21 Church St · Waterloo, NY 13165

$188,000

6 bd · 3.0 ba · 3,396 sqft · MultiFamily public records · 9 Days on market

Built 1900 7,841 sqft lot $55/sqft · 27% below area Est $257k · 27% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +3.4/10.0
• 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 (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

21 Church St is a fantastic investment opportunity! This 4-unit property is a cash cow, boasting a spacious 3400 sqft of living space. Nestled on a prime corner lot, this building offers an abundance of potential. The location is ideal, with easy access to local shopping, dining, and entertainment options. The surrounding community is thriving, making it a sought-after destination for renters. Don't miss out on this amazing opportunity to own a piece of Waterloo's real estate market. With its prime location and solid investment potential, 21 Church Street is the perfect choice for anyone looking to diversify their portfolio. Don't miss out, schedule your showing today!

Key facts

• 7,841 sq ft lot
• Built 1900
• Listed 9 days

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• INCOME PRODUCING PROPERTY
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO BANKS
• WALKING DISTANCE TO CANAL
• OPEN FRONT AND SIDE PORCHES

Property features AI

Finance

• Other: 4 total units; 1 separate gas meter; 1 separate electric meter
• Financial info: Gross income $48,600 (multi-unit); Operating expenses include insurance, utilities, and water/sewer; Owner pays electricity and heat; rent includes electricity and heat

Exterior

• Parking: Gravel off-site parking
• Utilities: Public water connected; Sewer connected; Cable available; High-speed internet available; Circuit breaker electric service
• Home design: 2 stories; Residential multi-use zoning; Resale property
• Construction: Wood siding; Asphalt roof; Stone foundation; Attic/crawl hatchway(s) insulated; Built previously (existing)
• Exterior features: Open porch; Corner lot; Near public transit; Rectangular lot; Residential lot; City street frontage

Interior

• Flooring: Laminate; Vinyl; Varies
• Bathrooms: 4 full bathrooms
• Heating & cooling: Gas heating; Baseboard heating; Hot water heating
• Interior features: Thermal windows; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $188k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $643/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $188k).
• Cap rate 22.7% vs local median 4.8% in Waterloo — 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 75/100 on livability (#268 in NY, #4,240 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Waterloo Central School District (town): math 37% / reading 43% proficiency, ranked #525 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Seneca County population projected at -14% 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 $53k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $130k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $188,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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: 2.66% ✓
• Cap rate: 22.70%
• Cash-on-cash: 58.61%
• DSCR: 3.61
• GRM: 3.1

CMA / ARV

• ARV (median comp): $256,589
• List price: $188,000
• Delta: -26.73%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 W Main St	0.48mi	5/4.0 (-1)	3,352 (-1%)	5mo	$300,000	$89	62

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: 57.2%
• Equity multiple: 3.53×
• Total profit: $133,425
• Equity at exit: $28,031

10-year hold

• IRR: 62.1%
• Equity multiple: 7.22×
• Total profit: $327,570
• Equity at exit: $16,255

Cash invested: $52,640 (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 13165

• Home prices YoY: -20.7%
• Active inventory: 38
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $5,005 medium
• Mortgage (P&I): −$986
• Tax from tax record: −$319 /mo · $3,822/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,051
• Net cashflow: $2,571

Break-even live

Break-even rent $1,750

Max offer price $188,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,004
Total (4 units)			$5,005

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending 1204-char remark
2. 2026-04-30
   listed $188,000 Active 1204-char remark
3. 2023-05-31
   soldstatus $130,000 Closed Sale or Rented 677-char remark

   Show marketing remark (677 chars)

   21 Church St is a fantastic investment opportunity! This 4-unit property is a cash cow, boasting a spacious 3400 sqft of living space. Nestled on a prime corner lot, this building offers an abundance of potential. The location is ideal, with easy access to local shopping, dining, and entertainment options. The surrounding community is thriving, making it a sought-after destination for renters. Don't miss out on this amazing opportunity to own a piece of Waterloo's real estate market. With its prime location and solid investment potential, 21 Church Street is the perfect choice for anyone looking to diversify their portfolio. Don't miss out, schedule your showing today!

4. 2023-03-16
   status Under Contract- Do Not Show 677-char remark

   Show marketing remark (677 chars)

   21 Church St is a fantastic investment opportunity! This 4-unit property is a cash cow, boasting a spacious 3400 sqft of living space. Nestled on a prime corner lot, this building offers an abundance of potential. The location is ideal, with easy access to local shopping, dining, and entertainment options. The surrounding community is thriving, making it a sought-after destination for renters. Don't miss out on this amazing opportunity to own a piece of Waterloo's real estate market. With its prime location and solid investment potential, 21 Church Street is the perfect choice for anyone looking to diversify their portfolio. Don't miss out, schedule your showing today!

5. 2023-02-08
   listed $159,900 Active 677-char remark

   Show marketing remark (677 chars)

   21 Church St is a fantastic investment opportunity! This 4-unit property is a cash cow, boasting a spacious 3400 sqft of living space. Nestled on a prime corner lot, this building offers an abundance of potential. The location is ideal, with easy access to local shopping, dining, and entertainment options. The surrounding community is thriving, making it a sought-after destination for renters. Don't miss out on this amazing opportunity to own a piece of Waterloo's real estate market. With its prime location and solid investment potential, 21 Church Street is the perfect choice for anyone looking to diversify their portfolio. Don't miss out, schedule your showing today!

ⓘ 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: $3,822 · $319/mo
• Projected year-2 tax: $3,822 · $319/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $60,060
• − Mortgage interest: −$10,531
• − Property taxes: −$3,822
• − Insurance: −$940
• − Repairs & maintenance: −$4,805
• − Management: −$4,805
• − Depreciation: −$5,469
• Taxable income: $29,688
• Est. tax owed @ 24.0%: −$7,125
• After-tax cash flow: $23,729/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: Waterloo Central School District
• NCES district ID: 3600014
• Math proficiency: 37% ▼ -9.00%
• Reading proficiency: 43% ▲ 11.00%
• Median HH income: $46,726
• Composite: 34.16/100
• National rank: #5278
• State rank: #525 of 590 in NY

Livability — Waterloo

• Score: 75/100
• State rank: #268
• US rank: #4240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterloo, NY
• Population (ZIP): 9,429

Population outlook (Seneca County) Hauer SSP2

• Today (2025): 33,457 people
• By 2030: 32,540 · -2.7%
• By 2040: 30,680 · -8.3%
• By 2050: 28,875 · -13.7%
• By 2075: 24,757 · -26.0%
• By 2100: 19,591 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Slovak 4% Iranian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 2%

Political lean MEDSL · Seneca

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -14.4pp toward R · 2008: 2.6pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: R+9.1 2016: R+12.1 2012: D+9.2 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.17%
• Current HPI: 257.272
• 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

+17.6% since first listed

5 events — show timeline

• 2026-05-11 Pending — UNYREIS
• 2026-04-30 Listed $188,000 UNYREIS
• 2023-05-31 Sold (MLS) $130,000 UNYREIS
• 2023-03-16 Pending — UNYREIS
• 2023-02-08 Listed $159,900 UNYREIS

Property tax history

+10.8%/yr

Latest (2025): $3,822 · +8.7% YoY. Source: county tax records.