1007 Morris · Utica, NY 13501

$330,000

6 bd · 3.0 ba · 3,444 sqft · MultiFamily public records · 40 Days on market

Built 1935 $96/sqft · 18% above area Est $280k · 18% over

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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 +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
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Looking for an investment property or the opportunity to live in one unit while renting the others? This East Utica 3-family home with over 3,444 square feet of living space could be your perfect opportunity. The property features three spacious 3-bedroom apartments with separate utilities, making it ideal for owner-occupants or investors seeking strong rental income potential. Additional features include ample parking, a nice-sized backyard, and a newer-built 2-car garage. Conveniently located close to local amenities, shopping, schools, restaurants, and more. Don’t miss this great income-producing property in a desirable East Utica location!

Key facts

• Separate utilities
• Newer built garage
• Ample parking

Tags

• SEPARATE UTILITIES
• AMPLE PARKING
• NICE SIZED BACKYARD
• NEWER BUILT GARAGE
• CLOSE TO LOCAL AMENITIES

Property features AI

Finance

• Other: Owner pays and rent includes: see remarks
• Financial info: 3 total rental units; Each unit currently listed with $1,300 rent (actual rent listed per unit); Separate gas and electric meters for each of the 3 units; Operating expense details: See remarks

Exterior

• Parking: 2-car garage; Paved parking with two or more spaces
• Utilities: Public water (connected); Public sewer (connected); Electricity available and connected; Cable available
• Home design: 3-story multi-family building; Resale property
• Construction: Vinyl siding; Asphalt roof; Stone foundation; Copper and PEX plumbing; Existing (previously built) structure; year built not specified
• Exterior features: Fully fenced yard; Flag lot; Near public transit

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchens in some units; Formal dining rooms in units
• Bedrooms: Three 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Carpet; Ceramic tile; Hardwood; Laminate; Varies by unit
• Bathrooms: Each unit has one full bathroom (3 full bathrooms total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement; Porch
• Laundry & utility: Laundry in unit for at least one unit; Washer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $790/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $330k).
• Recommended offer: $320k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.9% 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 $5,572/mo this rent would consume 127% 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 $35k of equity ($2k loan paydown + $33k 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 $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $46k; list at $330k implies a 617% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $320,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1935 — 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: 1.69% ✓
• Cap rate: 14.91%
• Cash-on-cash: 30.79%
• DSCR: 2.37
• GRM: 4.9

CMA / ARV

• ARV (median comp): $280,141
• List price: $330,000
• Delta: 17.80%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1231 Mohawk St E	0.49mi	7/4.0 (+1)	3,406 (-1%)	7mo	$280,000	$82	60
748 Blandina St	0.25mi	6/3.0	3,078 (-11%)	22mo	$133,000	$43	53
1513 Taylor Ave	0.74mi	7/3.0 (+1)	3,258 (-5%)	19mo	$185,000	$57	35

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: 47.7%
• Equity multiple: 4.58×
• Total profit: $330,654
• Equity at exit: $297,290

10-year hold

• IRR: 41.5%
• Equity multiple: 10.25×
• Total profit: $854,840
• Equity at exit: $641,117

Cash invested: $92,400 (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: 14.8×

Monthly cashflow live

• Estimated rent: $5,572 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$163 /mo · $1,957/yr
• Insurance: −$138
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,170
• Net cashflow: $2,371

Break-even live

Break-even rent $2,571

Max offer price $330,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,571
Total (3 units)			$5,572

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $330,000 Active 40 DOM
2. 2026-06-18
   days on market $330,000 Active 39 DOM
3. 2026-06-17
   days on market $330,000 Active 38 DOM
4. 2026-06-16
   days on market $330,000 Active 37 DOM
5. 2026-06-15
   days on market $330,000 Active 36 DOM
6. 2026-06-14
   days on market $330,000 Active 34 DOM
7. 2026-06-13
   days on market $330,000 Active 33 DOM
8. 2026-06-10
   days on market $330,000 Active 31 DOM
9. 2026-06-09
   days on market $330,000 Active 30 DOM
10. 2026-06-08
    days on market $330,000 Active 29 DOM
11. 2026-06-07
    days on market $330,000 Active 28 DOM
12. 2026-06-03
    days on market $330,000 Active 24 DOM
13. 2026-06-02
    days on market $330,000 Active 23 DOM
14. 2026-06-01
    days on market $330,000 Active 22 DOM
15. 2026-05-31
    days on market $330,000 Active 21 DOM
16. 2026-05-30
    days on market $330,000 Active 20 DOM
17. 2026-05-11
    listed $330,000 Active 657-char remark
18. 2000-12-21
    soldstatus $46,000
19. 1994-06-27
    soldstatus $45,000

ⓘ 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: $1,957 · $163/mo
• Projected year-2 tax: $3,767 · $314/mo
• Expected delta: +$1,810/yr (+$151/mo · 92.5%)

ⓘ 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 · 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: $66,864
• − Mortgage interest: −$18,485
• − Property taxes: −$1,957
• − Insurance: −$1,650
• − Repairs & maintenance: −$5,349
• − Management: −$5,349
• − Depreciation: −$9,600
• Taxable income: $24,474
• Est. tax owed @ 24.0%: −$5,874
• After-tax cash flow: $22,576/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

+633.3% since first listed

3 events — show timeline

• 2026-05-11 Listed $330,000 CNYIS
• 2000-12-21 Sold (Public Records) $46,000 Public Records
• 1994-06-27 Sold (Public Records) $45,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,957 · +9.2% YoY. Source: county tax records.