. Three units were gut renovated. Great cash flow with gross rents over $60,000/year and a net operating Income of $41,000. Central Cobleskill location. Walking distance to all services. This is a Must See Investment!

4. 2026-03-06
   listed $325,000 Active 317-char remark

   Show marketing remark (317 chars)

   Excellent investment opportunity. Five apartments, two buildings. Totally remodeled in 2013 and 2014. Three units were gut renovated. Great cash flow with gross rents over $60,000/year and a net operating Income of $41,000. Central Cobleskill location. Walking distance to all services. This is a Must See Investment!

5. 2019-03-16
   historical
6. 2019-02-15
   listed $289,500
7. 2018-12-12
   status Extended
8. 2018-12-12
   historical
9. 2018-09-13
   price $289,500
10. 2018-08-07
    price $299,500
11. 2018-07-03
    listed $319,500 New
12. 2013-03-19
    soldstatus $155,000
13. 2013-03-08
    soldstatus $155,000
14. 2013-01-01
    historical
15. 2012-08-15
    listed $169,900
16. 2012-06-23
    historical
17. 2011-11-07
    listed $175,000
18. 2011-11-07
    historical
19. 2011-07-20
    soldstatus $151,522
20. 2011-06-23
    listed $175,000
21. 2009-12-23
    soldstatus $151,522
22. 2009-12-03
    historical
23. 2009-09-17
    listed $165,000

ⓘ 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: $6,128 · $511/mo
• Projected year-2 tax: $6,128 · $511/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $42,864
• − Mortgage interest: −$18,205
• − Property taxes: −$6,128
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,429
• − Management: −$3,429
• − Depreciation: −$9,455
• Taxable income: $593
• Est. tax owed @ 24.0%: −$142
• After-tax cash flow: $5,515/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: Cobleskill-Richmondville Central School District
• NCES district ID: 3600010
• Math proficiency: 53% ▲ 2.00%
• Reading proficiency: 52% ▲ 10.00%
• Median HH income: $49,555
• Composite: 44.83/100
• National rank: #2734
• State rank: #336 of 590 in NY

Livability — Cobleskill

• Score: 62/100
• State rank: #876
• US rank: #16581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cobleskill, NY
• Population (ZIP): 7,883

Population outlook (Schoharie County) Hauer SSP2

• Today (2025): 29,080 people
• By 2030: 27,417 · -5.7%
• By 2040: 23,835 · -18.0%
• By 2050: 20,482 · -29.6%
• By 2075: 14,323 · -50.7%
• By 2100: 9,636 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 5% Hispanic / Latino 5% Black 2% Asian 2%
• Common ancestry: Lithuanian 4% Romanian 4% Iranian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 93% English-only · German/W. Germanic 3% Spanish 2% Korean 1%

Political lean MEDSL · Schoharie

• 2024 margin: Solid R (+30.5) · D 34.7% · R 65.3%
• 2008→2024 swing: -16.2pp toward R · 2008: -14.3pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+29.0 2016: R+34.7 2012: R+16.6 2008: R+14.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.86%
• Current HPI: 310.2889
• 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

+97.0% since first listed

23 events — show timeline

• 2026-05-04 Pending — Global MLS
• 2026-04-08 Relisted — Global MLS
• 2026-03-24 Listing Removed — Global MLS
• 2026-03-06 Listed $325,000 Global MLS
• 2019-03-16 Listing Removed — Global MLS
• 2019-02-15 Listed $289,500 UNYREIS
• 2018-12-12 Relisted — Global MLS
• 2018-12-12 Listing Removed — Global MLS
• 2018-09-13 Price Changed $289,500 Global MLS
• 2018-08-07 Price Changed $299,500 Global MLS
• 2018-07-03 Listed $319,500 Global MLS
• 2013-03-19 Sold (Public Records) $155,000 Public Records
• 2013-03-08 Sold (MLS) $155,000 Global MLS
• 2013-01-01 Listing Removed — Global MLS
• 2012-08-15 Listed $169,900 Global MLS
• 2012-06-23 Listing Removed — Global MLS
• 2011-11-07 Listing Removed — Global MLS
• 2011-11-07 Listed $175,000 Global MLS
• 2011-07-20 Sold (Public Records) $151,522 Public Records
• 2011-06-23 Listed $175,000 Global MLS
• 2009-12-23 Sold (MLS) $151,522 Global MLS
• 2009-12-03 Listing Removed — Global MLS
• 2009-09-17 Listed $165,000 Global MLS

Property tax history

+1.9%/yr

Latest (2025): $6,128 · +5.1% YoY. Source: county tax records.