220 3rd Ave · Frankfort, NY 13340

$109,900

8 bd · 3.0 ba · 2,972 sqft · MultiFamily public records · 35 Days on market

Built 1900 0.34 ac lot $37/sqft · 40% below area Est $184k · 40% under

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Why this score? — see what drove the C+ 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• 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

SOLD AS IS LOT'S OF POTENTIAL, QUIT VILLAGE LOCATION. HANDY MAN SPECIAL

Key facts

• Double lot
• In-unit laundry
• Full basement

Tags

• DOUBLE LOT
• COMPLETELY RENOVATED
• IN-UNIT LAUNDRY
• FULL BASEMENT
• OFF-STREET PARKING
• REAR PATIO

Property features AI

Finance

• Other: Three separate electric meters
• Financial info: Gross income listed as $14,400; Owner pays water; water included in rent; Operating expenses include water

Exterior

• Parking: 2-car garage; Gravel/unpaved parking with two or more spaces
• Utilities: Public water connected; Sewer connected; Electricity connected (circuit breakers); Cable available; High-speed internet available
• Home design: Multi-family property with 3 units; 2 stories; Resale condition
• Construction: Composite and wood siding; Stone foundation; Membrane, rubber, and shingle roofing; Copper and PEX plumbing; Existing (year built details listed as existing)
• Exterior features: Open porch; Patio/porch

Interior

• Kitchen: Eat-in kitchens in units; Oven/range; Refrigerator
• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Flooring: Hardwood; Laminate; Tile; Varies by unit
• Bathrooms: Three full bathrooms (total in building)
• Heating & cooling: Baseboard electric heating
• Interior features: Ceiling fans; Natural woodwork; Thermal windows; Accessible bedroom; Bedroom on main level
• Laundry & utility: Washer hookup; Washer and dryer listed in one unit; Laundry in unit (for at least one unit); Electric water heater

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#648 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Frankfort-Schuyler Central School District (town): math 32% / reading 45% proficiency, ranked #538 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 40 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Herkimer County population projected at -24% 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 $31k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $14k; list at $110k implies a 685% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 5.25% ✓
• Cap rate: 46.10%
• Cash-on-cash: 142.16%
• DSCR: 7.33
• GRM: 1.6

CMA / ARV

• ARV (median comp): $183,824
• List price: $109,900
• Delta: -40.21%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 10.50×
• Total profit: $292,224
• Equity at exit: $99,007

10-year hold

• IRR: —
• Equity multiple: 23.04×
• Total profit: $678,326
• Equity at exit: $213,512

Cash invested: $30,772 (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 13340

• Home prices YoY: 8.1%
• Active inventory: 40
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $5,773 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$293 /mo · $3,516/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,212
• Net cashflow: $3,646

Break-even live

Break-even rent $1,158

Max offer price $109,900

Occupancy floor 32%

Sensitivity live

Price	-10% $3,708	-5% $3,677	+0% $3,646	+5% $3,614	+10% $3,583
Rent	-10% $3,189	-5% $3,418	+0% $3,646	+5% $3,874	+10% $4,102
Rate	-1.0pp $3,701	-0.5pp $3,674	base $3,646	+0.5pp $3,617	+1.0pp $3,588

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,890
1× unit	2	1	$1,884
Total (3 units)			$5,773

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $109,900 Active 35 DOM
2. 2026-06-18
   days on market $109,900 Active 34 DOM
3. 2026-06-17
   days on market $109,900 Active 33 DOM
4. 2026-06-16
   days on market $109,900 Active 32 DOM
5. 2026-06-15
   days on market $109,900 Active 31 DOM
6. 2026-06-14
   days on market $109,900 Active 29 DOM
7. 2026-06-13
   days on market $109,900 Active 28 DOM
8. 2026-06-10
   days on market $109,900 Active 26 DOM
9. 2026-06-09
   days on market $109,900 Active 25 DOM
10. 2026-06-08
    days on market $109,900 Active 24 DOM
11. 2026-06-07
    days on market $109,900 Active 23 DOM
12. 2026-06-02
    days on market $109,900 Active 18 DOM
13. 2026-06-01
    days on market $109,900 Active 17 DOM
14. 2026-05-31
    days on market $109,900 Active 16 DOM
15. 2026-05-30
    days on market $109,900 Active 15 DOM
16. 2026-05-15
    listed $109,900 Active 991-char remark
17. 2019-04-29
    soldstatus $14,000 71-char remark

    Show marketing remark (71 chars)

    SOLD AS IS LOT'S OF POTENTIAL, QUIT VILLAGE LOCATION. HANDY MAN SPECIAL

18. 2017-05-25
    listed $14,900 71-char remark

    Show marketing remark (71 chars)

    SOLD AS IS LOT'S OF POTENTIAL, QUIT VILLAGE LOCATION. HANDY MAN SPECIAL

19. 1999-12-21
    soldstatus $32,000

ⓘ 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: $3,516 · $293/mo
• Projected year-2 tax: $3,516 · $293/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $69,276
• − Mortgage interest: −$6,156
• − Property taxes: −$3,516
• − Insurance: −$550
• − Repairs & maintenance: −$5,542
• − Management: −$5,542
• − Depreciation: −$3,197
• Taxable income: $44,773
• Est. tax owed @ 24.0%: −$10,746
• After-tax cash flow: $33,001/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: Frankfort-Schuyler Central School District
• NCES district ID: 3611400
• Math proficiency: 32% ▼ -12.00%
• Reading proficiency: 45% ▲ 3.00%
• Median HH income: $46,499
• Composite: 32.87/100
• National rank: #5610
• State rank: #538 of 590 in NY

Livability — Frankfort

• Score: 66/100
• State rank: #648
• US rank: #12129

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, NY
• Population (ZIP): 7,322

Population outlook (Herkimer County) Hauer SSP2

• Today (2025): 59,340 people
• By 2030: 56,838 · -4.2%
• By 2040: 51,098 · -13.9%
• By 2050: 45,080 · -24.0%
• By 2075: 32,648 · -45.0%
• By 2100: 22,266 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Black 2% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Lithuanian 3% American 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Russian/Polish/Slavic 6% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Herkimer

• 2024 margin: Solid R (+36.4) · D 31.8% · R 68.2%
• 2008→2024 swing: -27.1pp toward R · 2008: -9.3pp · 2024: -36.4pp
• All cycles: 2024: R+36.4 2020: R+30.5 2016: R+34.5 2012: R+8.4 2008: R+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 25.15%
• Current HPI: 336.077
• 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

+243.4% since first listed

4 events — show timeline

• 2026-05-15 Listed $109,900 CNYIS
• 2019-04-29 Sold (MLS) $14,000 CNYIS
• 2017-05-25 Listed $14,900 CNYIS
• 1999-12-21 Sold (Public Records) $32,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $3,516 · +0.0% YoY. Source: county tax records.