2839 State Highway 28 S · Oneonta, NY 13820

$159,000

4 bd · 1.0 ba · 1,500 sqft · SingleFamily · 26 Days on market

Built 1920 0.50 ac lot

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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 +24.8/30.0
• Appreciation +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Steeped in local history and re imagined for modern living, this unique High Ranch at 2389 State Highway 28 S offers a rare blend of heritage and massive utility. Originally the Franklin Grange Hall, this 1920s landmark has been transformed into a sprawling residence that perfectly balances style with serious workspace. Upper Level Living (1,500 Sq. Ft. ): The main living floor features an expansive, open-concept layout with brand-new Luxury Vinyl Plank (LVP) flooring throughout for a sleek, durable finish. Flooded with natural light through high-end Anderson Windows, the space feels airy and bright, honoring its historic roots while providing all the comforts of a contemporary home. Lower

Key facts

• 0.5 acre lot
• Garage
• Built 1920

Property features AI

Exterior

• Parking: Underground parking; 1-car garage
• Utilities: Well water; Septic tank
• Home design: Two-story home; Existing/Resale property
• Construction: Frame construction with vinyl siding; Attic/crawl hatchway(s) insulated; Block foundation
• Exterior features: Awning(s); Blacktop driveway; Patio; Main thoroughfare frontage; Rectangular/rectangular lot; Agricultural lot characteristics; Lot dimensions approximately 90 x 140

Interior

• Kitchen: Electric cooktop; Electric oven; Electric range; Range hood; Exhaust fan; Freezer; Refrigerator
• Flooring: Luxury vinyl; Tile; Varies
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating; Forced air heating
• Interior features: Separate/formal dining room; Workshop; Full basement
• Laundry & utility: Washer; Dryer; Laundry in basement; Oil water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $157k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.5% in Oneonta — 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 (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Franklin Central School District (rural): math 35% / reading 40% proficiency, ranked #664 of 755 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 118 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $159k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $156,615 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 30.9%
• Equity multiple: 3.43×
• Total profit: $108,121
• Equity at exit: $143,240

10-year hold

• IRR: 26.8%
• Equity multiple: 7.77×
• Total profit: $301,590
• Equity at exit: $308,902

Cash invested: $44,520 (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 13820

• Home prices YoY: 22.7%
• Active inventory: 118
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$223 /mo · $2,682/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $337

Break-even live

Break-even rent $1,422

Max offer price $159,000

Occupancy floor 77%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $159,000 Active 26 DOM
2. 2026-06-18
   days on market $159,000 Active 25 DOM
3. 2026-06-17
   days on market $159,000 Active 24 DOM
4. 2026-06-16
   days on market $159,000 Active 23 DOM
5. 2026-06-15
   days on market $159,000 Active 22 DOM
6. 2026-06-14
   days on market $159,000 Active 20 DOM
7. 2026-06-12
   days on market $159,000 Active 19 DOM
8. 2026-06-09
   days on market $159,000 Active 16 DOM
9. 2026-06-08
   days on market $159,000 Active 15 DOM
10. 2026-06-07
    days on market $159,000 Active 14 DOM
11. 2026-06-07
    days on market $159,000 Active 13 DOM
12. 2026-06-02
    days on market $159,000 Active 9 DOM
13. 2026-06-01
    days on market $159,000 Active 8 DOM
14. 2026-05-31
    days on market $159,000 Active 7 DOM
15. 2026-05-31
    days on market $159,000 Active 6 DOM
16. 2026-05-01
    status Pending
17. 2026-04-27
    listed $159,000 Active
18. 2005-01-04
    soldstatus $65,000

ⓘ 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: $2,682 · $223/mo
• Projected year-2 tax: $2,685 · $224/mo
• Expected delta: +$3/yr ($0/mo · 0.1%)

ⓘ 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 2/10 Low 8 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $22,190
• − Mortgage interest: −$8,906
• − Property taxes: −$2,682
• − Insurance: −$795
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$4,625
• Taxable income: $1,631
• Est. tax owed @ 24.0%: −$391
• After-tax cash flow: $3,656/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: Franklin Central School District
• NCES district ID: 3611430
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $51,231
• Composite: 35.06/100
• National rank: #9920
• State rank: #664 of 755 in NY

Livability — Oneonta

• Score: 75/100
• State rank: #253
• US rank: #4021

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Otsego County · 23,056 people
• City population: 23,056
• Metro: Oneonta, NY
• Population (ZIP): 23,056
• Household income: $65,953
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 662.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Black 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Indo-European 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: ▲ 67.86%
• Current HPI: 366.3391
• Rent YoY: —
• Metro: Oneonta, NY
• 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

+144.6% since first listed

3 events — show timeline

• 2026-05-01 Pending — UNYREIS
• 2026-04-27 Listed $159,000 UNYREIS
• 2005-01-04 Sold (Public Records) $65,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,682 · +3.3% YoY. Source: county tax records.