118 Main St · Laurens, NY 13796

$319,000

4 bd · 2.0 ba · 1,456 sqft · MultiFamily public records · 92 Days on market

Built 1897 0.49 ac lot $219/sqft · 35% above area Est $263k · 21% over

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Why this score? — see what drove the F 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).

• Appreciation +7.3/10.0
• Schools +4.6/10.0
• Cash flow +3.4/30.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• 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 MLS

Unique 4-in-1 opportunity in the heart of Laurens with frontage along Otego Creek. This versatile Main Street property includes a furnished 4-bedroom, 2-bath home, a small restaurant building, a food truck and a side lot where you could add an additional building— all on one parcel with waterfront access and strong visibility. The single-family home has operated successfully as the “Laurens Manor” short-term rental and offers four bedrooms and two full bathrooms. The restaurant building has previously functioned as a working eatery with 4 parking spots, and the included food truck adds additional income or mobile business flexibility. To the left of the home is an additional cleared area where a single-wide previously stood. This space offers potential for another structure, rental unit, or expansion, with village water available. With direct frontage on Otego Creek, this property combines residential living, commercial potential, and future development opportunity in one unique offering. Ideal for an entrepreneur, investor, or multi-use vision.

Key facts

• Strong visibility
• Waterfront access
• Septic hookups

Tags

• WATERFRONT ACCESS
• STRONG VISIBILITY
• ADDITIONAL BUILDING
• MOBILE BUSINESS FLEXIBILITY
• EXISTING VILLAGE WATER
• SEPTIC HOOKUPS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $-982 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (54.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (57.1% below list).
• Recommended offer: $137k (57.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#1,003 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Laurens Central School District (rural): math 55% / reading 50% proficiency, ranked #423 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 9 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 $17k of equity ($2k loan paydown + $15k appreciation (4.6% local appreciation)).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, 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 92 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 7 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 $127k; list at $319k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,780 (57.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.43% ✗
• Cap rate: 2.60%
• Cash-on-cash: -13.19%
• DSCR: 0.41
• GRM: 19.4

CMA / ARV

• ARV (median comp): $263,147
• List price: $319,000
• Delta: 21.23%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $3,247
• Equity at exit: $172,625

10-year hold

• IRR: 4.1%
• Equity multiple: 1.76×
• Total profit: $67,633
• Equity at exit: $291,398

Cash invested: $89,320 (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 13796

• Home prices YoY: 1.3%
• Active inventory: 9
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$257 /mo · $3,083/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $-982

Break-even live

Break-even rent $2,611

Max offer price $145,504

Occupancy floor —

Sensitivity live

Price	-10% $-802	-5% $-892	+0% $-982	+5% $-1,072	+10% $-1,163
Rent	-10% $-1,090	-5% $-1,036	+0% $-982	+5% $-928	+10% $-874
Rate	-1.0pp $-821	-0.5pp $-901	base $-982	+0.5pp $-1,065	+1.0pp $-1,149

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $319,000 Active 92 DOM
2. 2026-06-18
   days on market $319,000 Active 91 DOM
3. 2026-06-17
   days on market $319,000 Active 90 DOM
4. 2026-06-16
   days on market $319,000 Active 89 DOM
5. 2026-06-15
   days on market $319,000 Active 88 DOM
6. 2026-06-14
   days on market $319,000 Active 86 DOM
7. 2026-06-12
   days on market $319,000 Active 85 DOM
8. 2026-06-09
   days on market $319,000 Active 82 DOM
9. 2026-06-08
   days on market $319,000 Active 81 DOM
10. 2026-06-07
    days on market $319,000 Active 80 DOM
11. 2026-06-05
    days on market $319,000 Active 78 DOM
12. 2026-06-03
    days on market $319,000 Active 76 DOM
13. 2026-06-02
    days on market $319,000 Active 75 DOM
14. 2026-06-01
    days on market $319,000 Active 74 DOM
15. 2026-05-31
    days on market $319,000 Active 73 DOM
16. 2026-05-31
    days on market $319,000 Active 72 DOM
17. 2026-03-19
    listed $319,000 Active 1079-char remark

    Show marketing remark (1079 chars)

    Unique 4-in-1 opportunity in the heart of Laurens with frontage along Otego Creek. This versatile Main Street property includes a furnished 4-bedroom, 2-bath home, a small restaurant building, a food truck and a side lot where you could add an additional building— all on one parcel with waterfront access and strong visibility. The single-family home has operated successfully as the “Laurens Manor” short-term rental and offers four bedrooms and two full bathrooms. The restaurant building has previously functioned as a working eatery with 4 parking spots, and the included food truck adds additional income or mobile business flexibility. To the left of the home is an additional cleared area where a single-wide previously stood. This space offers potential for another structure, rental unit, or expansion, with village water available. With direct frontage on Otego Creek, this property combines residential living, commercial potential, and future development opportunity in one unique offering. Ideal for an entrepreneur, investor, or multi-use vision.

18. 2021-03-10
    soldstatus $127,000
19. 2021-02-25
    soldstatus $123,500 554-char remark

    Show marketing remark (554 chars)

    THREE FOR ONE ! WHAT A DEAL ! THERE IS A WONDERFUL 4 BEDROOM HOME, A RESTAURANT FREQUENTED BY MANY OF THE VILLAGERS AND KIDS ON THERE WAY TO SCHOOL AND THERE IS ALSO A LOT THAT IN THE PAST HAD A SINGLE WIDE ON IT SO IT IS ALL SET UP WITH VILLAGE WATER. THIS IS A NOSTALGIC FIND. HOME IS MOVE IN READY SOME UPDATES HAVE BEEN DONE IN THE KITCHEN. THE HOME HAS BEEN MAINTAINED WELL ALONG WITH A DECENT BARN WITH A SPOT FOR YOUR CAR. PARTS OF THE YARD HAVE GREAT PRIVACY AND YOU HAVE ACCESS TO THE CREEK BEHIND THIS WONDERFUL HOME (does not flood, yard dry)

20. 2021-02-25
    soldstatus $123,500

    Show marketing remark (554 chars)

    THREE FOR ONE ! WHAT A DEAL ! THERE IS A WONDERFUL 4 BEDROOM HOME, A RESTAURANT FREQUENTED BY MANY OF THE VILLAGERS AND KIDS ON THERE WAY TO SCHOOL AND THERE IS ALSO A LOT THAT IN THE PAST HAD A SINGLE WIDE ON IT SO IT IS ALL SET UP WITH VILLAGE WATER. THIS IS A NOSTALGIC FIND. HOME IS MOVE IN READY SOME UPDATES HAVE BEEN DONE IN THE KITCHEN. THE HOME HAS BEEN MAINTAINED WELL ALONG WITH A DECENT BARN WITH A SPOT FOR YOUR CAR. PARTS OF THE YARD HAVE GREAT PRIVACY AND YOU HAVE ACCESS TO THE CREEK BEHIND THIS WONDERFUL HOME (does not flood, yard dry)

21. 2019-06-23
    listed $130,000 554-char remark

    Show marketing remark (554 chars)

    THREE FOR ONE ! WHAT A DEAL ! THERE IS A WONDERFUL 4 BEDROOM HOME, A RESTAURANT FREQUENTED BY MANY OF THE VILLAGERS AND KIDS ON THERE WAY TO SCHOOL AND THERE IS ALSO A LOT THAT IN THE PAST HAD A SINGLE WIDE ON IT SO IT IS ALL SET UP WITH VILLAGE WATER. THIS IS A NOSTALGIC FIND. HOME IS MOVE IN READY SOME UPDATES HAVE BEEN DONE IN THE KITCHEN. THE HOME HAS BEEN MAINTAINED WELL ALONG WITH A DECENT BARN WITH A SPOT FOR YOUR CAR. PARTS OF THE YARD HAVE GREAT PRIVACY AND YOU HAVE ACCESS TO THE CREEK BEHIND THIS WONDERFUL HOME (does not flood, yard dry)

22. 2019-06-23
    listed $130,000

    Show marketing remark (554 chars)

    THREE FOR ONE ! WHAT A DEAL ! THERE IS A WONDERFUL 4 BEDROOM HOME, A RESTAURANT FREQUENTED BY MANY OF THE VILLAGERS AND KIDS ON THERE WAY TO SCHOOL AND THERE IS ALSO A LOT THAT IN THE PAST HAD A SINGLE WIDE ON IT SO IT IS ALL SET UP WITH VILLAGE WATER. THIS IS A NOSTALGIC FIND. HOME IS MOVE IN READY SOME UPDATES HAVE BEEN DONE IN THE KITCHEN. THE HOME HAS BEEN MAINTAINED WELL ALONG WITH A DECENT BARN WITH A SPOT FOR YOUR CAR. PARTS OF THE YARD HAVE GREAT PRIVACY AND YOU HAVE ACCESS TO THE CREEK BEHIND THIS WONDERFUL HOME (does not flood, yard dry)

23. 2013-04-23
    listed $140,000
24. 2012-08-16
    listed $150,000
25. 2012-02-13
    listed $150,000
26. 2011-08-12
    listed $160,000
27. 1994-01-19
    soldstatus $56,000

ⓘ 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: $3,083 · $257/mo
• Projected year-2 tax: $4,237 · $353/mo
• Expected delta: +$1,154/yr (+$96/mo · 37.4%)

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

Taxation est. · year 1

• Rental income: $16,414
• − Mortgage interest: −$17,869
• − Property taxes: −$3,083
• − Insurance: −$1,595
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$9,280
• Taxable loss: −$18,039
• Est. tax savings @ 24.0%: +$4,329
• After-tax cash flow: $-7,456/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: Laurens Central School District
• NCES district ID: 3616800
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $46,144
• Composite: 46.42/100
• National rank: #5346
• State rank: #423 of 755 in NY

Livability — Laurens

• Score: 60/100
• State rank: #1003
• US rank: #19540

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laurens, NY
• Population (ZIP): 915

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 (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3% Pacific Islander 1%
• Common ancestry: Romanian 8% Lithuanian 3% Portuguese 2%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

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: ▲ 4.58%
• Current HPI: 367.0953
• 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

+469.6% since first listed

11 events — show timeline

• 2026-03-19 Listed $319,000 UNYREIS
• 2021-03-10 Sold (Public Records) $127,000 Public Records
• 2021-02-25 Sold (MLS) $123,500 ODBOR
• 2021-02-25 Sold (MLS) $123,500 UNYREIS
• 2019-06-23 Listed $130,000 ODBOR
• 2019-06-23 Listed $130,000 UNYREIS
• 2013-04-23 Listed $140,000 UNYREIS
• 2012-08-16 Listed $150,000 UNYREIS
• 2012-02-13 Listed $150,000 UNYREIS
• 2011-08-12 Listed $160,000 UNYREIS
• 1994-01-19 Sold (Public Records) $56,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $3,083 · +6.8% YoY. Source: county tax records.