9768 State Route 812 · Croghan, NY 13327

$289,999

25 bd · None ba · 6,069 sqft · MultiFamily public records · 374 Days on market

Built 1912 5,096 sqft lot $48/sqft · at area comps Est $284k · 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.5/15.0
• Appreciation +5.3/10.0
• Schools +3.9/10.0
• Livability +3.0/5.0
• 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: 5 units. confirmed

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

Exceptional Investment Opportunity in the Heart of Croghan, NY – Multi-Unit Property with Expansion Potential Welcome to a rare offering in the charming village of Croghan — Built in 1912, this 5-unit multifamily residence blends income-generating potential with long-term growth opportunities. Perfectly positioned on a quiet street yet close to local amenities, this property is an ideal fit for both seasoned investors and visionary owner-occupants. The property includes one spacious 3-bedroom apartment, one 2-bedroom apartment, and three cozy and efficient 1-bedroom apartments, two of which currently operate as short-term rentals (Airbnbs). All apartments have new flooring throughout, new kitchens, new appliances, new bathrooms, and new cupboards. The common area is redone as well with new floors and coin op laundry. The property also features an unfinished 3rd Floor with unfinished space offers a blank canvas for future development. Sized to accommodate up to four additional 1-bedroom units, this floor presents a significant value-add opportunity for developers or investors seeking to expand their portfolio. Showings by appointment only. Call your agent today.

Key facts

• New kitchens
• Expansion potential
• New flooring

Tags

• INVESTMENT OPPORTUNITY
• MULTI-UNIT PROPERTY
• EXPANSION POTENTIAL
• NEW FLOORING
• NEW KITCHENS
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×2bd/1ba + 3×1bd/1ba units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $463/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $290k).
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#975 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Beaver River Central School District (rural): math 38% / reading 53% proficiency, ranked #458 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 110 units permitted in Lewis County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.6% local appreciation)).
• Lewis County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 374 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $105k; list at $290k implies a 176% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 374 days. Have you received any prior offers? Is the seller open to a 12% 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 1912 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F 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: 1.80% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.23%
• DSCR: 2.52
• GRM: 4.6

CMA / ARV

• ARV (median comp): $283,902
• List price: $289,999
• Delta: 2.46%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

0.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.0%
• Equity multiple: 2.82×
• Total profit: $147,718
• Equity at exit: $93,501

10-year hold

• IRR: 38.6%
• Equity multiple: 5.51×
• Total profit: $366,588
• Equity at exit: $120,106

Cash invested: $81,200 (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 13327

• Home prices YoY: 0.2%
• Active inventory: 18
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $5,220 medium
• Mortgage (P&I): −$1,521
• Tax from tax record: −$166 /mo · $1,994/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,096
• Net cashflow: $2,316

Break-even live

Break-even rent $2,288

Max offer price $289,999

Occupancy floor 51%

Sensitivity live

Price	-10% $2,480	-5% $2,398	+0% $2,316	+5% $2,234	+10% $2,152
Rent	-10% $1,904	-5% $2,110	+0% $2,316	+5% $2,522	+10% $2,728
Rate	-1.0pp $2,462	-0.5pp $2,390	base $2,316	+0.5pp $2,241	+1.0pp $2,164

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,152
1× unit	2	1	$1,052
▸ 3× units	1	1	$3,015
Total (5 units)			$5,220

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   pricedays on market $289,999 Active 374 DOM
2. 2026-06-18
   days on market $290,900 Active 373 DOM
3. 2026-06-17
   days on market $290,900 Active 372 DOM
4. 2026-06-17
   price $290,900 Active 371 DOM
5. 2026-06-16
   days on market $294,999 Active 371 DOM
6. 2026-06-15
   days on market $294,999 Active 370 DOM
7. 2026-06-14
   days on market $294,999 Active 368 DOM
8. 2026-06-12
   days on market $294,999 Active 367 DOM
9. 2026-06-09
   days on market $294,999 Active 364 DOM
10. 2026-06-08
    days on market $294,999 Active 363 DOM
11. 2026-06-07
    days on market $294,999 Active 362 DOM
12. 2026-06-05
    days on market $294,999 Active 359 DOM
13. 2026-06-02
    days on market $294,999 Active 357 DOM
14. 2026-06-01
    days on market $294,999 Active 356 DOM
15. 2026-05-31
    days on market $294,999 Active 355 DOM
16. 2026-05-30
    days on market $294,999 Active 354 DOM
17. 2026-03-20
    price $294,999 1194-char remark

    Show marketing remark (1194 chars)

    Exceptional Investment Opportunity in the Heart of Croghan, NY – Multi-Unit Property with Expansion Potential Welcome to a rare offering in the charming village of Croghan — Built in 1912, this 5-unit multifamily residence blends income-generating potential with long-term growth opportunities. Perfectly positioned on a quiet street yet close to local amenities, this property is an ideal fit for both seasoned investors and visionary owner-occupants. The property includes one spacious 3-bedroom apartment, one 2-bedroom apartment, and three cozy and efficient 1-bedroom apartments, two of which currently operate as short-term rentals (Airbnbs). All apartments have new flooring throughout, new kitchens, new appliances, new bathrooms, and new cupboards. The common area is redone as well with new floors and coin op laundry. The property also features an unfinished 3rd Floor with unfinished space offers a blank canvas for future development. Sized to accommodate up to four additional 1-bedroom units, this floor presents a significant value-add opportunity for developers or investors seeking to expand their portfolio. Showings by appointment only. Call your agent today.

18. 2025-06-10
    listed $299,999 Active 1194-char remark

    Show marketing remark (1194 chars)

    Exceptional Investment Opportunity in the Heart of Croghan, NY – Multi-Unit Property with Expansion Potential Welcome to a rare offering in the charming village of Croghan — Built in 1912, this 5-unit multifamily residence blends income-generating potential with long-term growth opportunities. Perfectly positioned on a quiet street yet close to local amenities, this property is an ideal fit for both seasoned investors and visionary owner-occupants. The property includes one spacious 3-bedroom apartment, one 2-bedroom apartment, and three cozy and efficient 1-bedroom apartments, two of which currently operate as short-term rentals (Airbnbs). All apartments have new flooring throughout, new kitchens, new appliances, new bathrooms, and new cupboards. The common area is redone as well with new floors and coin op laundry. The property also features an unfinished 3rd Floor with unfinished space offers a blank canvas for future development. Sized to accommodate up to four additional 1-bedroom units, this floor presents a significant value-add opportunity for developers or investors seeking to expand their portfolio. Showings by appointment only. Call your agent today.

19. 2021-08-31
    soldstatus $105,000
20. 2002-08-19
    soldstatus $56,000
21. 1995-10-16
    soldstatus $45,000

ⓘ 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: $1,994 · $166/mo
• Projected year-2 tax: $3,448 · $287/mo
• Expected delta: +$1,453/yr (+$121/mo · 72.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,640
• − Mortgage interest: −$16,244
• − Property taxes: −$1,994
• − Insurance: −$1,450
• − Repairs & maintenance: −$5,011
• − Management: −$5,011
• − Depreciation: −$8,436
• Taxable income: $24,492
• Est. tax owed @ 24.0%: −$5,878
• After-tax cash flow: $21,914/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: Beaver River Central School District
• NCES district ID: 3604200
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $46,542
• Composite: 38.67/100
• National rank: #4147
• State rank: #458 of 590 in NY

Livability — Croghan

• Score: 60/100
• State rank: #975
• US rank: #19036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Croghan, NY
• Population (ZIP): 1,956

Population outlook (Lewis County) Hauer SSP2

• Today (2025): 26,126 people
• By 2030: 25,354 · -3.0%
• By 2040: 23,359 · -10.6%
• By 2050: 20,927 · -19.9%
• By 2075: 15,533 · -40.5%
• By 2100: 10,215 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Lithuanian 23% Romanian 3% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Lewis

• 2024 margin: Solid R (+44.4) · D 27.8% · R 72.2%
• 2008→2024 swing: -35.6pp toward R · 2008: -8.8pp · 2024: -44.4pp
• All cycles: 2024: R+44.4 2020: R+39.2 2016: R+39.6 2012: R+8.7 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.63%
• Current HPI: 311.1777
• 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

+555.6% since first listed

5 events — show timeline

• 2026-03-20 Price Changed $294,999 CNYIS
• 2025-06-10 Listed $299,999 CNYIS
• 2021-08-31 Sold (Public Records) $105,000 Public Records
• 2002-08-19 Sold (Public Records) $56,000 Public Records
• 1995-10-16 Sold (Public Records) $45,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $1,994 · -49.8% YoY. Source: county tax records.