601-603 N Washington · Rome, NY 13440

$329,000

8 bd · 0.0 ba · 3,423 sqft · MultiFamily public records · 75 Days on market

$96/sqft · 132% above area

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Why this score? — see what drove the C+ 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 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 OPPORTUNITY TO GET INTO THE REAL ESTATE BUSINESS! WHETHER YOU'RE A SEASONED INVESTOR OR JUST STARTING OUT, THESE PROPERTIES OFFER THE CHANCE TO OWN MULIT-UNIT APARTMENT BUILDINGS THAT ARE MAKING MONEY WHILE BUILDING LONG-TERM EQUITY.

Key facts

• 3 parking spots
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $861 ($10k/yr) — positive. Per door: $431/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $329k).
• Recommended offer: $309k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.7% in Rome — 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 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Rome City School District (town): math 35% / reading 46% proficiency, ranked #516 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 276 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $17k; list at $329k implies a 1835% gain — meaningful room to come down on a strong offer.

Recommended offer $309,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.12% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.22%
• DSCR: 1.50
• GRM: 7.5

CMA / ARV

• ARV (median comp): $218,644
• List price: $329,000
• Delta: 50.47%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 River St	0.54mi	7/4.0 (-1)	3,654 (+7%)	7mo	$155,000	$42	38

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

Projected returns pro-forma

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

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,446
• Equity at exit: $49,055

10-year hold

• IRR: 10.0%
• Equity multiple: 1.78×
• Total profit: $71,522
• Equity at exit: $28,446

Cash invested: $92,120 (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 13440

• Home prices YoY: -8.0%
• Active inventory: 276
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $3,671 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$177 /mo · $2,119/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$771
• Net cashflow: $861

Break-even live

Break-even rent $2,581

Max offer price $329,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,047	-5% $954	+0% $861	+5% $768	+10% $675
Rent	-10% $571	-5% $716	+0% $861	+5% $1,006	+10% $1,151
Rate	-1.0pp $1,027	-0.5pp $945	base $861	+0.5pp $776	+1.0pp $689

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,672
Total (2 units)			$3,671

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-29
   status Active 243-char remark

   Show marketing remark (243 chars)

   EXCELLENT OPPORTUNITY TO GET INTO THE REAL ESTATE BUSINESS! WHETHER YOU'RE A SEASONED INVESTOR OR JUST STARTING OUT, THESE PROPERTIES OFFER THE CHANCE TO OWN MULIT-UNIT APARTMENT BUILDINGS THAT ARE MAKING MONEY WHILE BUILDING LONG-TERM EQUITY.

2. 2026-04-27
   status Pending 243-char remark

   Show marketing remark (243 chars)

   EXCELLENT OPPORTUNITY TO GET INTO THE REAL ESTATE BUSINESS! WHETHER YOU'RE A SEASONED INVESTOR OR JUST STARTING OUT, THESE PROPERTIES OFFER THE CHANCE TO OWN MULIT-UNIT APARTMENT BUILDINGS THAT ARE MAKING MONEY WHILE BUILDING LONG-TERM EQUITY.

3. 2026-03-06
   listed $329,000 Active 243-char remark

   Show marketing remark (243 chars)

   EXCELLENT OPPORTUNITY TO GET INTO THE REAL ESTATE BUSINESS! WHETHER YOU'RE A SEASONED INVESTOR OR JUST STARTING OUT, THESE PROPERTIES OFFER THE CHANCE TO OWN MULIT-UNIT APARTMENT BUILDINGS THAT ARE MAKING MONEY WHILE BUILDING LONG-TERM EQUITY.

4. 2009-09-08
   soldstatus $17,000 129-char remark

   Show marketing remark (129 chars)

   Under $10,000 per unit. Take a look at this 4 plex before it gets away at this price. Separate utilities, close to shopping, etc.

5. 2009-04-19
   listed $19,900 129-char remark

   Show marketing remark (129 chars)

   Under $10,000 per unit. Take a look at this 4 plex before it gets away at this price. Separate utilities, close to shopping, etc.

6. 2007-05-15
   soldstatus $86,700
7. 2007-05-11
   soldstatus $86,700
8. 2007-05-09
   historical
9. 2007-05-09
   historical
10. 2006-11-12
    listed $85,000
11. 2006-11-10
    listed $85,000
12. 2006-11-10
    listed $85,000
13. 2006-09-13
    listed $85,000

ⓘ 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: $2,119 · $177/mo
• Projected year-2 tax: $3,839 · $320/mo
• Expected delta: +$1,721/yr (+$143/mo · 81.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 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: $44,052
• − Mortgage interest: −$18,429
• − Property taxes: −$2,119
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,524
• − Management: −$3,524
• − Depreciation: −$9,571
• Taxable income: $5,240
• Est. tax owed @ 24.0%: −$1,258
• After-tax cash flow: $9,076/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: Rome City School District
• NCES district ID: 3624900
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▲ 10.00%
• Median HH income: $46,406
• Composite: 34.52/100
• National rank: #5178
• State rank: #516 of 590 in NY

Livability — Rome

• Score: 64/100
• State rank: #722
• US rank: #13676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rome, NY
• City population: 41,418
• Population (ZIP): 41,273

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 225,223 people
• By 2030: 220,384 · -2.1%
• By 2040: 209,071 · -7.2%
• By 2050: 197,920 · -12.1%
• By 2075: 175,541 · -22.1%
• By 2100: 148,491 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Oneida

• 2024 margin: Strong R (+21.3) · D 39.4% · R 60.6%
• 2008→2024 swing: -15.2pp toward R · 2008: -6.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+15.5 2016: R+21.1 2012: R+5.3 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.58%
• Current HPI: 339.3589
• 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

+287.1% since first listed

13 events — show timeline

• 2026-04-29 Relisted — CNYIS
• 2026-04-27 Pending — CNYIS
• 2026-03-06 Listed $329,000 CNYIS
• 2009-09-08 Sold (MLS) $17,000 CNYIS
• 2009-04-19 Listed $19,900 CNYIS
• 2007-05-15 Sold (MLS) $86,700 Global MLS
• 2007-05-11 Sold (MLS) $86,700 CNYIS
• 2007-05-09 Listing Removed — CNYIS
• 2007-05-09 Listing Removed — CNYIS
• 2006-11-12 Listed $85,000 CNYIS
• 2006-11-10 Listed $85,000 CNYIS
• 2006-11-10 Listed $85,000 CNYIS
• 2006-09-13 Listed $85,000 Global MLS

Property tax history

+1.7%/yr

Latest (2025): $2,119 · +0.3% YoY. Source: county tax records.