38 George St · Owego, NY 13827

$127,500

4 bd · 2.0 ba · 1,682 sqft · MultiFamily public records · 39 Days on market

Built 1890 2.30 ac lot $76/sqft · 24% below area Est $168k · 24% under

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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 +24.1/30.0
• ARV discount +15.0/15.0
• Appreciation +9.1/10.0
• 1% rule +7.8/10.0
• DSCR +7.8/10.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice opportunity for investment property or owner occupy. Great location in neighborhood that is walking distance to Owego schools. Well maintained. Replacement windows throughout. Two new on demand hot water heaters in place. First floor has new paint and laminate flooring. Most appliances are newer. There is a large fenced in backyard that features a large shed built on concrete foundation. Separate utilities. Seller financing with well qualified buyer. Seller in process of cleaning out basement. Seller not in a position to negotiate on any inspection repairs if needed. Buyers agents to verify taxes. If buyers interested in owner financing call for details before showing. Get your favorite agent to schedule a showing today!

Key facts

• Laminate flooring
• Newer appliances
• New paint

Tags

• REPLACEMENT WINDOWS
• LARGE FENCED IN BACK YARD
• NEW PAINT
• LAMINATE FLOORING
• NEWER APPLIANCES

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Cable available
• Home design: Duplex (residential income property); 2-family zoning
• Construction: Aluminum siding
• Exterior features: Covered porch; Shed(s); Fenced yard; Level lot

Interior

• Bedrooms: 4 bedrooms
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Insulated windows; Gas water heater; Basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $128k.

Deal economics

• At list price, monthly cash flow is $-208 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (28.8% below list).
• Meets the 1% rule at list price ($2k rent vs $128k).
• Recommended offer: $91k (28.8% below list) — sets the bar for cash-flow.
• Cap rate 8.7% vs local median 5.3% in Owego — 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 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owego Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 486 students, 53% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 65 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($882 loan paydown + $10k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $14k; list at $128k implies a 811% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; flood insurance adds $460/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,795 (28.8% 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 39 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 6.5

CMA / ARV

• ARV (median comp): $168,129
• List price: $127,500
• Delta: -24.17%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
83 Paige St	0.66mi	4/2.0	1,878 (+12%)	8mo	$70,000	$37	43

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

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 2.14×
• Total profit: $40,576
• Equity at exit: $97,803

10-year hold

• IRR: 15.0%
• Equity multiple: 4.60×
• Total profit: $128,420
• Equity at exit: $195,038

Cash invested: $35,700 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,637 medium
• Mortgage (P&I): −$669
• Tax from tax record: −$319 /mo · $3,827/yr
• Insurance: −$53
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-208

Break-even live

Break-even rent $1,900

Max offer price $90,795

Occupancy floor —

Sensitivity live

Price	-10% $-136	-5% $-172	+0% $-208	+5% $-244	+10% $-280
Rent	-10% $-337	-5% $-272	+0% $-208	+5% $-143	+10% $-78
Rate	-1.0pp $-144	-0.5pp $-175	base $-208	+0.5pp $-241	+1.0pp $-274

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: $31,875
• Closing costs: $3,825
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-17
   status $127,500 Pending 39 DOM

   Show marketing remark (731 chars)

   Nice opportunity for investment or owner occupy. Great location in neighborhood that is walking distance from Owego schools. Well maintained. Replacement windows throughout. Two new on demand hot water heaters in place. First floor has new paint and laminate flooring. Most appliances are newer. There is a large fenced in backyard that features large shed on concrete foundation. Separate utilities. Seller financing with well qualified buyer. Seller in the process of cleaning out basement. Seller not in position to negotiate on any inspection repairs that may be needed. Buyers agents to verify taxes. If buyers interested in owner financing call for details before showing. Get your favorite agent to schedule a showing today!

2. 2026-06-16
   days on market $127,500 Active Under Contract 39 DOM
3. 2026-06-15
   days on market $127,500 Active Under Contract 38 DOM
4. 2026-06-14
   days on market $127,500 Active Under Contract 36 DOM
5. 2026-06-13
   days on market $127,500 Active Under Contract 35 DOM
6. 2026-06-10
   days on market $127,500 Active Under Contract 33 DOM
7. 2026-06-09
   days on market $127,500 Active Under Contract 32 DOM
8. 2026-06-08
   days on market $127,500 Active Under Contract 31 DOM
9. 2026-06-07
   days on market $127,500 Active Under Contract 30 DOM
10. 2026-06-05
    days on market $127,500 Active Under Contract 27 DOM
11. 2026-06-03
    days on market $127,500 Active Under Contract 26 DOM
12. 2026-06-02
    days on market $127,500 Active Under Contract 25 DOM
13. 2026-06-01
    days on market $127,500 Active Under Contract 24 DOM
14. 2026-05-31
    days on market $127,500 Active Under Contract 23 DOM
15. 2026-05-30
    days on market $127,500 Active Under Contract 22 DOM
16. 2026-05-18
    historical Active Under Contract 735-char remark
17. 2026-05-11
    listed $127,500 Active 731-char remark

    Show marketing remark (735 chars)

    Nice opportunity for investment property or owner occupy. Great location in neighborhood that is walking distance to Owego schools. Well maintained. Replacement windows throughout. Two new on demand hot water heaters in place. First floor has new paint and laminate flooring. Most appliances are newer. There is a large fenced in backyard that features a large shed built on concrete foundation. Separate utilities. Seller financing with well qualified buyer. Seller in process of cleaning out basement. Seller not in a position to negotiate on any inspection repairs if needed. Buyers agents to verify taxes. If buyers interested in owner financing call for details before showing. Get your favorite agent to schedule a showing today!

18. 2026-05-11
    listed $127,500 Active

    Show marketing remark (735 chars)

    Nice opportunity for investment property or owner occupy. Great location in neighborhood that is walking distance to Owego schools. Well maintained. Replacement windows throughout. Two new on demand hot water heaters in place. First floor has new paint and laminate flooring. Most appliances are newer. There is a large fenced in backyard that features a large shed built on concrete foundation. Separate utilities. Seller financing with well qualified buyer. Seller in process of cleaning out basement. Seller not in a position to negotiate on any inspection repairs if needed. Buyers agents to verify taxes. If buyers interested in owner financing call for details before showing. Get your favorite agent to schedule a showing today!

19. 2026-05-08
    listed $127,500 Active 735-char remark
20. 2002-04-12
    soldstatus $14,000

ⓘ 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: $3,827 · $319/mo
• Projected year-2 tax: $3,827 · $319/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 7/10 Severe FEMA zone AE · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°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: $19,646
• − Mortgage interest: −$7,142
• − Property taxes: −$3,827
• − Insurance: −$6,163
• − Repairs & maintenance: −$1,572
• − Management: −$1,572
• − Depreciation: −$3,709
• Taxable loss: −$4,339
• Est. tax savings @ 24.0%: +$1,041
• After-tax cash flow: $-1,452/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owego, NY
• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

+810.7% since first listed

8 events — show timeline

• 2026-06-17 Pending — IBRMLS
• 2026-06-17 Pending — NMPA
• 2026-06-16 Pending — GBAOR
• 2026-05-18 Contingent — GBAOR
• 2026-05-11 Listed $127,500 NMPA
• 2026-05-11 Listed $127,500 IBRMLS
• 2026-05-08 Listed $127,500 GBAOR
• 2002-04-12 Sold (Public Records) $14,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $3,827 · +78.2% YoY. Source: county tax records.