17 W James St · Richfield Springs, NY 13439

$127,500

5 bd · 2.0 ba · 2,474 sqft · MultiFamily public records · 687 Days on market

Built 1900 6,969 sqft lot

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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 +7.5/15.0
• Appreciation +5.8/10.0
• 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: 2 units. confirmed

Listing remarks

New to the market is a 2,474, SqFt multi-family property in Richfield Springs holding two units that coincide comfortably with each other. The first floor holds 2 beds & 1 bath while the second floor holds 3 beds & 1 bath! This home is a great investment opportunity and provides tenants comfortable living with spacious rooms throughout both units. Recently undergoing renovations to modernize the home, this property is in condition to be redesigned at your pleasure! Take advantage of the opportunity to bring your visions to life with the limitless potential this home brings.

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Finance

• Other: Two total residential units
• Financial info: Two-unit property with separate gas and electric meters for each unit; Operating expense details: See remarks; Owner pays: See remarks

Exterior

• Parking: Garage with 2 spaces; Common parking
• Utilities: Public water connected; Sewer connected
• Home design: 2-story stone building; Existing (resale) property
• Construction: Stone construction
• Exterior features: Residential lot on a city street

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: One unit with 3 bedrooms; One unit with 2 bedrooms
• Flooring: Carpet; Hardwood; Laminate; Varies
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Varied floor coverings including carpet, hardwood and laminate
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $128k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#328 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Richfield Springs Central School District (rural): math 47% / reading 43% proficiency, ranked #575 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richfield Springs Elementary School (math 47% / reading 57%, grade C-, #988 of 2,108 statewide, top 49%, 242 students, 61% FRL); Richfield Springs Junior/Senior High School (math 52% / reading 52%, 194 students, 0% FRL).
• Market conditions: 40 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($882 loan paydown + $2k appreciation (1.5% local appreciation)).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 687 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $22k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $128k implies a 82% 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 $112,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 687 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. 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?
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: 1.73% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.06%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 2.70×
• Total profit: $60,682
• Equity at exit: $46,941

10-year hold

• IRR: 34.1%
• Equity multiple: 5.25×
• Total profit: $151,848
• Equity at exit: $65,111

Cash invested: $35,700 (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 13439

• Home prices YoY: 0.5%
• Active inventory: 40
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,209 medium
• Mortgage (P&I): −$669
• Tax from tax record: −$159 /mo · $1,907/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $864

Break-even live

Break-even rent $1,115

Max offer price $127,500

Occupancy floor 56%

Sensitivity live

Price	-10% $937	-5% $901	+0% $864	+5% $828	+10% $792
Rent	-10% $690	-5% $777	+0% $864	+5% $952	+10% $1,039
Rate	-1.0pp $929	-0.5pp $897	base $864	+0.5pp $831	+1.0pp $798

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,068
1× unit	3	1	$1,141
Total (2 units)			$2,209

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: $31,875
• Closing costs: $3,825
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-22
   status Pending
2. 2025-08-05
   status Active
3. 2025-05-07
   status Pending
4. 2024-06-27
   price $127,500
5. 2024-03-26
   price $140,000
6. 2024-03-06
   listed $150,000 Active
7. 2023-12-28
   historical
8. 2023-05-08
   listed $109,900 Active
9. 2022-11-11
   historical
10. 2022-08-11
    listed $133,000 Active
11. 2022-07-30
    historical
12. 2021-05-02
    listed $125,000
13. 2005-09-08
    soldstatus $70,000

ⓘ 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: $1,907 · $159/mo
• Projected year-2 tax: $2,031 · $169/mo
• Expected delta: +$124/yr (+$10/mo · 6.5%)

ⓘ 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 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 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: $26,508
• − Mortgage interest: −$7,142
• − Property taxes: −$1,907
• − Insurance: −$638
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − Depreciation: −$3,709
• Taxable income: $8,871
• Est. tax owed @ 24.0%: −$2,129
• After-tax cash flow: $8,244/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: Richfield Springs Central School District
• NCES district ID: 3624570
• Math proficiency: 47% ▲ 2.00%
• Reading proficiency: 43% ▲ 3.00%
• Median HH income: $44,046
• Composite: 40.3/100
• National rank: #7785
• State rank: #575 of 755 in NY

Livability — Richfield Springs

• Score: 73/100
• State rank: #328
• US rank: #5444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richfield Springs, NY
• City population: 3,667
• Population (ZIP): 3,667

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 57,987 people
• By 2030: 55,403 · -4.5%
• By 2040: 50,336 · -13.2%
• By 2050: 45,715 · -21.2%
• By 2075: 38,769 · -33.1%
• By 2100: 33,468 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Lithuanian 3%
• Foreign-born: 2% · Canada, Dominican Republic, China
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Otsego

• 2024 margin: Lean R (+7.9) · D 46.1% · R 53.9%
• 2008→2024 swing: -13.8pp toward R · 2008: 5.9pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+5.0 2016: R+13.0 2012: D+2.0 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.51%
• Current HPI: 336.0863
• 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

+82.1% since first listed

13 events — show timeline

• 2026-04-22 Pending — CNYIS
• 2025-08-05 Relisted — CNYIS
• 2025-05-07 Pending — CNYIS
• 2024-06-27 Price Changed $127,500 CNYIS
• 2024-03-26 Price Changed $140,000 CNYIS
• 2024-03-06 Listed $150,000 CNYIS
• 2023-12-28 Listing Removed — CNYIS
• 2023-05-08 Listed $109,900 CNYIS
• 2022-11-11 Listing Removed — CNYIS
• 2022-08-11 Listed $133,000 CNYIS
• 2022-07-30 Listing Removed — CNYIS
• 2021-05-02 Listed $125,000 CNYIS
• 2005-09-08 Sold (Public Records) $70,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,907 · +18.2% YoY. Source: county tax records.