119 1st Ave · Frankfort, NY 13340

$119,900

2 bd · 2.0 ba · 1,515 sqft · Townhouse public records · 144 Days on market

Built 1870 5,450 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Attention Investors! This two-unit property offers over 1,500 sq ft of living space, with each unit featuring 1 bedroom, 1 bathroom, and eat-in kitchens. Separate electric meters, shared laundry access, and both front and rear porches add convenience and value. The property also includes ample parking and a low-maintenance yard. Recent updates include a newer furnace (2 years old), a new hot water tank, and a fully remodeled second-floor unit completed just two years ago. Conveniently located just a short drive from Route 5/5S. Whether you’re seeking your first investment or looking to expand your portfolio, this property is a fantastic opportunity. Gross rent is $18,300 per year.

Key facts

• Two unit property
• Ample parking
• Eat in kitchens

Tags

• TWO UNIT PROPERTY
• EAT IN KITCHENS
• SEPARATE ELECTRIC METERS
• SHARED LAUNDRY ACCESS
• FRONT AND REAR PORCHES
• AMPLE PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#648 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Frankfort-Schuyler Central School District (town): math 32% / reading 45% proficiency, ranked #538 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Herkimer County population projected at -24% 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 $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $54k; list at $120k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 11.97%
• Cash-on-cash: 20.29%
• DSCR: 1.90
• GRM: 5.1

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: 39.5%
• Equity multiple: 4.03×
• Total profit: $101,577
• Equity at exit: $108,015

10-year hold

• IRR: 34.0%
• Equity multiple: 9.07×
• Total profit: $270,931
• Equity at exit: $232,939

Cash invested: $33,572 (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 13340

• Home prices YoY: 8.1%
• Active inventory: 40
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,952 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$295 /mo · $3,546/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $568

Break-even live

Break-even rent $1,233

Max offer price $119,900

Occupancy floor 66%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $119,900 Active 144 DOM
2. 2026-06-18
   days on market $119,900 Active 143 DOM
3. 2026-06-17
   days on market $119,900 Active 142 DOM
4. 2026-06-16
   days on market $119,900 Active 141 DOM
5. 2026-06-15
   days on market $119,900 Active 140 DOM
6. 2026-06-14
   days on market $119,900 Active 138 DOM
7. 2026-06-13
   days on market $119,900 Active 137 DOM
8. 2026-06-10
   days on market $119,900 Active 135 DOM
9. 2026-06-09
   days on market $119,900 Active 134 DOM
10. 2026-06-08
    days on market $119,900 Active 133 DOM
11. 2026-06-07
    days on market $119,900 Active 132 DOM
12. 2026-06-02
    days on market $119,900 Active 127 DOM
13. 2026-06-01
    days on market $119,900 Active 126 DOM
14. 2026-05-31
    days on market $119,900 Active 125 DOM
15. 2026-05-30
    days on market $119,900 Active 124 DOM
16. 2026-05-12
    historical Active Under Contract 695-char remark

    Show marketing remark (695 chars)

    Attention Investors! This two-unit property offers over 1,500 sq ft of living space, with each unit featuring 1 bedroom, 1 bathroom, and eat-in kitchens. Separate electric meters, shared laundry access, and both front and rear porches add convenience and value. The property also includes ample parking and a low-maintenance yard. Recent updates include a newer furnace (2 years old), a new hot water tank, and a fully remodeled second-floor unit completed just two years ago. Conveniently located just a short drive from Route 5/5S. Whether you’re seeking your first investment or looking to expand your portfolio, this property is a fantastic opportunity. Gross rent is $18,300 per year.

17. 2026-03-21
    price $119,900 695-char remark

    Show marketing remark (695 chars)

    Attention Investors! This two-unit property offers over 1,500 sq ft of living space, with each unit featuring 1 bedroom, 1 bathroom, and eat-in kitchens. Separate electric meters, shared laundry access, and both front and rear porches add convenience and value. The property also includes ample parking and a low-maintenance yard. Recent updates include a newer furnace (2 years old), a new hot water tank, and a fully remodeled second-floor unit completed just two years ago. Conveniently located just a short drive from Route 5/5S. Whether you’re seeking your first investment or looking to expand your portfolio, this property is a fantastic opportunity. Gross rent is $18,300 per year.

18. 2026-01-26
    listed $124,900 Active 695-char remark

    Show marketing remark (695 chars)

    Attention Investors! This two-unit property offers over 1,500 sq ft of living space, with each unit featuring 1 bedroom, 1 bathroom, and eat-in kitchens. Separate electric meters, shared laundry access, and both front and rear porches add convenience and value. The property also includes ample parking and a low-maintenance yard. Recent updates include a newer furnace (2 years old), a new hot water tank, and a fully remodeled second-floor unit completed just two years ago. Conveniently located just a short drive from Route 5/5S. Whether you’re seeking your first investment or looking to expand your portfolio, this property is a fantastic opportunity. Gross rent is $18,300 per year.

19. 2022-10-13
    soldstatus $54,000 Closed Sale or Rented 95-char remark

    Show marketing remark (95 chars)

    Two unit home, nice sized rooms, vinyl sided, some replacement windows . Both currently rented.

20. 2022-10-11
    soldstatus $54,000
21. 2022-08-16
    status Under Contract- Do Not Show 95-char remark

    Show marketing remark (95 chars)

    Two unit home, nice sized rooms, vinyl sided, some replacement windows . Both currently rented.

22. 2022-08-11
    listed $59,000 Active 95-char remark

    Show marketing remark (95 chars)

    Two unit home, nice sized rooms, vinyl sided, some replacement windows . Both currently rented.

ⓘ 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: $3,546 · $295/mo
• Projected year-2 tax: $3,546 · $295/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 3/10 Moderate FEMA zone X · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,421
• − Mortgage interest: −$6,716
• − Property taxes: −$3,546
• − Insurance: −$600
• − Repairs & maintenance: −$1,874
• − Management: −$1,874
• − Depreciation: −$3,488
• Taxable income: $5,325
• Est. tax owed @ 24.0%: −$1,278
• After-tax cash flow: $5,535/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: Frankfort-Schuyler Central School District
• NCES district ID: 3611400
• Math proficiency: 32% ▼ -12.00%
• Reading proficiency: 45% ▲ 3.00%
• Median HH income: $46,499
• Composite: 32.87/100
• National rank: #5610
• State rank: #538 of 590 in NY

Livability — Frankfort

• Score: 66/100
• State rank: #648
• US rank: #12129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, NY
• Population (ZIP): 7,322

Population outlook (Herkimer County) Hauer SSP2

• Today (2025): 59,340 people
• By 2030: 56,838 · -4.2%
• By 2040: 51,098 · -13.9%
• By 2050: 45,080 · -24.0%
• By 2075: 32,648 · -45.0%
• By 2100: 22,266 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Black 2% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Lithuanian 3% American 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Russian/Polish/Slavic 6% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Herkimer

• 2024 margin: Solid R (+36.4) · D 31.8% · R 68.2%
• 2008→2024 swing: -27.1pp toward R · 2008: -9.3pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+30.5 2016: R+34.5 2012: R+8.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.15%
• Current HPI: 336.077
• 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

+103.2% since first listed

7 events — show timeline

• 2026-05-12 Contingent — CNYIS
• 2026-03-21 Price Changed $119,900 CNYIS
• 2026-01-26 Listed $124,900 CNYIS
• 2022-10-13 Sold (MLS) $54,000 CNYIS
• 2022-10-11 Sold (Public Records) $54,000 Public Records
• 2022-08-16 Pending — CNYIS
• 2022-08-11 Listed $59,000 CNYIS

Property tax history

+7.6%/yr

Latest (2025): $3,546 · +0.0% YoY. Source: county tax records.