138 Main St · Worcester, NY 12197

$169,000

6 bd · 4.0 ba · 2,600 sqft · MultiFamily · 147 Days on market

Built 1900 0.30 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +3.7/10.0
• Livability +3.0/5.0
• 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: 2 units. confirmed

Listing remarks MLS

VICTORIAN, TWO FAMILY: GREAT VALUE is here with this fine duplex fully rented month to month. The units are front and rear, while the larger, #1 is the front with 2-3 bedrooms, large Living Room with decorative fireplace, dining room that will accommodate large family gatherings. The 1 bedroom unit to the rear is all first floor living. There is a newly rebuilt front porch, ground level entry in to basement in rear with TWO furnaces. Tenants each pay their own heat, electric, cable, etc. The property is surveyed, a new large 30 x 35 metal barn/garage with high overhead door sets in the back corner of the yard. Ideal for your collectable vehicles, boat, or rental spaces of vehicles, etc. From the home within walking distance is the Post Office, Churches, school and school pool, and only a mile on Main St to stores, fuel, and I-88 interchange, 20 mins Oneonta, Cobleskill, 50 mins Albany, "and beyond". Ideal for first time home owner, live in a unit, let other pay your expenses! Tenants requested no interior photos for privacy, sorry!

Key facts

• Two family
• Front and rear units
• New large metal barn

Tags

• TWO FAMILY
• FRONT AND REAR UNITS
• NEWLY REBUILT FRONT PORCH
• GROUND LEVEL ENTRY
• TWO FURNACES
• NEW LARGE METAL BARN

What this means for you Summary

Snapshot

• This is a 1×3bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $169k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive. Per door: $353/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#1,037 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools D-, crime F.
• Worcester Central School District (rural): math 40% / reading 40% proficiency, ranked #642 of 755 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.9% local appreciation)).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $80k; list at $169k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
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: 1.38% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.88%
• DSCR: 1.80
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.88% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.17×
• Total profit: $55,493
• Equity at exit: $65,566

10-year hold

• IRR: 23.9%
• Equity multiple: 4.12×
• Total profit: $147,418
• Equity at exit: $93,585

Cash invested: $47,320 (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 12197

• Home prices YoY: 0.6%
• Active inventory: 23
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,332 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$180 /mo · $2,164/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $705

Break-even live

Break-even rent $1,439

Max offer price $169,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,282
1× unit	1	1	$1,051
Total (2 units)			$2,332

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $169,000 Active 147 DOM
2. 2026-06-17
   days on market $169,000 Active 146 DOM
3. 2026-06-16
   days on market $169,000 Active 145 DOM
4. 2026-06-15
   days on market $169,000 Active 144 DOM
5. 2026-06-13
   days on market $169,000 Active 142 DOM
6. 2026-06-12
   days on market $169,000 Active 141 DOM
7. 2026-06-09
   days on market $169,000 Active 138 DOM
8. 2026-06-08
   days on market $169,000 Active 137 DOM
9. 2026-06-07
   days on market $169,000 Active 136 DOM
10. 2026-06-07
    days on market $169,000 Active 135 DOM
11. 2026-06-04
    days on market $169,000 Active 132 DOM
12. 2026-06-02
    days on market $169,000 Active 131 DOM
13. 2026-06-01
    days on market $169,000 Active 130 DOM
14. 2026-05-31
    days on market $169,000 Active 129 DOM
15. 2026-01-22
    listed $169,000 Active 1057-char remark

    Show marketing remark (1057 chars)

    VICTORIAN, TWO FAMILY: GREAT VALUE is here with this fine duplex fully rented month to month. The units are front and rear, while the larger, #1 is the front with 2-3 bedrooms, large Living Room with decorative fireplace, dining room that will accommodate large family gatherings. The 1 bedroom unit to the rear is all first floor living. There is a newly rebuilt front porch, ground level entry in to basement in rear with TWO furnaces. Tenants each pay their own heat, electric, cable, etc. The property is surveyed, a new large 30 x 35 metal barn/garage with high overhead door sets in the back corner of the yard. Ideal for your collectable vehicles, boat, or rental spaces of vehicles, etc. From the home within walking distance is the Post Office, Churches, school and school pool, and only a mile on Main St to stores, fuel, and I-88 interchange, 20 mins Oneonta, Cobleskill, 50 mins Albany, "and beyond". Ideal for first time home owner, live in a unit, let other pay your expenses! Tenants requested no interior photos for privacy, sorry!

16. 2022-06-08
    soldstatus $80,000
17. 2022-06-05
    soldstatus $80,000 1121-char remark

    Show marketing remark (1121 chars)

    INVESTORS and NEW HOME BUYERS !! A great opportunity for an investor money maker, or live in one portion of this stately Victorian home, and have the rental income subsidize your own expenses. Take a look at the main 2 story portion of this stately Victorian home, with large living room, bay window, and the attractive mantel surrounding the fireplace. The dining room has room for accommodating a large family dinner party, washer dryer in a closet and bath all on first floor. Second floor are all spacious rooms, plus a LARGE walk in attic. The single story living area locate in back portion of the home contains a bed room, full bath, and combination kitchen/dining area. At one time this Victorian home was at one time was a single family residence and very well with a simple minor adjustment can be again. The barn, 24x32, with new roofing (4 years young) can accommodate vehicles and a private workshop. Rear portion of home also has new roofing (4 years young). The property is surveyed. Walking distance to school pool, restaraunts, houses of worship, grocery, fuel and other needs. Tenants pay own utilities.

18. 2022-06-05
    soldstatus $80,000

    Show marketing remark (1121 chars)

    INVESTORS and NEW HOME BUYERS !! A great opportunity for an investor money maker, or live in one portion of this stately Victorian home, and have the rental income subsidize your own expenses. Take a look at the main 2 story portion of this stately Victorian home, with large living room, bay window, and the attractive mantel surrounding the fireplace. The dining room has room for accommodating a large family dinner party, washer dryer in a closet and bath all on first floor. Second floor are all spacious rooms, plus a LARGE walk in attic. The single story living area locate in back portion of the home contains a bed room, full bath, and combination kitchen/dining area. At one time this Victorian home was at one time was a single family residence and very well with a simple minor adjustment can be again. The barn, 24x32, with new roofing (4 years young) can accommodate vehicles and a private workshop. Rear portion of home also has new roofing (4 years young). The property is surveyed. Walking distance to school pool, restaraunts, houses of worship, grocery, fuel and other needs. Tenants pay own utilities.

19. 2022-03-21
    listed $84,900 1121-char remark

    Show marketing remark (1121 chars)

    INVESTORS and NEW HOME BUYERS !! A great opportunity for an investor money maker, or live in one portion of this stately Victorian home, and have the rental income subsidize your own expenses. Take a look at the main 2 story portion of this stately Victorian home, with large living room, bay window, and the attractive mantel surrounding the fireplace. The dining room has room for accommodating a large family dinner party, washer dryer in a closet and bath all on first floor. Second floor are all spacious rooms, plus a LARGE walk in attic. The single story living area locate in back portion of the home contains a bed room, full bath, and combination kitchen/dining area. At one time this Victorian home was at one time was a single family residence and very well with a simple minor adjustment can be again. The barn, 24x32, with new roofing (4 years young) can accommodate vehicles and a private workshop. Rear portion of home also has new roofing (4 years young). The property is surveyed. Walking distance to school pool, restaraunts, houses of worship, grocery, fuel and other needs. Tenants pay own utilities.

20. 2022-03-21
    listed $84,900

    Show marketing remark (1121 chars)

    INVESTORS and NEW HOME BUYERS !! A great opportunity for an investor money maker, or live in one portion of this stately Victorian home, and have the rental income subsidize your own expenses. Take a look at the main 2 story portion of this stately Victorian home, with large living room, bay window, and the attractive mantel surrounding the fireplace. The dining room has room for accommodating a large family dinner party, washer dryer in a closet and bath all on first floor. Second floor are all spacious rooms, plus a LARGE walk in attic. The single story living area locate in back portion of the home contains a bed room, full bath, and combination kitchen/dining area. At one time this Victorian home was at one time was a single family residence and very well with a simple minor adjustment can be again. The barn, 24x32, with new roofing (4 years young) can accommodate vehicles and a private workshop. Rear portion of home also has new roofing (4 years young). The property is surveyed. Walking distance to school pool, restaraunts, houses of worship, grocery, fuel and other needs. Tenants pay own utilities.

21. 2018-12-04
    historical
22. 2018-03-09
    listed $72,000

ⓘ 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: $2,164 · $180/mo
• Projected year-2 tax: $2,510 · $209/mo
• Expected delta: +$346/yr (+$29/mo · 16.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 20 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: $27,984
• − Mortgage interest: −$9,467
• − Property taxes: −$2,164
• − Insurance: −$845
• − Repairs & maintenance: −$2,239
• − Management: −$2,239
• − Depreciation: −$4,916
• Taxable income: $6,114
• Est. tax owed @ 24.0%: −$1,467
• After-tax cash flow: $6,995/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: Worcester Central School District
• NCES district ID: 3631740
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 40% ▲ 5.00%
• Median HH income: $45,846
• Composite: 36.52/100
• National rank: #9306
• State rank: #642 of 755 in NY

Livability — Worcester

• Score: 59/100
• State rank: #1037
• US rank: #20500

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Worcester, NY
• City population: 2,275
• Population (ZIP): 2,275

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 57,987 people
• By 2030: 55,403 · -4.5%
• By 2040: 50,336 · -13.2%
• By 2050: 45,715 · -21.2%
• By 2075: 38,769 · -33.1%
• By 2100: 33,468 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Italian 4% Romanian 3% Slovak 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Otsego

• 2024 margin: Lean R (+7.9) · D 46.1% · R 53.9%
• 2008→2024 swing: -13.8pp toward R · 2008: 5.9pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: R+5.0 2016: R+13.0 2012: D+2.0 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.88%
• Current HPI: 341.3108
• 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

+134.7% since first listed

8 events — show timeline

• 2026-01-22 Listed $169,000 UNYREIS
• 2022-06-08 Sold (Public Records) $80,000 Public Records
• 2022-06-05 Sold (MLS) $80,000 ODBOR
• 2022-06-05 Sold (MLS) $80,000 UNYREIS
• 2022-03-21 Listed $84,900 ODBOR
• 2022-03-21 Listed $84,900 UNYREIS
• 2018-12-04 Listing Removed — UNYREIS
• 2018-03-09 Listed $72,000 UNYREIS

Property tax history

+2.1%/yr

Latest (2025): $2,164 · +1.6% YoY. Source: county tax records.