36 Hayes St · Norwich, NY 13815

$242,500

7 bd · 4.5 ba · 3,544 sqft · MultiFamily public records · 267 Days on market

Built 1880 0.40 ac lot $68/sqft · 5% above area Est $230k · 5% 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
• ARV discount +5.0/15.0
• Schools +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Wonderful opportunity for owner-occupied or investment property. This 3 family residence maintains it's historic charm while offering modern comfort. Located in a highly desirable well established neighborhood. The property sits on a rare oversized city lot partially fenced with plenty of off-street parking and 2 car garage. A great option for those looking to live in one unit while generating income from tenants. New custom vinyl insert windows in front of the home to maintain the historic facade. New 2-year-old metal roof, new boiler and new plumbing. 2 hot water heaters. 4 bedroom and 2 and a half baths on first floor unit currently occupied by the owners. First floor unit has a large kitchen, dining, living room, library, enclosed porch and laundry. On the second floor there are two units, one unit is occupied by a long-time tenant the rent includes utilities and trash removal. The other two-bedroom unit is vacant has a large kitchen, living room and generous closet space. Both units have a second-floor deck overlooking the backyard. Walking distance to downtown, schools, shopping, NBT, Guernsey Library, parks and community festivals. A great opportunity for those looking to live in one unit while generating income from tenants close to everything!

Key facts

• New boiler
• Metal roof
• New plumbing

Tags

• OVERSIZED CITY LOT
• OFF-STREET PARKING
• CUSTOM VINYL INSERT WINDOWS
• METAL ROOF
• NEW BOILER
• NEW PLUMBING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.0-bath units multifamily listed at $242k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $242k).
• Recommended offer: $213k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 $26k of equity ($2k loan paydown + $24k 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 $68k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $41k; list at $242k implies a 497% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 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 1880 — 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. 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?
9. 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.
10. 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.
11. 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: 1.59% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.47%
• DSCR: 1.91
• GRM: 5.2

CMA / ARV

• ARV (median comp): $229,875
• List price: $242,500
• Delta: 5.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 39.6%
• Equity multiple: 4.03×
• Total profit: $206,012
• Equity at exit: $218,463

10-year hold

• IRR: 34.1%
• Equity multiple: 9.09×
• Total profit: $549,041
• Equity at exit: $471,124

Cash invested: $67,900 (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: 15.7×

Monthly cashflow live

• Estimated rent: $3,850 medium
• Mortgage (P&I): −$1,272
• Tax from tax record: −$511 /mo · $6,129/yr
• Insurance: −$101
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $1,158

Break-even live

Break-even rent $2,384

Max offer price $242,500

Occupancy floor 65%

Sensitivity live

Price	-10% $1,295	-5% $1,227	+0% $1,158	+5% $1,089	+10% $1,021
Rent	-10% $854	-5% $1,006	+0% $1,158	+5% $1,310	+10% $1,462
Rate	-1.0pp $1,280	-0.5pp $1,220	base $1,158	+0.5pp $1,095	+1.0pp $1,031

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$3,849
Total (3 units)			$3,850

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: $60,625
• Closing costs: $7,275
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $242,500 Active 267 DOM
2. 2026-06-18
   days on market $242,500 Active 265 DOM
3. 2026-06-17
   days on market $242,500 Active 264 DOM
4. 2026-06-16
   days on market $242,500 Active 263 DOM
5. 2026-06-15
   days on market $242,500 Active 262 DOM
6. 2026-06-13
   days on market $242,500 Active 260 DOM
7. 2026-06-12
   days on market $242,500 Active 259 DOM
8. 2026-06-09
   days on market $242,500 Active 256 DOM
9. 2026-06-08
   days on market $242,500 Active 255 DOM
10. 2026-06-07
    days on market $242,500 Active 254 DOM
11. 2026-06-07
    days on market $242,500 Active 253 DOM
12. 2026-06-04
    days on market $242,500 Active 250 DOM
13. 2026-06-02
    days on market $242,500 Active 249 DOM
14. 2026-06-01
    days on market $242,500 Active 248 DOM
15. 2026-05-31
    days on market $242,500 Active 247 DOM
16. 2026-03-24
    price $242,500 1272-char remark

    Show marketing remark (1272 chars)

    Wonderful opportunity for owner-occupied or investment property. This 3 family residence maintains it's historic charm while offering modern comfort. Located in a highly desirable well established neighborhood. The property sits on a rare oversized city lot partially fenced with plenty of off-street parking and 2 car garage. A great option for those looking to live in one unit while generating income from tenants. New custom vinyl insert windows in front of the home to maintain the historic facade. New 2-year-old metal roof, new boiler and new plumbing. 2 hot water heaters. 4 bedroom and 2 and a half baths on first floor unit currently occupied by the owners. First floor unit has a large kitchen, dining, living room, library, enclosed porch and laundry. On the second floor there are two units, one unit is occupied by a long-time tenant the rent includes utilities and trash removal. The other two-bedroom unit is vacant has a large kitchen, living room and generous closet space. Both units have a second-floor deck overlooking the backyard. Walking distance to downtown, schools, shopping, NBT, Guernsey Library, parks and community festivals. A great opportunity for those looking to live in one unit while generating income from tenants close to everything!

17. 2026-02-07
    price $239,000 1272-char remark

    Show marketing remark (1272 chars)

    Wonderful opportunity for owner-occupied or investment property. This 3 family residence maintains it's historic charm while offering modern comfort. Located in a highly desirable well established neighborhood. The property sits on a rare oversized city lot partially fenced with plenty of off-street parking and 2 car garage. A great option for those looking to live in one unit while generating income from tenants. New custom vinyl insert windows in front of the home to maintain the historic facade. New 2-year-old metal roof, new boiler and new plumbing. 2 hot water heaters. 4 bedroom and 2 and a half baths on first floor unit currently occupied by the owners. First floor unit has a large kitchen, dining, living room, library, enclosed porch and laundry. On the second floor there are two units, one unit is occupied by a long-time tenant the rent includes utilities and trash removal. The other two-bedroom unit is vacant has a large kitchen, living room and generous closet space. Both units have a second-floor deck overlooking the backyard. Walking distance to downtown, schools, shopping, NBT, Guernsey Library, parks and community festivals. A great opportunity for those looking to live in one unit while generating income from tenants close to everything!

18. 2025-11-17
    price $244,900 1272-char remark

    Show marketing remark (1272 chars)

    Wonderful opportunity for owner-occupied or investment property. This 3 family residence maintains it's historic charm while offering modern comfort. Located in a highly desirable well established neighborhood. The property sits on a rare oversized city lot partially fenced with plenty of off-street parking and 2 car garage. A great option for those looking to live in one unit while generating income from tenants. New custom vinyl insert windows in front of the home to maintain the historic facade. New 2-year-old metal roof, new boiler and new plumbing. 2 hot water heaters. 4 bedroom and 2 and a half baths on first floor unit currently occupied by the owners. First floor unit has a large kitchen, dining, living room, library, enclosed porch and laundry. On the second floor there are two units, one unit is occupied by a long-time tenant the rent includes utilities and trash removal. The other two-bedroom unit is vacant has a large kitchen, living room and generous closet space. Both units have a second-floor deck overlooking the backyard. Walking distance to downtown, schools, shopping, NBT, Guernsey Library, parks and community festivals. A great opportunity for those looking to live in one unit while generating income from tenants close to everything!

19. 2025-09-25
    listed $249,000 Active 1272-char remark

    Show marketing remark (1272 chars)

    Wonderful opportunity for owner-occupied or investment property. This 3 family residence maintains it's historic charm while offering modern comfort. Located in a highly desirable well established neighborhood. The property sits on a rare oversized city lot partially fenced with plenty of off-street parking and 2 car garage. A great option for those looking to live in one unit while generating income from tenants. New custom vinyl insert windows in front of the home to maintain the historic facade. New 2-year-old metal roof, new boiler and new plumbing. 2 hot water heaters. 4 bedroom and 2 and a half baths on first floor unit currently occupied by the owners. First floor unit has a large kitchen, dining, living room, library, enclosed porch and laundry. On the second floor there are two units, one unit is occupied by a long-time tenant the rent includes utilities and trash removal. The other two-bedroom unit is vacant has a large kitchen, living room and generous closet space. Both units have a second-floor deck overlooking the backyard. Walking distance to downtown, schools, shopping, NBT, Guernsey Library, parks and community festivals. A great opportunity for those looking to live in one unit while generating income from tenants close to everything!

20. 2012-12-20
    soldstatus $40,600
21. 2007-05-14
    listed $168,900
22. 2003-04-28
    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: $6,129 · $511/mo
• Projected year-2 tax: $6,129 · $511/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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $46,200
• − Mortgage interest: −$13,584
• − Property taxes: −$6,129
• − Insurance: −$1,212
• − Repairs & maintenance: −$3,696
• − Management: −$3,696
• − Depreciation: −$7,055
• Taxable income: $10,828
• Est. tax owed @ 24.0%: −$2,599
• After-tax cash flow: $11,297/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

+273.1% since first listed

7 events — show timeline

• 2026-03-24 Price Changed $242,500 UNYREIS
• 2026-02-07 Price Changed $239,000 UNYREIS
• 2025-11-17 Price Changed $244,900 UNYREIS
• 2025-09-25 Listed $249,000 UNYREIS
• 2012-12-20 Sold (Public Records) $40,600 Public Records
• 2007-05-14 Listed $168,900 UNYREIS
• 2003-04-28 Sold (Public Records) $65,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $6,129 · +1.9% YoY. Source: county tax records.