51 Goodrich Rd · Owego, NY 13827

$350,000

5 bd · 3.0 ba · 2,466 sqft · MultiFamily public records · 24 Days on market

Built 1825 1.54 ac lot $142/sqft · 74% above area ↓ 11% since listing

---

Why this score? — see what drove the D 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).

• Appreciation +9.1/10.0
• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Beautifully maintained and versatile property offering a main home plus two additional apartments. The main house features 3 bedrooms, 2 bath and an eat-in kitchen, separate dining area, custom bluestone countertops, double oven, updated appliances, beautiful cabinetry, and a large pantry. Mini-splits provide efficient heating and cooling, and the home includes radon mitigation and water filtration systems. Outdoor spaces include a covered front porch, large back deck, storage shed, and a spacious garage with family areas, half bath, and covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bath, eat-in kitchens, living rooms, and laundry areas; the detached unit includes extra space ideal for a den or office. Blacktop driveway accommodates 10+ vehicles. This turnkey property offers excellent income potential and a convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.

Key facts

• Updated appliances
• Covered front porch
• Large back deck

Tags

• CUSTOM BLUESTONE COUNTERTOPS
• DOUBLE OVEN
• UPDATED APPLIANCES
• WATER FILTRATION SYSTEMS
• COVERED FRONT PORCH
• LARGE BACK DECK

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-396 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (21.4% below list).
• Recommended offer: $275k (21.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $28k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1825 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,000 (21.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1825 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 4.94%
• Cash-on-cash: -4.84%
• DSCR: 0.78
• GRM: 10.6

CMA / ARV

• ARV (median comp): $201,597
• List price: $350,000
• Delta: 73.61%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 2.24×
• Total profit: $121,536
• Equity at exit: $268,478

10-year hold

• IRR: 16.0%
• Equity multiple: 4.79×
• Total profit: $371,715
• Equity at exit: $535,398

Cash invested: $98,000 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,750 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$587 /mo · $7,042/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-396

Break-even live

Break-even rent $3,251

Max offer price $280,115

Occupancy floor —

Sensitivity live

Price	-10% $-197	-5% $-297	+0% $-396	+5% $-495	+10% $-594
Rent	-10% $-613	-5% $-504	+0% $-396	+5% $-287	+10% $-178
Rate	-1.0pp $-219	-0.5pp $-307	base $-396	+0.5pp $-486	+1.0pp $-579

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 Front St Owego, NY	4.0	2.5	2871	$2,750	$0.96	44d	1	1.02mi

Listing history 9 events

1. 2026-05-11
   status Pending 917-char remark

   Show marketing remark (1463 chars)

   Beautifully Maintained Single-Family Home with Bonus Living Spaces This beautifully maintained residence offers spacious, comfortable living with thoughtful updates throughout. The main home features 3 bedrooms, 2 full baths, an inviting eat-in kitchen, separate dining room, and custom bluestone countertops paired with a double oven, updated appliances, beautiful cabinetry, and a generous pantry. Mini-splits provide efficient heating and cooling, and the home is equipped with both radon mitigation and water filtration systems for added peace of mind. Outdoor living is a highlight, with a covered front porch, large back deck, storage shed, and a spacious garage that includes family areas, a half bath, and a covered patio—perfect for gatherings, hobbies, or workshop use. A blacktop driveway offers parking for 10+ vehicles. In addition to the main residence, the property includes two well-appointed bonus living spaces—each with 2 bedrooms, 1 bath, an eat-in kitchen, living room, and laundry area. These spaces are ideal for extended family, guest accommodations, home offices, or creative studios. The detached unit also features an extra room well-suited for a den or private workspace. If you are looking for income potential, these are already set up and turnkey for potential tenants. Located within convenient reach of Elmira/Sayre, the Triple Cities, and Ithaca, this unique property offers comfort, flexibility, and room to grow.

2. 2026-05-11
   status Pending 1463-char remark

   Show marketing remark (1463 chars)

   Beautifully Maintained Single-Family Home with Bonus Living Spaces This beautifully maintained residence offers spacious, comfortable living with thoughtful updates throughout. The main home features 3 bedrooms, 2 full baths, an inviting eat-in kitchen, separate dining room, and custom bluestone countertops paired with a double oven, updated appliances, beautiful cabinetry, and a generous pantry. Mini-splits provide efficient heating and cooling, and the home is equipped with both radon mitigation and water filtration systems for added peace of mind. Outdoor living is a highlight, with a covered front porch, large back deck, storage shed, and a spacious garage that includes family areas, a half bath, and a covered patio—perfect for gatherings, hobbies, or workshop use. A blacktop driveway offers parking for 10+ vehicles. In addition to the main residence, the property includes two well-appointed bonus living spaces—each with 2 bedrooms, 1 bath, an eat-in kitchen, living room, and laundry area. These spaces are ideal for extended family, guest accommodations, home offices, or creative studios. The detached unit also features an extra room well-suited for a den or private workspace. If you are looking for income potential, these are already set up and turnkey for potential tenants. Located within convenient reach of Elmira/Sayre, the Triple Cities, and Ithaca, this unique property offers comfort, flexibility, and room to grow.

3. 2026-04-30
   price $350,000 1463-char remark

   Show marketing remark (917 chars)

   Beautifully maintained and versatile property offering a main home plus two additional apartments. The main house features 3 bedrooms, 2 bath and an eat-in kitchen, separate dining area, custom bluestone countertops, double oven, updated appliances, beautiful cabinetry, and a large pantry. Mini-splits provide efficient heating and cooling, and the home includes radon mitigation and water filtration systems. Outdoor spaces include a covered front porch, large back deck, storage shed, and a spacious garage with family areas, half bath, and covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bath, eat-in kitchens, living rooms, and laundry areas; the detached unit includes extra space ideal for a den or office. Blacktop driveway accommodates 10+ vehicles. This turnkey property offers excellent income potential and a convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.

4. 2026-04-30
   price $350,000 917-char remark

   Show marketing remark (917 chars)

   Beautifully maintained and versatile property offering a main home plus two additional apartments. The main house features 3 bedrooms, 2 bath and an eat-in kitchen, separate dining area, custom bluestone countertops, double oven, updated appliances, beautiful cabinetry, and a large pantry. Mini-splits provide efficient heating and cooling, and the home includes radon mitigation and water filtration systems. Outdoor spaces include a covered front porch, large back deck, storage shed, and a spacious garage with family areas, half bath, and covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bath, eat-in kitchens, living rooms, and laundry areas; the detached unit includes extra space ideal for a den or office. Blacktop driveway accommodates 10+ vehicles. This turnkey property offers excellent income potential and a convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.

5. 2026-04-17
   listed $365,000 Active 1463-char remark

   Show marketing remark (1463 chars)

   Beautifully Maintained Single-Family Home with Bonus Living Spaces This beautifully maintained residence offers spacious, comfortable living with thoughtful updates throughout. The main home features 3 bedrooms, 2 full baths, an inviting eat-in kitchen, separate dining room, and custom bluestone countertops paired with a double oven, updated appliances, beautiful cabinetry, and a generous pantry. Mini-splits provide efficient heating and cooling, and the home is equipped with both radon mitigation and water filtration systems for added peace of mind. Outdoor living is a highlight, with a covered front porch, large back deck, storage shed, and a spacious garage that includes family areas, a half bath, and a covered patio—perfect for gatherings, hobbies, or workshop use. A blacktop driveway offers parking for 10+ vehicles. In addition to the main residence, the property includes two well-appointed bonus living spaces—each with 2 bedrooms, 1 bath, an eat-in kitchen, living room, and laundry area. These spaces are ideal for extended family, guest accommodations, home offices, or creative studios. The detached unit also features an extra room well-suited for a den or private workspace. If you are looking for income potential, these are already set up and turnkey for potential tenants. Located within convenient reach of Elmira/Sayre, the Triple Cities, and Ithaca, this unique property offers comfort, flexibility, and room to grow.

6. 2026-04-13
   price $365,000 917-char remark

   Show marketing remark (917 chars)

   Beautifully maintained and versatile property offering a main home plus two additional apartments. The main house features 3 bedrooms, 2 bath and an eat-in kitchen, separate dining area, custom bluestone countertops, double oven, updated appliances, beautiful cabinetry, and a large pantry. Mini-splits provide efficient heating and cooling, and the home includes radon mitigation and water filtration systems. Outdoor spaces include a covered front porch, large back deck, storage shed, and a spacious garage with family areas, half bath, and covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bath, eat-in kitchens, living rooms, and laundry areas; the detached unit includes extra space ideal for a den or office. Blacktop driveway accommodates 10+ vehicles. This turnkey property offers excellent income potential and a convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.

7. 2026-03-10
   listed $375,000 Active 917-char remark

   Show marketing remark (917 chars)

   Beautifully maintained and versatile property offering a main home plus two additional apartments. The main house features 3 bedrooms, 2 bath and an eat-in kitchen, separate dining area, custom bluestone countertops, double oven, updated appliances, beautiful cabinetry, and a large pantry. Mini-splits provide efficient heating and cooling, and the home includes radon mitigation and water filtration systems. Outdoor spaces include a covered front porch, large back deck, storage shed, and a spacious garage with family areas, half bath, and covered patio. The attached and detached apartments each offer 2 bedrooms, 1 bath, eat-in kitchens, living rooms, and laundry areas; the detached unit includes extra space ideal for a den or office. Blacktop driveway accommodates 10+ vehicles. This turnkey property offers excellent income potential and a convenient location to Elmira/Sayre, the Triple Cities, and Ithaca.

8. 2025-10-21
   price $390,000
9. 2025-08-11
   listed $395,000 Active

ⓘ 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: $7,042 · $587/mo
• Projected year-2 tax: $7,042 · $587/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,000
• − Mortgage interest: −$19,605
• − Property taxes: −$7,042
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,640
• − Management: −$2,640
• − Depreciation: −$10,182
• Taxable loss: −$10,859
• Est. tax savings @ 24.0%: +$2,606
• After-tax cash flow: $-2,141/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

-11.4% since first listed

9 events — show timeline

• 2026-05-11 Pending — UNYREIS
• 2026-05-11 Pending — UNYREIS
• 2026-04-30 Price Changed $350,000 UNYREIS
• 2026-04-30 Price Changed $350,000 UNYREIS
• 2026-04-17 Listed $365,000 UNYREIS
• 2026-04-13 Price Changed $365,000 UNYREIS
• 2026-03-10 Listed $375,000 UNYREIS
• 2025-10-21 Price Changed $390,000 GBAOR
• 2025-08-11 Listed $395,000 GBAOR

Property tax history

+2.4%/yr

Latest (2025): $7,042 · +1.6% YoY. Source: county tax records.