203 E William St · Bath, NY 14810

$125,000

4 bd · 3.0 ba · 2,398 sqft · MultiFamily public records · 58 Days on market

Built 1875 7,405 sqft 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
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Spacious and versatile duplex offering exceptional potential for both homeowners and investors. The right-side unit features a generous layout with 2 bedrooms plus a possible office, complete with access to attic space. A chair lift provides convenient access to the second floor, which includes a full bathroom, while a half bath is located on the main level. Bedrooms are well-sized, with additional storage in the primary. The unit also includes a full basement with washer and dryer hookups, a furnace installed in 2014, and a hot water heater updated in 2023. The left-side unit offers a functional layout with one bedroom on the main level and one upstairs, along with a half bath downstair

Key facts

• Attic space
• Full basement
• Backyard space

Tags

• ATTIC SPACE
• FULL BASEMENT
• WASHER AND DRYER HOOKUPS
• HOT WATER HEATER UPDATED
• SCREENED-IN BACK PORCHES
• BACKYARD SPACE

Property features AI

Finance

• Financial info: Owner pays water; water is included in rent; Property configured as two units with separate gas and electric meters; Operating expense details: see remarks

Exterior

• Parking: Has garage; One garage space; Two or more additional parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Vinyl siding; Shingle roof
• Construction: Vinyl siding construction; Shingle roof; Existing (previously built)
• Exterior features: Patio; Rectangular lot layout; Main thoroughfare frontage

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Microwave (in one unit); Eat-in kitchen (one unit); Formal dining room (one unit)
• Bedrooms: Two bedrooms in each unit
• Flooring: Carpet; Hardwood; Laminate; Varied flooring
• Bathrooms: Each unit has 1 full bath and 1 half bath (2 full and 2 half total)
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Stair lift; See remarks
• Laundry & utility: Laundry in unit for both units; Washer hookup

What this means for you Summary

Snapshot

• This is a 1×2bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $625 ($7k/yr) — positive. Per door: $312/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 3.6% in Bath — 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 68/100 on livability (#533 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime D-, amenities F.
• Bath Central School District (town): math 38% / reading 44% proficiency, ranked #522 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 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 1875 — 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. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.41%
• DSCR: 1.95
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $64,746
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 W William St St	0.52mi	5/3.0 (+1)	2,424 (+1%)	7mo	$50,000	$21	63
66 E Morris St	0.24mi	3/2.0 (-1)	2,246 (-6%)	11mo	$60,000	$27	60
210 E Washington St	0.09mi	5/4.0 (+1)	2,739 (+14%)	16mo	$50,000	$18	50
23 W William St St	0.52mi	5/3.0 (+1)	2,040 (-15%)	8mo	$55,000	$27	39
54 W Steuben St	0.60mi	5/3.0 (+1)	2,084 (-13%)	21mo	$145,000	$70	28

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

Projected returns pro-forma

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

5-year hold

• IRR: 14.0%
• Equity multiple: 1.56×
• Total profit: $19,583
• Equity at exit: $18,638

10-year hold

• IRR: 22.8%
• Equity multiple: 2.96×
• Total profit: $68,520
• Equity at exit: $10,808

Cash invested: $35,000 (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 14810

• Home prices YoY: -18.8%
• Active inventory: 66
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,950 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$208 /mo · $2,501/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $625

Break-even live

Break-even rent $1,159

Max offer price $125,000

Occupancy floor 63%

Sensitivity live

Price	-10% $695	-5% $660	+0% $625	+5% $589	+10% $554
Rent	-10% $470	-5% $548	+0% $625	+5% $702	+10% $779
Rate	-1.0pp $687	-0.5pp $656	base $625	+0.5pp $592	+1.0pp $559

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$975
1× unit	1	1	$975
Total (2 units)			$1,950

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-07
   statusdays on market $125,000 Pending 58 DOM
2. 2026-06-04
   days on market $125,000 Active Under Contract 56 DOM
3. 2026-06-02
   days on market $125,000 Active Under Contract 55 DOM
4. 2026-06-01
   days on market $125,000 Active Under Contract 54 DOM
5. 2026-05-31
   days on market $125,000 Active Under Contract 53 DOM
6. 2026-04-12
   historical Active Under Contract
7. 2026-04-08
   listed $125,000 Active

ⓘ 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: $2,501 · $208/mo
• Projected year-2 tax: $2,501 · $208/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,400
• − Mortgage interest: −$7,002
• − Property taxes: −$2,501
• − Insurance: −$625
• − Repairs & maintenance: −$1,872
• − Management: −$1,872
• − Depreciation: −$3,636
• Taxable income: $5,892
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $6,080/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: Bath Central School District
• NCES district ID: 3604050
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 44% ▲ 8.00%
• Median HH income: $38,973
• Composite: 34.25/100
• National rank: #5254
• State rank: #522 of 590 in NY

Livability — Bath

• Score: 68/100
• State rank: #533
• US rank: #9644

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bath, NY
• Population (ZIP): 11,412

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 93,062 people
• By 2030: 89,793 · -3.5%
• By 2040: 82,353 · -11.5%
• By 2050: 74,286 · -20.2%
• By 2075: 55,589 · -40.3%
• By 2100: 37,587 · -59.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Black 3% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+31.8) · D 34.1% · R 65.9%
• 2008→2024 swing: -15.0pp toward R · 2008: -16.8pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+29.6 2016: R+36.2 2012: R+16.4 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.58%
• Current HPI: 193.0727
• 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

2 events — show timeline

• 2026-04-12 Contingent — UNYREIS
• 2026-04-08 Listed $125,000 UNYREIS

Property tax history

+8.6%/yr

Latest (2025): $2,501 · -5.3% YoY. Source: county tax records.