570 County Highway 2 · Delhi, NY 13752

$235,000

5 bd · 3.5 ba · 5,956 sqft · MultiFamily public records · 10 Days on market

Built 1875 0.50 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Also listed as a Single Family under R1689092 A unique opportunity for investors, entrepreneurs, artists, or those seeking a live-work property with multiple income streams. Historic Delancey Landmark with Four Apartments and DEP-Approved Septic A rare opportunity to own one of Delancey's most recognizable historic buildings. Formerly Stewart & Bailey's General Store, this landmark property has served the community for well over a century and today offers four separate residential units with income-producing potential. Property features: Four apartments with separate entrances; 1/2 Acre lot; Separate electric meters for each unit; Laundry hookups in each unit; Oil-fired hot water radiator heat serving the former salon space and one apartment; Electric heat in the remaining apartments; Three apartments equipped with propane gas ranges; NYC DEP-approved engineered septic system; Flexible layout suitable for residential, mixed-use, studio, gallery, office, retail, or investment purposes, subject to buyer verification; Located in the Town of Hamden, where there is no zoning, the property offers unusual flexibility for future use. Rich in history and character, the building remains a prominent fixture within the hamlet of Delancey. Being sold AS IS. Buyers are encouraged to perform their own inspections and due diligence regarding condition, intended use, permits, and approvals. (Property is currently in the process of being cleaned out. One apartment has been completely emptied, and the remaining units are being actively cleared. Buyers should expect ongoing removal of personal property during the marketing period. ) Offered at $235,000.

Key facts

• Four apartments
• Propane gas ranges
• Separate entrances

Tags

• FOUR APARTMENTS
• SEPARATE ENTRANCES
• SEPARATE ELECTRIC METERS
• LAUNDRY HOOKUPS
• ELECTRIC HEAT
• PROPANE GAS RANGES

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water connected; Septic tank
• Home design: Two-story building; Existing construction; Rectangular lot; Road frontage on a main thoroughfare
• Construction: Vinyl siding; Block and stone foundation
• Exterior features: Dirt driveway; Gravel driveway; Leased propane tank

Interior

• Kitchen: Second kitchen (in addition to main kitchen)
• Bedrooms: Five main-level bedrooms
• Flooring: Carpet; Hardwood; Vinyl; Varied flooring
• Bathrooms: Three full bathrooms; One half bathroom; Two main-level bathrooms
• Heating & cooling: Heating present; Electric heating; Propane heating; Oil heating; Radiator heating; Steam heating
• Interior features: Eat-in kitchen; Galley kitchen; Kitchen/family room combo; Living/dining room; Second kitchen; Storage; Main level primary suite; Bedroom on main level; Primary suite
• Laundry & utility: Propane water heater

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $235k).

Location & tenants

• Location reads 71/100 on livability (#393 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities F, commute F.
• Delaware Academy Central School District At Delhi (rural): math 57% / reading 57% proficiency, ranked #284 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 12 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($2k loan paydown + $14k appreciation (5.8% local appreciation)).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,000

Questions for the listing agent

1. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.95% ✓
• Cap rate: 16.66%
• Cash-on-cash: 37.02%
• DSCR: 2.65
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.7%
• Equity multiple: 3.94×
• Total profit: $193,678
• Equity at exit: $143,995

10-year hold

• IRR: 43.9%
• Equity multiple: 8.14×
• Total profit: $469,530
• Equity at exit: $257,963

Cash invested: $65,800 (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 13752

• Home prices YoY: 1.9%
• Active inventory: 12
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $4,580 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$258 /mo · $3,095/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$962
• Net cashflow: $2,030

Break-even live

Break-even rent $2,010

Max offer price $235,000

Occupancy floor 51%

Sensitivity live

Price	-10% $2,163	-5% $2,097	+0% $2,030	+5% $1,964	+10% $1,897
Rent	-10% $1,668	-5% $1,849	+0% $2,030	+5% $2,211	+10% $2,392
Rate	-1.0pp $2,148	-0.5pp $2,090	base $2,030	+0.5pp $1,969	+1.0pp $1,907

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$4,580
Total (4 units)			$4,580

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-19
   days on market $235,000 Active 10 DOM
2. 2026-06-18
   days on market $235,000 Active 9 DOM
3. 2026-06-17
   days on market $235,000 Active 8 DOM
4. 2026-06-16
   days on market $235,000 Active 7 DOM
5. 2026-06-15
   days on market $235,000 Active 6 DOM
6. 2026-06-14
   days on market $235,000 Active 4 DOM
7. 2026-06-12
   days on market $235,000 Active 3 DOM
8. 2026-06-09
   remarks 695-char remark

   Show marketing remark (1679 chars)

   Also listed as a Single Family under R1689092 A unique opportunity for investors, entrepreneurs, artists, or those seeking a live-work property with multiple income streams. Historic Delancey Landmark with Four Apartments and DEP-Approved Septic A rare opportunity to own one of Delancey's most recognizable historic buildings. Formerly Stewart & Bailey's General Store, this landmark property has served the community for well over a century and today offers four separate residential units with income-producing potential. Property features: Four apartments with separate entrances; 1/2 Acre lot; Separate electric meters for each unit; Laundry hookups in each unit; Oil-fired hot water radiator heat serving the former salon space and one apartment; Electric heat in the remaining apartments; Three apartments equipped with propane gas ranges; NYC DEP-approved engineered septic system; Flexible layout suitable for residential, mixed-use, studio, gallery, office, retail, or investment purposes, subject to buyer verification; Located in the Town of Hamden, where there is no zoning, the property offers unusual flexibility for future use. Rich in history and character, the building remains a prominent fixture within the hamlet of Delancey. Being sold AS IS. Buyers are encouraged to perform their own inspections and due diligence regarding condition, intended use, permits, and approvals. (Property is currently in the process of being cleaned out. One apartment has been completely emptied, and the remaining units are being actively cleared. Buyers should expect ongoing removal of personal property during the marketing period. ) Offered at $235,000.

9. 2026-06-09
   listed $235,000 Active 1 DOM

   Show marketing remark (1679 chars)

   Also listed as a Single Family under R1689092 A unique opportunity for investors, entrepreneurs, artists, or those seeking a live-work property with multiple income streams. Historic Delancey Landmark with Four Apartments and DEP-Approved Septic A rare opportunity to own one of Delancey's most recognizable historic buildings. Formerly Stewart & Bailey's General Store, this landmark property has served the community for well over a century and today offers four separate residential units with income-producing potential. Property features: Four apartments with separate entrances; 1/2 Acre lot; Separate electric meters for each unit; Laundry hookups in each unit; Oil-fired hot water radiator heat serving the former salon space and one apartment; Electric heat in the remaining apartments; Three apartments equipped with propane gas ranges; NYC DEP-approved engineered septic system; Flexible layout suitable for residential, mixed-use, studio, gallery, office, retail, or investment purposes, subject to buyer verification; Located in the Town of Hamden, where there is no zoning, the property offers unusual flexibility for future use. Rich in history and character, the building remains a prominent fixture within the hamlet of Delancey. Being sold AS IS. Buyers are encouraged to perform their own inspections and due diligence regarding condition, intended use, permits, and approvals. (Property is currently in the process of being cleaned out. One apartment has been completely emptied, and the remaining units are being actively cleared. Buyers should expect ongoing removal of personal property during the marketing period. ) Offered at $235,000.

ⓘ 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: $3,095 · $258/mo
• Projected year-2 tax: $3,533 · $294/mo
• Expected delta: +$438/yr (+$37/mo · 14.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $54,960
• − Mortgage interest: −$13,164
• − Property taxes: −$3,095
• − Insurance: −$1,175
• − Repairs & maintenance: −$4,397
• − Management: −$4,397
• − Depreciation: −$6,836
• Taxable income: $21,897
• Est. tax owed @ 24.0%: −$5,255
• After-tax cash flow: $19,105/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: Delaware Academy Central School District At Delhi
• NCES district ID: 3608910
• Math proficiency: 57% ▼ -4.00%
• Reading proficiency: 57% ▲ 4.00%
• Median HH income: $49,547
• Composite: 48.55/100
• National rank: #2113
• State rank: #284 of 590 in NY

Livability — Delhi

• Score: 71/100
• State rank: #393
• US rank: #6820

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 913

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 42,668 people
• By 2030: 40,337 · -5.5%
• By 2040: 35,514 · -16.8%
• By 2050: 31,265 · -26.7%
• By 2075: 24,455 · -42.7%
• By 2100: 19,529 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Slovak 8% Romanian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Russian/Polish/Slavic 1% Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: R (+19.8) · D 40.1% · R 59.9%
• 2008→2024 swing: -14.6pp toward R · 2008: -5.2pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.4 2016: R+29.2 2012: R+9.6 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.75%
• Current HPI: 305.8519
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-09 Listed $235,000 UNYREIS
• 2026-06-09 Listed $235,000 UNYREIS

Property tax history

-8.2%/yr

Latest (2025): $3,095 · -1.4% YoY. Source: county tax records.