224 Norton St · Newark, NY 14513

$110,000

2 bd · 1.0 ba · 1,116 sqft · SingleFamily public records · 42 Days on market

Built 1900 7,405 sqft lot Est $135k · 19% under

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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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.9/10.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two bedroom in need of rehab. Stove and refrigerator included. Sold in "as is condition". Cash only.

Key facts

• Natural woodwork
• 7,405 sq ft lot
• Built 1900

Tags

• NATURAL WOODWORK
• PARTIALLY FENCED-IN YARD
• VERSATILE LIVING SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 5.0% in Newark — 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 71/100 on livability (#405 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute B; Watch: employment D+, crime F, amenities F.
• Newark Central School District (town): math 33% / reading 46% proficiency, ranked #527 of 590 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Norman R Kelley Intermediate School (math 34% / reading 41%, grade F, #1,516 of 2,108 statewide, top 72%, 387 students, 62% FRL); Newark Middle School (math 10% / reading 38%, grade F, #640 of 729 statewide, top 88%, 445 students, 59% FRL); Newark Senior High School (math 77% / reading 82%, grade A-, #518 of 1,100 statewide, top 51%, 602 students, 54% FRL) — zoned schools average 58% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y 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 $15k; list at $110k implies a 627% 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 $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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?
5. 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?
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: 1.09% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $135,036
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
232 Norton St	0.02mi	3/1.0 (+1)	1,120 (+0%)	19mo	$135,000	$121	78
350 E Union St	0.36mi	2/1.5	1,139 (+2%)	7mo	$109,250	$96	72
407 E Miller St	0.39mi	2/1.5	1,116 (0%)	11mo	$15,000	$13	71
112 Sherman Pkwy	0.25mi	3/1.5 (+1)	1,138 (+2%)	19mo	$170,000	$149	62
307 W Miller St	0.64mi	2/1.0	1,161 (+4%)	14mo	$202,000	$174	52
204 Ford St	0.19mi	3/1.0 (+1)	1,260 (+13%)	22mo	$103,000	$82	46
802 Driving Park Ave	0.62mi	2/1.0	950 (-15%)	6mo	$125,000	$132	41
438 Van Buren St	0.67mi	2/1.5	1,220 (+9%)	23mo	$185,000	$152	32
104 W Godfrey St	0.74mi	3/1.0 (+1)	1,224 (+10%)	19mo	$110,000	$90	28

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

Projected returns pro-forma

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

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-8,132
• Equity at exit: $16,401

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $5,513
• Equity at exit: $9,511

Cash invested: $30,800 (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 14513

• Home prices YoY: -16.7%
• Active inventory: 43
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$174 /mo · $2,085/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $152

Break-even live

Break-even rent $1,008

Max offer price $110,000

Occupancy floor 82%

Sensitivity live

Price	-10% $214	-5% $183	+0% $152	+5% $120	+10% $89
Rent	-10% $57	-5% $104	+0% $152	+5% $199	+10% $246
Rate	-1.0pp $207	-0.5pp $180	base $152	+0.5pp $123	+1.0pp $94

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Washington St Newark, NY	2.0	1.0	900	$1,200	$1.33	4d	1	0.90mi

Listing history 5 events

1. 2026-04-01
   status Pending
2. 2026-02-18
   listed $110,000 Active
3. 2012-05-30
   soldstatus $15,125
4. 2012-05-29
   soldstatus $15,125 110-char remark

   Show marketing remark (110 chars)

   Two bedroom in need of rehab. Stove and refrigerator included. Sold in "as is condition". Cash only.

5. 2011-10-21
   listed $28,000 110-char remark

   Show marketing remark (110 chars)

   Two bedroom in need of rehab. Stove and refrigerator included. Sold in "as is condition". Cash only.

ⓘ 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: $2,085 · $174/mo
• Projected year-2 tax: $2,085 · $174/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $14,400
• − Mortgage interest: −$6,162
• − Property taxes: −$2,085
• − Insurance: −$550
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,200
• Taxable income: $99
• Est. tax owed @ 24.0%: −$24
• After-tax cash flow: $1,795/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: Newark Central School District
• NCES district ID: 3620640
• Math proficiency: 33% ▲ 2.00%
• Reading proficiency: 46% ▲ 15.00%
• Median HH income: $44,966
• Composite: 33.55/100
• National rank: #5428
• State rank: #527 of 590 in NY

Livability — Newark

• Score: 71/100
• State rank: #405
• US rank: #6978

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newark, NY
• Population (ZIP): 13,501

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 85,662 people
• By 2030: 81,945 · -4.3%
• By 2040: 73,735 · -13.9%
• By 2050: 65,029 · -24.1%
• By 2075: 47,451 · -44.6%
• By 2100: 31,574 · -63.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 12% Two or more races 10% Black 3% Native American 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Iranian 13% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Wayne

• 2024 margin: Strong R (+23.1) · D 38.5% · R 61.5%
• 2008→2024 swing: -13.2pp toward R · 2008: -9.9pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+19.6 2016: R+26.1 2012: R+9.3 2008: R+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.98%
• Current HPI: 253.627
• 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

+292.9% since first listed

5 events — show timeline

• 2026-04-01 Pending — UNYREIS
• 2026-02-18 Listed $110,000 UNYREIS
• 2012-05-30 Sold (Public Records) $15,125 Public Records
• 2012-05-29 Sold (MLS) $15,125 UNYREIS
• 2011-10-21 Listed $28,000 UNYREIS

Property tax history

+0.3%/yr

Latest (2025): $2,085 · -2.8% YoY. Source: county tax records.