7639 U.s. 9 · Elizabethtown, NY 12932

$175,000

None bd · None ba · 1,566 sqft · MultiFamily · 22 Days on market

Built 1850 Fair condition 4,356 sqft lot

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Why this score? — see what drove the C 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 +18.6/30.0
• Appreciation +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• 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

Well-maintained income-producing rental property in Elizabethtown, NY. Up & Down 2BR, 1BA apartments. Carpeted LRs and bedrooms. Vinyl in kitchen and baths. Newer thermopile windows and exterior insulated doors and storm/screen doors. 100 amp services with separate electric meters, tenants pay their own electric. Newer oil-fired Weil-McLain boiler; owner pays heat. Town water and private septic. Current rent is $700/month for each apartment. Building has metal main and porch roofs, vinyl siding, and a stone foundation with crawl space. Nice covered porches on south side, both floors. Small lot with building set into a wooded side hill. Room for a garden and/or small off-street parking

Key facts

• Room for a garden
• Wooded side hill
• 4,356 sq ft lot

Tags

• NEWER THERMOPILE WINDOWS
• EXTERIOR INSULATED DOORS
• WOODED SIDE HILL
• ROOM FOR A GARDEN
• SMALL OFF STREET PARKING AREA
• ON STREET PARKING ALLOWED

Property features AI

Finance

• Other: No zoning specified
• Financial info: Residential income property (duplex)

Exterior

• Parking: Two parking spaces total; On-street parking (2 open spaces)
• Security: No security features listed
• Utilities: Public water available and connected; Private sewer via septic tank; Electric service with 100 amp panel and circuit breakers; Electricity connected; Natural gas not available; Cable and phone available
• Home design: Duplex residential income property; Updated/remodeled condition; Two levels (2 stories)
• Construction: Vinyl siding and wood siding; Stone foundation; Metal roof; Built as a duplex
• Exterior features: Covered side porch; Porch; No additional exterior structures listed; Property has a view; Sloped lot with few trees and an irregular shape; Paved road frontage on a state road

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 1 bathroom on the main level
• Heating & cooling: Baseboard heating; Hot water heating; Oil-fired heating; Wall/window air conditioning units
• Interior features: Double-pane insulated windows; Storm door(s)
• Laundry & utility: No laundry hookups indicated; Fuel tank(s)

What this means for you Summary

Snapshot

• This is a multifamily listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (0.2% below list).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#893 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: crime D-, amenities F, commute F.
• Market conditions: 16 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $9k appreciation (5.4% local appreciation)).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1850 — 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. Crime grade is D 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?
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: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.18%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 2.13×
• Total profit: $55,485
• Equity at exit: $103,691

10-year hold

• IRR: 17.4%
• Equity multiple: 4.19×
• Total profit: $156,528
• Equity at exit: $182,810

Cash invested: $49,000 (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 12932

• Home prices YoY: 1.9%
• Active inventory: 16
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $1,747 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $171

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,748
Total (2 units)			$1,747

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $175,000 Active 22 DOM
2. 2026-06-17
   days on market $175,000 Active 21 DOM
3. 2026-06-16
   days on market $175,000 Active 20 DOM
4. 2026-06-15
   days on market $175,000 Active 19 DOM
5. 2026-06-13
   days on market $175,000 Active 17 DOM
6. 2026-06-12
   days on market $175,000 Active 16 DOM
7. 2026-06-09
   days on market $175,000 Active 13 DOM
8. 2026-06-08
   days on market $175,000 Active 12 DOM
9. 2026-06-07
   days on market $175,000 Active 11 DOM
10. 2026-06-07
    days on market $175,000 Active 10 DOM
11. 2026-06-04
    days on market $175,000 Active 7 DOM
12. 2026-06-02
    days on market $175,000 Active 6 DOM
13. 2026-06-01
    days on market $175,000 Active 5 DOM
14. 2026-05-31
    days on market $175,000 Active 4 DOM
15. 2026-05-27
    listed $175,000 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: $20,964
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$5,091
• Taxable loss: −$784
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $2,237/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 · 12 photos

Fair 45/100 Moderate rehab

A fair condition multi-family property in Elizabethtown, NY, with moderate rehabilitation needs and potential for significant value increase through updates.

Repairs flagged

• Major Kitchen appliances — Older appliances need replacement
• Major Bathroom fixtures — Older fixtures need updating
• Major Living room flooring — Carpeted flooring needs replacement
• Major Bedroom flooring — Carpeted flooring needs replacement
• Major HVAC system — Newer but may need maintenance or replacement

Value-add opportunities

• Both New kitchen appliances — Modern appliances improve both resale and rental value
• Both New bathroom fixtures — Upgraded fixtures enhance both resale and rental appeal
• Both New flooring in living rooms and bedrooms — Fresh flooring improves both resale and rental value
• Both HVAC system maintenance or replacement — A reliable HVAC system is crucial for both resale and rental success

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Older appliances need replacement	Major	$15,000–50,000
Bathroom fixtures · Older fixtures need updating	Major	$15,000–50,000
Living room flooring · Carpeted flooring needs replacement	Major	$15,000–50,000
Bedroom flooring · Carpeted flooring needs replacement	Major	$15,000–50,000
HVAC system · Newer but may need maintenance or replacement	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New kitchen appliances — Modern appliances improve both resale and rental value ↑
• Both New bathroom fixtures — Upgraded fixtures enhance both resale and rental appeal ↑
• Both New flooring in living rooms and bedrooms — Fresh flooring improves both resale and rental value ↑
• Both HVAC system maintenance or replacement — A reliable HVAC system is crucial for both resale and rental success ↑

ⓘ 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)

No district data.

Livability — Elizabethtown

• Score: 61/100
• State rank: #893
• US rank: #17325

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabethtown, NY
• City population: 1,183
• Population (ZIP): 1,183

Population outlook (Essex County) Hauer SSP2

• Today (2025): 36,758 people
• By 2030: 35,697 · -2.9%
• By 2040: 32,697 · -11.0%
• By 2050: 29,248 · -20.4%
• By 2075: 22,641 · -38.4%
• By 2100: 16,602 · -54.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Black 4% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Lithuanian 10% Slovak 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Essex

• 2024 margin: Toss-up / Even · D 50.2% · R 49.8%
• 2008→2024 swing: -12.8pp toward R · 2008: 13.3pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+5.0 2016: R+3.4 2012: D+15.0 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.42%
• Current HPI: 289.5174
• 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

1 event — show timeline

• 2026-05-27 Listed $175,000 ACVMLS