192 Delaware St · Walton, NY 13856

$320,000

2 bd · 3.0 ba · 3,417 sqft · MultiFamily · 44 Days on market

Built 1900 Fair condition 5,663 sqft lot $94/sqft · 5% above area Est $305k · 5% over ↓ 36% since listing

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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
• Appreciation +7.9/10.0
• ARV discount +5.2/15.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks

A True Walton Landmark with 30 Years of Local Flavor! Here’s your chance to own a true staple of Walton! A beloved pizza restaurant that’s been serving the community for over 30 years! Perfectly located in the heart of town, this well-established business is ready for its next owner to carry on the tradition or bring new ideas to life. The restaurant offers a fully equipped kitchen, spacious dining area and excellent visibility in a high-traffic location. Locals know it as the go-to spot for great food and friendly service. A place where memories (and pizzas) have been made for decades. Adding to its value, the property includes a 2 bedroom apartment above the restaurant. Ideal

Key facts

• 5,663 sq ft lot
• 3 garage spots
• Built 1900

Property features AI

Finance

• Financial info: Operating expense details: see remarks; Owner pays: other (see remarks); Rent includes: see remarks

Exterior

• Parking: Three-car garage; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story property; Resale property; Business zoning
• Construction: Vinyl siding construction; Metal roof
• Exterior features: Rectangular lot; Main thoroughfare frontage

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Microwave; Dining area open to kitchen
• Bedrooms: One unit includes 2 bedrooms
• Flooring: Carpet; Laminate; Varies
• Bathrooms: Three full bathrooms total; One unit has 2 full bathrooms; the other unit has 1 full bathroom
• Heating & cooling: Gas heating; Baseboard heating; Has heating
• Interior features: Ceiling fan(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $320k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 7.8% in Walton — 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 70/100 on livability (#443 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools D+, amenities F, commute F.
• Walton Central School District (town): math 36% / reading 47% proficiency, ranked #510 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 57 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (5.8% local appreciation)).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $90k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $310,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.65%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $304,712
• List price: $320,000
• Delta: 5.02%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

5.79% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.7%
• Equity multiple: 3.35×
• Total profit: $210,569
• Equity at exit: $197,015

10-year hold

• IRR: 34.3%
• Equity multiple: 6.86×
• Total profit: $525,082
• Equity at exit: $353,750

Cash invested: $89,600 (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 13856

• Home prices YoY: 1.8%
• Active inventory: 57
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $5,224 medium
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,097
• Net cashflow: $1,916

Break-even live

Break-even rent $2,799

Max offer price $320,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,224
Total (2 units)			$5,224

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $320,000 Active 44 DOM
2. 2026-06-17
   days on market $320,000 Active 43 DOM
3. 2026-06-16
   days on market $320,000 Active 42 DOM
4. 2026-06-15
   days on market $320,000 Active 41 DOM
5. 2026-06-13
   days on market $320,000 Active 39 DOM
6. 2026-06-12
   days on market $320,000 Active 38 DOM
7. 2026-06-09
   days on market $320,000 Active 35 DOM
8. 2026-06-08
   days on market $320,000 Active 34 DOM
9. 2026-06-07
   days on market $320,000 Active 33 DOM
10. 2026-06-07
    days on market $320,000 Active 32 DOM
11. 2026-06-04
    days on market $320,000 Active 29 DOM
12. 2026-06-02
    days on market $320,000 Active 28 DOM
13. 2026-06-01
    days on market $320,000 Active 27 DOM
14. 2026-05-31
    days on market $320,000 Active 26 DOM
15. 2026-05-04
    listed $320,000 Active 954-char remark
16. 2026-04-16
    historical
17. 2026-03-09
    listed $325,000 Active
18. 2025-09-20
    historical
19. 2025-07-13
    price $325,000
20. 2025-04-21
    price $475,000
21. 2024-09-23
    listed $500,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $62,688
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$5,015
• − Management: −$5,015
• − Depreciation: −$9,309
• Taxable income: $19,024
• Est. tax owed @ 24.0%: −$4,566
• After-tax cash flow: $18,420/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This multi-family property, while in fair condition, requires moderate repairs to the exterior and roof. A fresh coat of paint and some landscaping improvements would significantly enhance its resale and rental value.

Repairs flagged

• Major roof — Significant discoloration suggests potential water damage
• Major exterior siding — Weathered and discolored, indicating need for repainting or replacement

Value-add opportunities

• Both paint exterior — Fresh paint would improve curb appeal and property value
• Both landscaping — Well-maintained landscaping enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant discoloration suggests potential water damage	Major	$15,000–50,000
exterior siding · Weathered and discolored, indicating need for repainting or replacement	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Fresh paint would improve curb appeal and property value ↑
• Both landscaping — Well-maintained landscaping enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Walton Central School District
• NCES district ID: 3629820
• Math proficiency: 36% ▬ 0.00%
• Reading proficiency: 47% ▲ 3.00%
• Median HH income: $41,231
• Composite: 34.86/100
• National rank: #5088
• State rank: #510 of 590 in NY

Livability — Walton

• Score: 70/100
• State rank: #443
• US rank: #7789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walton, NY
• Population (ZIP): 5,915

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 42,668 people
• By 2030: 40,337 · -5.5%
• By 2040: 35,514 · -16.8%
• By 2050: 31,265 · -26.7%
• By 2075: 24,455 · -42.7%
• By 2100: 19,529 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Black 5% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Iranian 7% Slovak 3% Lithuanian 3%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Delaware

• 2024 margin: R (+19.8) · D 40.1% · R 59.9%
• 2008→2024 swing: -14.6pp toward R · 2008: -5.2pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.4 2016: R+29.2 2012: R+9.6 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.79%
• Current HPI: 331.9799
• 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

-36.0% since first listed

7 events — show timeline

• 2026-05-04 Listed $320,000 UNYREIS
• 2026-04-16 Listing Removed — UNYREIS
• 2026-03-09 Listed $325,000 UNYREIS
• 2025-09-20 Listing Removed — UNYREIS
• 2025-07-13 Price Changed $325,000 UNYREIS
• 2025-04-21 Price Changed $475,000 UNYREIS
• 2024-09-23 Listed $500,000 UNYREIS