248 S Main St · Warsaw, NY 14569

$259,900

2 bd · 1.5 ba · 3,058 sqft · MultiFamily public records · 131 Days on market

Built 1900 0.42 ac lot

---

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 +7.5/15.0
• Appreciation +5.5/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 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: 3 units. confirmed

Listing remarks MLS

This is a turn key operation, fully vested in the community. Very profitable business. Financials available to qualified buyers. The business has grown year after year since this current owner has taken charge. A very nice home with recently remodeled bathroom, brand new kitchen, front living room, formal dining area, 2 bedrooms and walk in attic for storage! Front retail store attached. A unique and rare opportunity. Large backyard.

Key facts

• Fully renovated
• Numerous updates
• Low maintenance

Tags

• IMMEDIATE RENTAL INCOME
• STRONG UPSIDE POTENTIAL
• NUMEROUS UPDATES
• LOW MAINTENANCE
• TURNKEY OPPORTUNITY
• FULLY RENOVATED

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $501/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).
• Recommended offer: $229k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#289 in NY, #4,662 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Warsaw Central School District (town): math 44% / reading 51% proficiency, ranked #431 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 32 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.1% local appreciation)).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $68k; list at $260k implies a 279% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $228,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 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 1900 — 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. 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: 1.69% ✓
• Cap rate: 13.24%
• Cash-on-cash: 24.80%
• DSCR: 2.10
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.09% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.2%
• Equity multiple: 2.40×
• Total profit: $101,974
• Equity at exit: $89,957

10-year hold

• IRR: 29.8%
• Equity multiple: 4.62×
• Total profit: $263,082
• Equity at exit: $120,503

Cash invested: $72,772 (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 14569

• Home prices YoY: 0.4%
• Active inventory: 32
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $4,404 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$504 /mo · $6,049/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$925
• Net cashflow: $1,504

Break-even live

Break-even rent $2,500

Max offer price $259,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,404
Total (3 units)			$4,404

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-03-26
   status Pending
2. 2026-03-11
   historical
3. 2025-12-19
   status Active
4. 2025-10-31
   status Pending
5. 2025-09-11
   listed $259,900 Active
6. 2019-04-25
   soldstatus $68,500
7. 2015-09-01
   soldstatus $130,000 438-char remark

   Show marketing remark (438 chars)

   This is a turn key operation, fully vested in the community. Very profitable business. Financials available to qualified buyers. The business has grown year after year since this current owner has taken charge. A very nice home with recently remodeled bathroom, brand new kitchen, front living room, formal dining area, 2 bedrooms and walk in attic for storage! Front retail store attached. A unique and rare opportunity. Large backyard.

8. 2015-08-27
   soldstatus $92,500
9. 2014-08-25
   listed $130,000 438-char remark

   Show marketing remark (438 chars)

   This is a turn key operation, fully vested in the community. Very profitable business. Financials available to qualified buyers. The business has grown year after year since this current owner has taken charge. A very nice home with recently remodeled bathroom, brand new kitchen, front living room, formal dining area, 2 bedrooms and walk in attic for storage! Front retail store attached. A unique and rare opportunity. Large backyard.

10. 2014-01-20
    listed $149,900
11. 2012-03-07
    listed $154,900
12. 2005-11-07
    soldstatus $98,000
13. 1994-09-23
    soldstatus $75,000

ⓘ 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: $6,049 · $504/mo
• Projected year-2 tax: $6,049 · $504/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 6/10 Major FEMA zone X · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,848
• − Mortgage interest: −$14,558
• − Property taxes: −$6,049
• − Insurance: −$1,300
• − Repairs & maintenance: −$4,228
• − Management: −$4,228
• − Depreciation: −$7,561
• Taxable income: $14,924
• Est. tax owed @ 24.0%: −$3,582
• After-tax cash flow: $14,464/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: Warsaw Central School District
• NCES district ID: 3629940
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $47,692
• Composite: 40.47/100
• National rank: #3718
• State rank: #431 of 590 in NY

Livability — Warsaw

• Score: 74/100
• State rank: #289
• US rank: #4662

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, NY
• Population (ZIP): 6,372

Population outlook (Wyoming County) Hauer SSP2

• Today (2025): 38,976 people
• By 2030: 37,826 · -3.0%
• By 2040: 35,585 · -8.7%
• By 2050: 32,841 · -15.7%
• By 2075: 25,920 · -33.5%
• By 2100: 19,082 · -51.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 8% Lithuanian 6% Slovak 4%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Wyoming

• 2024 margin: Solid R (+48.2) · D 25.9% · R 74.1%
• 2008→2024 swing: -22.1pp toward R · 2008: -26.1pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+45.5 2016: R+51.0 2012: R+29.6 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.09%
• Current HPI: 263.9109
• 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

+246.5% since first listed

13 events — show timeline

• 2026-03-26 Pending — WNYREIS
• 2026-03-11 Listing Removed — WNYREIS
• 2025-12-19 Relisted — WNYREIS
• 2025-10-31 Pending — WNYREIS
• 2025-09-11 Listed $259,900 WNYREIS
• 2019-04-25 Sold (Public Records) $68,500 Public Records
• 2015-09-01 Sold (MLS) $130,000 WNYREIS
• 2015-08-27 Sold (Public Records) $92,500 Public Records
• 2014-08-25 Listed $130,000 WNYREIS
• 2014-01-20 Listed $149,900 WNYREIS
• 2012-03-07 Listed $154,900 WNYREIS
• 2005-11-07 Sold (Public Records) $98,000 Public Records
• 1994-09-23 Sold (Public Records) $75,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $6,049 · +2.1% YoY. Source: county tax records.