37 Rexford St · Norwich, NY 13815

$130,000

4 bd · 2.0 ba · 1,855 sqft · MultiFamily public records · 26 Days on market

Built 1920 4,356 sqft lot Est $100k · 30% over

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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
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Opportunity to live in one unit and rent the other unit out! Two car detached garage. House does need some work and is being sold as is! First floor apartment is a 2-bedroom/1 bath, living room, dining room, kitchen and laundry room. Second floor is a 2 bedroom/living room, 1 bath and does have access to a walk up somewhat finished 3rd floor attic level. Call today for your personal tour!

Key facts

• Walk up attic
• Detached garage
• 4,356 sq ft lot

Tags

• DETACHED GARAGE
• WALK UP ATTIC

Property features AI

Finance

• Financial info: Residential 2-unit zoning; Operating expense details: see remarks; Owner pays: other (see remarks); Rent includes: see remarks

Exterior

• Parking: Attached garage with 2 spaces; Paved parking with two or more spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story frame building; Resale property
• Construction: Frame construction; Slab foundation; Existing (previously built) structure
• Exterior features: Rectangular lot (approx. 42 x 108); Main thoroughfare frontage

Interior

• Kitchen: Gas water heater
• Bedrooms: Two-unit property (total units: 2)
• Flooring: Hardwood; Vinyl; Varies by area
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Hardwood and vinyl flooring; some areas vary
• Laundry & utility: Separate electric meters for units (2); single gas meter

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $812 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 4.1% in Norwich — 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 (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Chenango County population projected at -26% 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 $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k 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 ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,050 (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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.77% ✓
• Cap rate: 13.79%
• Cash-on-cash: 26.76%
• DSCR: 2.19
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $100,170
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31 Cortland St	0.40mi	4/2.0	1,903 (+3%)	17mo	$50,000	$26	63
42 Front St	0.59mi	3/2.0 (-1)	1,858 (+0%)	16mo	$72,000	$39	54
58 Henry St	0.54mi	4/2.5	1,851 (-0%)	22mo	$140,000	$76	54
15 Adelaide St	0.38mi	3/2.0 (-1)	1,604 (-14%)	16mo	$87,000	$54	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 44.5%
• Equity multiple: 4.37×
• Total profit: $122,600
• Equity at exit: $117,114

10-year hold

• IRR: 38.6%
• Equity multiple: 9.81×
• Total profit: $320,584
• Equity at exit: $252,561

Cash invested: $36,400 (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 13815

• Home prices YoY: 8.2%
• Active inventory: 84
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,302 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$271 /mo · $3,252/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $812

Break-even live

Break-even rent $1,275

Max offer price $130,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,302
Total (2 units)			$2,302

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $130,000 Active 26 DOM
2. 2026-06-17
   days on market $130,000 Active 25 DOM
3. 2026-06-16
   days on market $130,000 Active 24 DOM
4. 2026-06-15
   days on market $130,000 Active 23 DOM
5. 2026-06-13
   days on market $130,000 Active 21 DOM
6. 2026-06-12
   days on market $130,000 Active 20 DOM
7. 2026-06-09
   days on market $130,000 Active 17 DOM
8. 2026-06-08
   days on market $130,000 Active 16 DOM
9. 2026-06-07
   days on market $130,000 Active 15 DOM
10. 2026-06-07
    days on market $130,000 Active 14 DOM
11. 2026-06-04
    days on market $130,000 Active 11 DOM
12. 2026-06-02
    days on market $130,000 Active 10 DOM
13. 2026-06-01
    days on market $130,000 Active 9 DOM
14. 2026-05-31
    days on market $130,000 Active 8 DOM
15. 2026-05-22
    listed $130,000 Active

ⓘ 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: $3,252 · $271/mo
• Projected year-2 tax: $3,252 · $271/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 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: $27,624
• − Mortgage interest: −$7,282
• − Property taxes: −$3,252
• − Insurance: −$650
• − Repairs & maintenance: −$2,210
• − Management: −$2,210
• − Depreciation: −$3,782
• Taxable income: $8,238
• Est. tax owed @ 24.0%: −$1,977
• After-tax cash flow: $7,763/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: Norwich City School District
• NCES district ID: 3621330
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $40,687
• Composite: 35.68/100
• National rank: #4874
• State rank: #498 of 590 in NY

Livability — Norwich

• Score: 70/100
• State rank: #447
• US rank: #7857

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwich, NY
• City population: 12,855
• Population (ZIP): 12,855

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Lithuanian 3% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 0%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.23%
• Current HPI: 280.463
• 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

• 2026-05-22 Listed $130,000 UNYREIS

Property tax history

+1.5%/yr

Latest (2025): $3,252 · +1.4% YoY. Source: county tax records.