3021 State Highway 8 · Gilbertsville, NY 13843

$49,995

4 bd · 2.0 ba · 2,878 sqft · MultiFamily public records · 212 Days on market

Built 1889 0.72 ac lot $17/sqft · 85% below area

---

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 +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Schools +2.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Bring your vision and tools — this two-dwelling home in South New Berlin offers a great opportunity for renovation and long-term value. The property features two separate living spaces, ideal for generating rental income, multi-generational living, or conversion into a spacious single-family residence. Set on a deep lot along NY-8, this property has solid potential once restored. The home will require a full rehab and is being sold as-is.

Key facts

• Deep lot
• 0.72 acre lot
• Built 1889

Tags

• TWO SEPARATE LIVING SPACES
• DEEP LOT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#892 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment B; Watch: health & safety C-, schools D+, crime D-.
• Unadilla Valley Central School District (rural): math 26% / reading 38% proficiency, ranked #571 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 14 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (9.3% local appreciation)).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,995 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
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: 2.82% ✓
• Cap rate: 22.13%
• Cash-on-cash: 56.56%
• DSCR: 3.52
• GRM: 3.0

CMA / ARV

• ARV (median comp): $331,306
• List price: $49,995
• Delta: -84.91%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

9.29% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 68.5%
• Equity multiple: 5.78×
• Total profit: $66,916
• Equity at exit: $42,463

10-year hold

• IRR: 62.8%
• Equity multiple: 12.69×
• Total profit: $163,639
• Equity at exit: $88,963

Cash invested: $13,999 (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 13843

• Home prices YoY: 3.2%
• Active inventory: 14
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$170 /mo · $2,040/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $660

Break-even live

Break-even rent $573

Max offer price $49,995

Occupancy floor 48%

Sensitivity live

Price	-10% $688	-5% $674	+0% $660	+5% $646	+10% $631
Rent	-10% $548	-5% $604	+0% $660	+5% $715	+10% $771
Rate	-1.0pp $685	-0.5pp $672	base $660	+0.5pp $647	+1.0pp $634

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: $12,499
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-07
   statusdays on market $49,995 Pending 212 DOM
2. 2026-06-05
   days on market $49,995 Active 210 DOM
3. 2026-06-04
   days on market $49,995 Active 208 DOM
4. 2026-06-02
   days on market $49,995 Active 207 DOM
5. 2026-06-01
   days on market $49,995 Active 206 DOM
6. 2026-05-31
   days on market $49,995 Active 205 DOM
7. 2026-05-06
   price $49,995 448-char remark

   Show marketing remark (448 chars)

   Bring your vision and tools — this two-dwelling home in South New Berlin offers a great opportunity for renovation and long-term value. The property features two separate living spaces, ideal for generating rental income, multi-generational living, or conversion into a spacious single-family residence. Set on a deep lot along NY-8, this property has solid potential once restored. The home will require a full rehab and is being sold as-is.

8. 2025-11-07
   listed $55,000 Active 448-char remark

   Show marketing remark (448 chars)

   Bring your vision and tools — this two-dwelling home in South New Berlin offers a great opportunity for renovation and long-term value. The property features two separate living spaces, ideal for generating rental income, multi-generational living, or conversion into a spacious single-family residence. Set on a deep lot along NY-8, this property has solid potential once restored. The home will require a full rehab and is being sold as-is.

9. 2017-06-14
   historical
10. 2017-06-05
    historical
11. 2016-10-18
    listed $43,000
12. 2016-10-14
    historical
13. 2016-10-01
    listed $43,000
14. 2014-10-27
    listed $49,000
15. 2009-04-07
    soldstatus $40,000

ⓘ 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: $2,040 · $170/mo
• Projected year-2 tax: $2,040 · $170/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,903
• − Mortgage interest: −$2,800
• − Property taxes: −$2,040
• − Insurance: −$250
• − Repairs & maintenance: −$1,352
• − Management: −$1,352
• − Depreciation: −$1,454
• Taxable income: $7,654
• Est. tax owed @ 24.0%: −$1,837
• 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: Unadilla Valley Central School District
• NCES district ID: 3600019
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 38% ▲ 5.00%
• Median HH income: $45,176
• Composite: 27.35/100
• National rank: #6985
• State rank: #571 of 590 in NY

Livability — Gilbertsville

• Score: 62/100
• State rank: #892
• US rank: #17305

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,014

Population outlook (Chenango County) Hauer SSP2

• Today (2025): 45,669 people
• By 2030: 43,484 · -4.8%
• By 2040: 38,774 · -15.1%
• By 2050: 34,000 · -25.6%
• By 2075: 24,637 · -46.1%
• By 2100: 16,452 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 8% Iranian 3% Romanian 3%
• Foreign-born: 2%
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Chenango

• 2024 margin: Strong R (+27.2) · D 36.4% · R 63.6%
• 2008→2024 swing: -26.1pp toward R · 2008: -1.1pp · 2024: -27.2pp
• All cycles: 2024: R+27.2 2020: R+23.3 2016: R+28.1 2012: R+3.4 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.29%
• Current HPI: 295.6361
• 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

+25.0% since first listed

9 events — show timeline

• 2026-05-06 Price Changed $49,995 UNYREIS
• 2025-11-07 Listed $55,000 UNYREIS
• 2017-06-14 Listing Removed — UNYREIS
• 2017-06-05 Listing Removed — UNYREIS
• 2016-10-18 Listed $43,000 UNYREIS
• 2016-10-14 Listing Removed — UNYREIS
• 2016-10-01 Listed $43,000 UNYREIS
• 2014-10-27 Listed $49,000 UNYREIS
• 2009-04-07 Sold (Public Records) $40,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,040 · +2.9% YoY. Source: county tax records.