136 Wells Ave · Middleburgh, NY 12122

$269,898

30 bd · 25.0 ba · 4,968 sqft · MultiFamily public records · 325 Days on market

Built 1960 4,356 sqft lot $54/sqft · 30% below area Est $258k · at est.

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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 +10.0/10.0
• ARV discount +5.4/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

Outstanding Investment Opportunity! This 5-unit multifamily property delivers a strong 10% Cash-on-Cash ROI with an NOI of $27,531. Situated on a corner lot, the property includes off-street parking for 5 vehicles and features four 1-bedroom units and one 2-bedroom unit—all separately metered with 100-amp circuit breakers. Newly installed Roof only 3-year-old. Located just 30 minutes from Albany, this is a prime commuter-friendly location with consistent rental income. Whether you're growing your portfolio or stepping into multifamily ownership, this asset is a smart addition. Don't miss your chance to own this cashflowing gem! See Proforma in Docs.

Key facts

• Remodeled unit
• 3-year-old roof
• Separately metered

Tags

• CORNER LOT
• OFF-STREET PARKING
• SEPARATELY METERED
• 100-AMP CIRCUIT BREAKERS
• 3-YEAR-OLD ROOF
• REMODELED UNIT

What this means for you Summary

Snapshot

• This is a 5 × 6-bed/5.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $4k ($49k/yr) — positive. Per door: $814/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $270k).
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.4% vs local median 3.3% in Middleburgh — 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 68/100 on livability (#518 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: employment D+, amenities F, commute F.
• Middleburgh Central School District (rural): math 44% / reading 54% proficiency, ranked #409 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 51 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 325 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $156k; list at $270k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.

Recommended offer $237,510 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.89% ✓
• Cap rate: 24.40%
• Cash-on-cash: 64.66%
• DSCR: 3.88
• GRM: 2.9

CMA / ARV

• ARV (median comp): $257,783
• List price: $269,898
• Delta: 4.70%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 76.3%
• Equity multiple: 6.38×
• Total profit: $406,597
• Equity at exit: $243,146

10-year hold

• IRR: 70.3%
• Equity multiple: 14.15×
• Total profit: $993,930
• Equity at exit: $524,352

Cash invested: $75,571 (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 12122

• Active inventory: 51
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $7,807 medium
• Mortgage (P&I): −$1,415
• Tax from tax record: −$568 /mo · $6,813/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,639
• Net cashflow: $4,072

Break-even live

Break-even rent $2,653

Max offer price $269,898

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 5× units	6	5	$7,805
Total (5 units)			$7,807

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: $67,474
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $269,898 Active 325 DOM
2. 2026-06-17
   days on market $269,898 Active 324 DOM
3. 2026-06-16
   days on market $269,898 Active 323 DOM
4. 2026-06-15
   days on market $269,898 Active 322 DOM
5. 2026-06-13
   days on market $269,898 Active 320 DOM
6. 2026-06-12
   days on market $269,898 Active 319 DOM
7. 2026-06-09
   remarks 663-char remark
8. 2026-06-09
   days on market $269,898 Active 316 DOM
9. 2026-06-08
   days on market $269,898 Active 315 DOM
10. 2026-06-07
    days on market $269,898 Active 314 DOM
11. 2026-06-07
    days on market $269,898 Active 313 DOM
12. 2026-06-04
    days on market $269,898 Active 310 DOM
13. 2026-06-02
    days on market $269,898 Active 309 DOM
14. 2026-06-01
    days on market $269,898 Active 308 DOM
15. 2026-05-31
    days on market $269,898 Active 307 DOM
16. 2025-07-28
    listed $269,898 Active 670-char remark

    Show marketing remark (670 chars)

    Outstanding Investment Opportunity! This 5-unit multifamily property delivers a strong 10% Cash-on-Cash ROI with an NOI of $27,531. Situated on a corner lot, the property includes off-street parking for 5 vehicles and features four 1-bedroom units and one 2-bedroom unit—all separately metered with 100-amp circuit breakers. Newly installed Roof only 3-year-old. Located just 30 minutes from Albany, this is a prime commuter-friendly location with consistent rental income. Whether you're growing your portfolio or stepping into multifamily ownership, this asset is a smart addition. Don't miss your chance to own this cashflowing gem! See Proforma in Docs.

17. 2009-06-04
    soldstatus $156,094

ⓘ 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: $6,813 · $568/mo
• Projected year-2 tax: $6,813 · $568/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 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥91°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $93,684
• − Mortgage interest: −$15,118
• − Property taxes: −$6,813
• − Insurance: −$1,349
• − Repairs & maintenance: −$7,495
• − Management: −$7,495
• − Depreciation: −$7,852
• Taxable income: $47,562
• Est. tax owed @ 24.0%: −$11,415
• After-tax cash flow: $37,448/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: Middleburgh Central School District
• NCES district ID: 3619260
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $47,677
• Composite: 41.7/100
• National rank: #3412
• State rank: #409 of 590 in NY

Livability — Middleburgh

• Score: 68/100
• State rank: #518
• US rank: #9180

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middleburgh, NY
• Population (ZIP): 3,555

Population outlook (Schoharie County) Hauer SSP2

• Today (2025): 29,080 people
• By 2030: 27,417 · -5.7%
• By 2040: 23,835 · -18.0%
• By 2050: 20,482 · -29.6%
• By 2075: 14,323 · -50.7%
• By 2100: 9,636 · -66.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Schoharie

• 2024 margin: Solid R (+30.5) · D 34.7% · R 65.3%
• 2008→2024 swing: -16.2pp toward R · 2008: -14.3pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+29.0 2016: R+34.7 2012: R+16.6 2008: R+14.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 86.69%
• Current HPI: 322.5162
• 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

+72.9% since first listed

2 events — show timeline

• 2025-07-28 Listed $269,898 Global MLS
• 2009-06-04 Sold (Public Records) $156,094 Public Records

Property tax history

+2.1%/yr

Latest (2025): $6,813 · +2.0% YoY. Source: county tax records.