515 Nichols St · Utica, NY 13501

$189,900

5 bd · 3.0 ba · 2,919 sqft · MultiFamily public records · 248 Days on market

Built 1887 $65/sqft · 39% below area Est $310k · 39% under

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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 +21.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• 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: 1 unit. estimate disagrees with records

Key facts

• Garage
• Built 1887
• Listed 247 days

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.

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).
• This rent runs 44% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k 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 $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $110k; list at $190k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 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 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.02% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (median comp): $309,853
• List price: $189,900
• Delta: -38.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1203 Blandina St	0.17mi	6/2.0 (+1)	2,866 (-2%)	20mo	$159,000	$55	63
1110 Blandina St	0.17mi	6/4.0 (+1)	2,810 (-4%)	21mo	$252,000	$90	60
923 Rutger St	0.25mi	6/2.0 (+1)	2,600 (-11%)	4mo	$245,500	$94	57
1110 Lansing St	0.21mi	6/2.0 (+1)	2,690 (-8%)	20mo	$195,000	$72	51
518 Wetmore St	0.24mi	6/2.0 (+1)	2,530 (-13%)	12mo	$201,000	$79	48
413 Tilden Ave	0.41mi	5/2.0	2,560 (-12%)	15mo	$180,000	$70	44
710 Blandina St	0.50mi	6/3.0 (+1)	2,722 (-7%)	21mo	$130,000	$48	43
1020 Tilden Ave	0.46mi	6/2.0 (+1)	2,508 (-14%)	5mo	$230,000	$92	42
720 Lansing St	0.49mi	6/3.0 (+1)	2,620 (-10%)	16mo	$105,000	$40	42
1010 Morris St	0.66mi	5/2.0	2,512 (-14%)	8mo	$280,000	$111	36
636 Mary St	0.56mi	5/1.0	2,516 (-14%)	20mo	$65,000	$26	26
805 Eagle St	0.75mi	6/2.0 (+1)	2,488 (-15%)	10mo	$145,000	$58	23

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: 29.2%
• Equity multiple: 3.30×
• Total profit: $122,468
• Equity at exit: $171,077

10-year hold

• IRR: 25.3%
• Equity multiple: 7.50×
• Total profit: $345,623
• Equity at exit: $368,934

Cash invested: $53,172 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,944 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$161 /mo · $1,934/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $299

Break-even live

Break-even rent $1,565

Max offer price $189,900

Occupancy floor 80%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $189,900 Active 248 DOM
2. 2026-06-18
   days on market $189,900 Active 247 DOM
3. 2026-06-17
   days on market $189,900 Active 246 DOM
4. 2026-06-16
   days on market $189,900 Active 245 DOM
5. 2026-06-15
   days on market $189,900 Active 244 DOM
6. 2026-06-14
   days on market $189,900 Active 242 DOM
7. 2026-06-13
   days on market $189,900 Active 241 DOM
8. 2026-06-10
   days on market $189,900 Active 239 DOM
9. 2026-06-09
   days on market $189,900 Active 238 DOM
10. 2026-06-08
    days on market $189,900 Active 237 DOM
11. 2026-06-07
    days on market $189,900 Active 236 DOM
12. 2026-06-03
    days on market $189,900 Active 232 DOM
13. 2026-06-02
    days on market $189,900 Active 231 DOM
14. 2026-06-01
    days on market $189,900 Active 230 DOM
15. 2026-05-31
    days on market $189,900 Active 229 DOM
16. 2026-05-30
    days on market $189,900 Active 228 DOM
17. 2025-10-14
    listed $189,900 Active
18. 2025-10-13
    historical
19. 2025-04-14
    listed $189,900 Active
20. 2021-03-16
    soldstatus $110,000
21. 2020-03-18
    listed $109,900
22. 2019-04-02
    historical
23. 2019-04-02
    listed $120,000
24. 2016-04-25
    historical
25. 2016-01-25
    listed $59,900
26. 2009-06-30
    historical
27. 2008-08-25
    listed $69,900
28. 2006-03-20
    soldstatus $54,000
29. 2006-03-20
    soldstatus $54,000
30. 2005-10-22
    listed $64,900

ⓘ 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: $1,934 · $161/mo
• Projected year-2 tax: $2,572 · $214/mo
• Expected delta: +$638/yr (+$53/mo · 33.0%)

ⓘ 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 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: $23,322
• − Mortgage interest: −$10,637
• − Property taxes: −$1,934
• − Insurance: −$950
• − Repairs & maintenance: −$1,866
• − Management: −$1,866
• − Depreciation: −$5,524
• Taxable income: $546
• Est. tax owed @ 24.0%: −$131
• After-tax cash flow: $3,460/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

+192.6% since first listed

14 events — show timeline

• 2025-10-14 Listed $189,900 CNYIS
• 2025-10-13 Listing Removed — CNYIS
• 2025-04-14 Listed $189,900 CNYIS
• 2021-03-16 Sold (MLS) $110,000 CNYIS
• 2020-03-18 Listed $109,900 CNYIS
• 2019-04-02 Listed $120,000 CNYIS
• 2019-04-02 Listing Removed — CNYIS
• 2016-04-25 Listing Removed — CNYIS
• 2016-01-25 Listed $59,900 CNYIS
• 2009-06-30 Listing Removed — CNYIS
• 2008-08-25 Listed $69,900 CNYIS
• 2006-03-20 Sold (Public Records) $54,000 Public Records
• 2006-03-20 Sold (MLS) $54,000 CNYIS
• 2005-10-22 Listed $64,900 CNYIS

Property tax history

+4.0%/yr

Latest (2025): $1,934 · -28.3% YoY. Source: county tax records.