122 Washington Ave · Cobleskill, NY 12043

$219,000

6 bd · 2.0 ba · 2,412 sqft · MultiFamily public records · 10 Days on market

Built 1900 8,712 sqft lot Est $241k · 9% 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 +20.1/30.0
• ARV discount +11.6/15.0
• Appreciation +9.9/10.0
• DSCR +6.4/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained and recently renovated two-family property located on a quiet residential street in the Village of Cobleskill. This income-producing property features two spacious units: one offering 3 bedrooms and 1 full bath, and the second offering 2 bedrooms and 1.5 baths. Both units have been extensively updated with new appliances, updated electrical systems, and modern finishes throughout. Washer and dryer hookups are available in each unit for added tenant convenience. The property also features separate utilities, with tenants responsible for their own utility expenses, helping to maximize owner profitability. Additional highlights include a newer rear roof, off-street parking, and

Key facts

• Two family property
• New appliances
• Modern finishes

Tags

• TWO FAMILY PROPERTY
• INCOME PRODUCING PROPERTY
• SPACIOUS UNITS
• NEW APPLIANCES
• UPDATED ELECTRICAL SYSTEMS
• MODERN FINISHES

Property features AI

Exterior

• Parking: 4 parking spaces
• Security: Carbon monoxide detector(s); Fire alarm
• Utilities: Public water; Public sewer
• Home design: Duplex; 2,400 living area; Stone foundation; Metal roof
• Construction: Wood siding construction
• Exterior features: Rear porch; Front porch; Cleared lot

Interior

• Bedrooms: Unit 1: 2 bedrooms (second level); Unit 2: 3 bedrooms (second level)
• Flooring: Vinyl flooring; Wood flooring; Ceramic tile flooring
• Bathrooms: Two full bathrooms (both on second level); One half-bath in Unit 1
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Solid surface counters; High-speed internet; Crown molding

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.5ba units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive. Per door: $136/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Cap rate 7.8% 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 $23k of equity ($2k loan paydown + $22k 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 $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $51k; list at $219k implies a 326% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,000

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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $241,200
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
242 N Grand St	0.23mi	6/2.0	2,204 (-9%)	5mo	$254,900	$116	70
111 Park Pl	0.25mi	6/2.0	2,184 (-10%)	4mo	$105,000	$48	69
113 Rose St	0.23mi	5/2.0 (-1)	2,374 (-2%)	23mo	$238,000	$100	62
153 Elm St	0.12mi	5/3.0 (-1)	2,148 (-11%)	24mo	$65,000	$30	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 27.9%
• Equity multiple: 3.19×
• Total profit: $134,512
• Equity at exit: $194,993

10-year hold

• IRR: 24.3%
• Equity multiple: 7.23×
• Total profit: $382,171
• Equity at exit: $418,087

Cash invested: $61,320 (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: 14.8×

Monthly cashflow live

• Estimated rent: $2,417 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$398 /mo · $4,780/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $271

Break-even live

Break-even rent $2,073

Max offer price $219,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$1,230
1× unit	2.0	1.5	$1,187
Total (2 units)			$2,417

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $219,000 Active 10 DOM
2. 2026-06-17
   days on market $219,000 Active 9 DOM
3. 2026-06-16
   days on market $219,000 Active 8 DOM
4. 2026-06-15
   days on market $219,000 Active 7 DOM
5. 2026-06-13
   days on market $219,000 Active 5 DOM
6. 2026-06-12
   days on market $219,000 Active 4 DOM
7. 2026-06-09
   remarks 699-char remark
8. 2026-06-09
   listed $219,000 Active 1 DOM

ⓘ 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: $4,780 · $398/mo
• Projected year-2 tax: $4,780 · $398/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 2/10 Low 8 d/yr ≥90°F today · 18 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: $29,004
• − Mortgage interest: −$12,267
• − Property taxes: −$4,780
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$6,371
• Taxable loss: −$150
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $3,293/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

+386.7% since first listed

3 events — show timeline

• 2026-06-08 Listed $219,000 Global MLS
• 2015-09-25 Sold (Public Records) $51,462 Public Records
• 2004-10-25 Sold (Public Records) $45,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $4,780 · +5.1% YoY. Source: county tax records.