2129 New York 206 · Sidney, NY 13804

$140,000

3 bd · 2.5 ba · 1,650 sqft · MultiFamily · 2 Days on market

Built 1920 Fair condition 0.25 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 +8.9/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This home is located in the Western Catskill Mountains of New York. Experience the peace and charm of country living! Nestled in a highly sought-after, evolving rural area, this home offers a rare opportunity to enjoy a slower, more connected pace of life. The surrounding town is experiencing a beautiful revitalization, with nearby farming families actively restoring historic farms, adding fresh, local farm stands to the area. The property includes 3 rental units (two apartments and barn). The property was renovated in 2022. The property is maintained by a trustworthy and local handyman. The property has a proven track record of attracting reliable tenants and offers a solid return on inves

Key facts

• Country living
• Renovated
• Natural daylight

Tags

• COUNTRY LIVING
• RURAL AREA
• HISTORIC FARMS
• RENTAL UNITS
• RENOVATED
• NATURAL DAYLIGHT

Property features AI

Exterior

• Home design: Multi-family property
• Construction: 1,650 total living area
• Exterior features: Quarter-acre lot

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $140k).
• Cap rate 24.8% vs local median 5.9% in Sidney — 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 69/100 on livability (#476 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, employment D, amenities F.
• Sidney Central School District (town): math 44% / reading 47% proficiency, ranked #462 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 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 $12k of equity ($968 loan paydown + $11k appreciation (7.9% 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 (7.9% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

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

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1920 — 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. 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.
6. 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.
7. 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: 2.83% ✓
• Cap rate: 24.79%
• Cash-on-cash: 66.08%
• DSCR: 3.94
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 75.4%
• Equity multiple: 5.95×
• Total profit: $193,953
• Equity at exit: $105,026

10-year hold

• IRR: 71.1%
• Equity multiple: 12.75×
• Total profit: $460,680
• Equity at exit: $207,214

Cash invested: $39,200 (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 13804

• Home prices YoY: 2.4%
• Active inventory: 7
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,957 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $2,159

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 40%

Sensitivity live

Price	-10% $2,255	-5% $2,207	+0% $2,159	+5% $2,110	+10% $2,062
Rent	-10% $1,846	-5% $2,002	+0% $2,159	+5% $2,315	+10% $2,471
Rate	-1.0pp $2,229	-0.5pp $2,194	base $2,159	+0.5pp $2,122	+1.0pp $2,085

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2.5	$3,957
Total (3 units)			$3,957

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $140,000 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   listed $140,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $47,484
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$3,799
• − Management: −$3,799
• − Depreciation: −$4,073
• Taxable income: $25,172
• Est. tax owed @ 24.0%: −$6,041
• After-tax cash flow: $19,861/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.

Condition & rehab AI · 6 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and maintenance to improve its condition and value. Immediate attention to the roof, exterior siding, landscaping, and fencing is recommended.

Repairs flagged

• Major roof — Signs of significant wear
• Major exterior siding — Weathered and peeling
• Major landscaping — Overgrown and unkempt
• Major fencing — Needs repair or replacement

Value-add opportunities

• Both paint exterior — Enhances curb appeal and property value
• Both trim landscaping — Improves curb appeal and property value
• Both repair fencing — Enhances property value and safety
• Both repair roof — Critical for structural integrity and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant wear	Major	$15,000–50,000
exterior siding · Weathered and peeling	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
fencing · Needs repair or replacement	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and property value ↑
• Both trim landscaping — Improves curb appeal and property value ↑
• Both repair fencing — Enhances property value and safety ↑
• Both repair roof — Critical for structural integrity and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sidney Central School District
• NCES district ID: 3626850
• Math proficiency: 44% ▼ -2.00%
• Reading proficiency: 47% ▲ 5.00%
• Median HH income: $42,110
• Composite: 38.29/100
• National rank: #4232
• State rank: #462 of 590 in NY

Livability — Sidney

• Score: 69/100
• State rank: #476
• US rank: #8397

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 266

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Portuguese 2% Romanian 1% Slovak 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: ▲ 7.86%
• Current HPI: 335.3024
• 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

1 event — show timeline

• 2026-06-16 Listed $140,000 ForSaleByOwner.com