513 Nichols · Utica, NY 13501

$184,900

6 bd · 3.0 ba · 2,668 sqft · MultiFamily public records · 32 Days on market

Built 1872 Est $216k · 14% under

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Why this score? — see what drove the A 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
• ARV discount +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +4.0/5.0
• Schools +2.9/10.0
• 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: 3 units. confirmed

Listing remarks MLS

This 3 family house features a 3 bedroom, 2 bedroom and 1 bedroom apartment. Each apartment has separate utilities. The upstairs apartment is a spacious 3 bedroom, with updated kitchen, laundry hookups and a large porch area. This house has new blacktop driveway, garage and private yard and plenty of parking for the new owners or tenants.

Key facts

• Private porch
• Tenant parking
• Three family home

Tags

• THREE FAMILY HOME
• UTILITY METERS
• EAT IN KITCHEN
• PRIVATE PORCH
• TENANT PARKING

Property features AI

Finance

• Financial info: Three separate electric meters; Three separate gas meters; Three total units; Operating expenses include insurance, structure maintenance, snow removal, and water/sewer; Units currently month-to-month; Current rents reported by unit: $950 (2-bed), $600 (1-bed), $1,100 (3-bed)
• HOA & community: Owner pays water; water included in rent

Exterior

• Parking: Garage with 1 garage space; Two or more off-street parking spaces
• Utilities: Public water (connected); Sewer connected; Cable available; Circuit breaker electric
• Home design: Multi-family property with 3 units; 2 stories; Resale property; City street frontage
• Construction: Asphalt roof; Vinyl siding; Attic/crawl hatchway(s) insulated
• Exterior features: Covered porch

Interior

• Kitchen: Oven/Range; Refrigerator; Dining area with kitchen in each unit
• Bedrooms: Three-unit property with units having 2, 1, and 3 bedrooms respectively (unit-level details listed under units)
• Flooring: Hardwood; Laminate; Varies
• Bathrooms: Three full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Gas forced-air heating; Gas water heater
• Interior features: Ceiling fan(s)
• Laundry & utility: Washer hookup; One unit includes in-unit laundry

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $889/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $185k).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.6% vs local median 7.7% in Utica — 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 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 143 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• At $4,868/mo this rent would consume 111% of the median local household income ($53k/yr) (locally 2251% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $130k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1872 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1872 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 2.63% ✓
• Cap rate: 23.60%
• Cash-on-cash: 61.82%
• DSCR: 3.75
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $216,108
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
935 Jay St	0.13mi	6/2.0	2,474 (-7%)	0mo	$102,500	$41	77
923 Rutger St	0.26mi	6/2.0	2,600 (-2%)	4mo	$245,500	$94	76
518 Wetmore St	0.24mi	6/2.0	2,530 (-5%)	12mo	$201,000	$79	66
1020 Tilden Ave	0.46mi	6/2.0	2,508 (-6%)	5mo	$230,000	$92	61
810 South St	0.50mi	6/2.0	2,452 (-8%)	8mo	$195,000	$80	52
1017 Smith Pl	0.43mi	6/2.0	2,400 (-10%)	13mo	$110,000	$46	48
1222 Mummery St	0.49mi	5/2.0 (-1)	2,401 (-10%)	6mo	$195,000	$81	46
1804 Guelich St	0.57mi	7/3.0 (+1)	2,864 (+7%)	13mo	$235,000	$82	45
1010 Morris St	0.67mi	5/2.0 (-1)	2,512 (-6%)	8mo	$280,000	$111	44
709 Catherine St	0.54mi	6/2.0	2,376 (-11%)	12mo	$125,000	$53	43
914 Eagle St	0.75mi	6/2.0	2,400 (-10%)	5mo	$150,000	$63	40
1154 Leeds St	0.73mi	5/3.0 (-1)	2,422 (-9%)	11mo	$228,000	$94	37

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 73.8%
• Equity multiple: 6.23×
• Total profit: $270,581
• Equity at exit: $166,573

10-year hold

• IRR: 67.7%
• Equity multiple: 13.81×
• Total profit: $663,259
• Equity at exit: $359,220

Cash invested: $51,772 (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 13501

• Home prices YoY: 5.6%
• Active inventory: 143
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $4,868 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$132 /mo · $1,584/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $2,667

Break-even live

Break-even rent $1,492

Max offer price $184,900

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,380
1× unit	1	1	$1,488
Total (3 units)			$4,868

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $184,900 Active 32 DOM
2. 2026-06-18
   days on market $184,900 Active 31 DOM
3. 2026-06-17
   days on market $184,900 Active 30 DOM
4. 2026-06-16
   days on market $184,900 Active 29 DOM
5. 2026-06-15
   days on market $184,900 Active 28 DOM
6. 2026-06-14
   days on market $184,900 Active 26 DOM
7. 2026-06-13
   days on market $184,900 Active 25 DOM
8. 2026-06-10
   days on market $184,900 Active 23 DOM
9. 2026-06-09
   days on market $184,900 Active 22 DOM
10. 2026-06-08
    days on market $184,900 Active 21 DOM
11. 2026-06-07
    days on market $184,900 Active 20 DOM
12. 2026-06-03
    days on market $184,900 Active 16 DOM
13. 2026-06-02
    days on market $184,900 Active 15 DOM
14. 2026-06-01
    days on market $184,900 Active 14 DOM
15. 2026-05-31
    days on market $184,900 Active 13 DOM
16. 2026-05-30
    days on market $184,900 Active 12 DOM
17. 2026-05-18
    listed $184,900 Active
18. 2021-09-03
    soldstatus $130,000
19. 2021-08-27
    soldstatus $130,000 Closed Sale or Rented 341-char remark

    Show marketing remark (341 chars)

    This 3 family house features a 3 bedroom, 2 bedroom and 1 bedroom apartment. Each apartment has separate utilities. The upstairs apartment is a spacious 3 bedroom, with updated kitchen, laundry hookups and a large porch area. This house has new blacktop driveway, garage and private yard and plenty of parking for the new owners or tenants.

20. 2021-05-28
    historical 341-char remark

    Show marketing remark (341 chars)

    This 3 family house features a 3 bedroom, 2 bedroom and 1 bedroom apartment. Each apartment has separate utilities. The upstairs apartment is a spacious 3 bedroom, with updated kitchen, laundry hookups and a large porch area. This house has new blacktop driveway, garage and private yard and plenty of parking for the new owners or tenants.

21. 2021-05-26
    listed $139,900 341-char remark

    Show marketing remark (341 chars)

    This 3 family house features a 3 bedroom, 2 bedroom and 1 bedroom apartment. Each apartment has separate utilities. The upstairs apartment is a spacious 3 bedroom, with updated kitchen, laundry hookups and a large porch area. This house has new blacktop driveway, garage and private yard and plenty of parking for the new owners or tenants.

22. 2019-11-26
    historical
23. 2019-08-07
    soldstatus $100,000
24. 2019-05-28
    listed $98,900
25. 2017-05-26
    soldstatus $62,500
26. 2017-05-12
    soldstatus $62,500
27. 2016-05-01
    listed $68,000
28. 2015-08-17
    historical
29. 2015-02-17
    listed $64,900
30. 2006-10-19
    soldstatus $30,000

ⓘ 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: $1,584 · $132/mo
• Projected year-2 tax: $2,354 · $196/mo
• Expected delta: +$771/yr (+$64/mo · 48.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 18 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: $58,416
• − Mortgage interest: −$10,357
• − Property taxes: −$1,584
• − Insurance: −$924
• − Repairs & maintenance: −$4,673
• − Management: −$4,673
• − Depreciation: −$5,379
• Taxable income: $30,825
• Est. tax owed @ 24.0%: −$7,398
• After-tax cash flow: $24,607/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: Utica City School District
• NCES district ID: 3629370
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 38% ▲ 2.00%
• Median HH income: $31,834
• Composite: 29.01/100
• National rank: #6613
• State rank: #562 of 590 in NY

Livability — Utica

• Score: 80/100
• State rank: #104
• US rank: #1589

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Utica, NY
• County: Oneida County · 89,710 people
• City population: 72,968
• Metro: Utica-Rome, NY
• Population (ZIP): 38,931
• Household income: $52,548
• Rent vs Own: 49.2% rent · 50.8% own
• Severe rent burden: 2251.0

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 225,223 people
• By 2030: 220,384 · -2.1%
• By 2040: 209,071 · -7.2%
• By 2050: 197,920 · -12.1%
• By 2075: 175,541 · -22.1%
• By 2100: 148,491 · -34.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 49% Two or more races 15% Hispanic / Latino 14% Black 14% Asian 14%
• Hispanic origin (detail): Puerto Rican 8% Dominican 4%
• Common ancestry: American 8% Romanian 3% Lithuanian 1%
• Foreign-born: 25% · Canada, Philippines, Vietnam
• Languages at home: 62% English-only · Other Asian/Pacific 11% Russian/Polish/Slavic 10% Spanish 9%

Political lean MEDSL · Oneida

• 2024 margin: Strong R (+21.3) · D 39.4% · R 60.6%
• 2008→2024 swing: -15.2pp toward R · 2008: -6.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+15.5 2016: R+21.1 2012: R+5.3 2008: R+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.28%
• Current HPI: 382.3726
• Rent YoY: —
• Metro: Utica-Rome, NY
• 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

+516.3% since first listed

14 events — show timeline

• 2026-05-18 Listed $184,900 CNYIS
• 2021-09-03 Sold (Public Records) $130,000 Public Records
• 2021-08-27 Sold (MLS) $130,000 CNYIS
• 2021-05-28 Listing Removed — CNYIS
• 2021-05-26 Listed $139,900 CNYIS
• 2019-11-26 Listing Removed — CNYIS
• 2019-08-07 Sold (Public Records) $100,000 Public Records
• 2019-05-28 Listed $98,900 CNYIS
• 2017-05-26 Sold (MLS) $62,500 CNYIS
• 2017-05-12 Sold (Public Records) $62,500 Public Records
• 2016-05-01 Listed $68,000 CNYIS
• 2015-08-17 Listing Removed — CNYIS
• 2015-02-17 Listed $64,900 CNYIS
• 2006-10-19 Sold (Public Records) $30,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,584 · +5.6% YoY. Source: county tax records.