117 Erie St · Owego, NY 13827

$55,000

3 bd · 1.0 ba · 1,476 sqft · SingleFamily public records · 101 Days on market

Built 1890 0.32 ac lot $37/sqft · 39% below area Est $91k · 39% under ↓ 35% since listing

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.1/10.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

VILLAGE OF OWEGO, OACSD, 3 BEDROOM, 1 BATH HOME IN CONVENIENT LOCATION. VERY SPACIOUS WITH LARGE ROOMS, ENCLOSED PORCH (15' X 6.75'). COAL STOVE IN LIVING ROOM, ELECTRIC HEAT, GAS WATER HEATER. NEEDS BASIC COSMETICS, ETC. NO OWNER FINANCING, WILL NOT LIKELY QUALIFY FOR FHA FINANCING. BEING SOLD AS IS.

Key facts

• Gas water heater
• Coal stove
• Enclosed porch

Tags

• CONVENIENT LOCATION
• ENCLOSED PORCH
• COAL STOVE
• ELECTRIC HEAT
• GAS WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 5.3% in Owego — 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 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($380 loan paydown + $4k appreciation (8.1% local appreciation)).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, 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 101 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.36% ✓
• Cap rate: 20.41%
• Cash-on-cash: 50.41%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (median comp): $90,640
• List price: $55,000
• Delta: -39.32%
• 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
105 Chestnut St	0.18mi	3/1.0	1,488 (+1%)	12mo	$80,000	$54	80
4 West Ave	0.30mi	3/1.0	1,368 (-7%)	4mo	$75,000	$55	70
249 Erie St	0.34mi	3/1.5	1,416 (-4%)	7mo	$145,000	$102	70
113 Spencer Ave Ave	0.11mi	3/1.5	1,264 (-14%)	4mo	$93,500	$74	66
273 Erie Street St	0.40mi	4/2.0 (+1)	1,544 (+5%)	1mo	$83,000	$54	64
10 John St	0.46mi	3/1.5	1,486 (+1%)	14mo	$168,000	$113	64
75 Paige St	0.17mi	3/1.5	1,344 (-9%)	14mo	$78,000	$58	64
8 Temple St	0.48mi	3/1.0	1,573 (+7%)	7mo	$90,000	$57	61
94 Talcott St	0.64mi	3/1.0	1,348 (-9%)	8mo	$129,000	$96	49
527 E Main St	0.74mi	2/1.5 (-1)	1,469 (-0%)	11mo	$175,000	$119	48
133 Delphine St	0.67mi	2/2.0 (-1)	1,552 (+5%)	10mo	$94,340	$61	43
69 Front St	0.64mi	3/1.5	1,696 (+15%)	10mo	$243,000	$143	35

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

Projected returns pro-forma

8.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.9%
• Equity multiple: 4.95×
• Total profit: $60,755
• Equity at exit: $42,189

10-year hold

• IRR: 53.0%
• Equity multiple: 10.64×
• Total profit: $148,417
• Equity at exit: $84,134

Cash invested: $15,400 (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 13827

• Home prices YoY: 3.2%
• Active inventory: 65
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $591

Break-even live

Break-even rent $551

Max offer price $55,000

Occupancy floor 50%

Sensitivity live

Price	-10% $629	-5% $610	+0% $591	+5% $572	+10% $553
Rent	-10% $489	-5% $540	+0% $591	+5% $643	+10% $694
Rate	-1.0pp $619	-0.5pp $605	base $591	+0.5pp $577	+1.0pp $563

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
81 North Ave Unit 2 Owego, NY	2.0	1.0	1000	$1,300	$1.30	44d	1	0.33mi

Listing history 20 events

1. 2026-06-19
   days on market $55,000 Active 101 DOM
2. 2026-06-18
   days on market $55,000 Active 100 DOM
3. 2026-06-17
   days on market $55,000 Active 99 DOM
4. 2026-06-16
   days on market $55,000 Active 98 DOM
5. 2026-06-15
   days on market $55,000 Active 97 DOM
6. 2026-06-14
   days on market $55,000 Active 95 DOM
7. 2026-06-13
   days on market $55,000 Active 94 DOM
8. 2026-06-10
   days on market $55,000 Active 92 DOM
9. 2026-06-09
   days on market $55,000 Active 91 DOM
10. 2026-06-08
    days on market $55,000 Active 90 DOM
11. 2026-06-07
    days on market $55,000 Active 89 DOM
12. 2026-06-05
    days on market $55,000 Active 86 DOM
13. 2026-06-03
    days on market $55,000 Active 85 DOM
14. 2026-06-02
    days on market $55,000 Active 84 DOM
15. 2026-06-01
    days on market $55,000 Active 83 DOM
16. 2026-05-31
    days on market $55,000 Active 82 DOM
17. 2026-05-30
    days on market $55,000 Active 81 DOM
18. 2026-05-01
    price $55,000 302-char remark

    Show marketing remark (302 chars)

    VILLAGE OF OWEGO, OACSD, 3 BEDROOM, 1 BATH HOME IN CONVENIENT LOCATION. VERY SPACIOUS WITH LARGE ROOMS, ENCLOSED PORCH (15' X 6.75'). COAL STOVE IN LIVING ROOM, ELECTRIC HEAT, GAS WATER HEATER. NEEDS BASIC COSMETICS, ETC. NO OWNER FINANCING, WILL NOT LIKELY QUALIFY FOR FHA FINANCING. BEING SOLD AS IS.

19. 2026-03-10
    listed $60,000 Active 302-char remark

    Show marketing remark (302 chars)

    VILLAGE OF OWEGO, OACSD, 3 BEDROOM, 1 BATH HOME IN CONVENIENT LOCATION. VERY SPACIOUS WITH LARGE ROOMS, ENCLOSED PORCH (15' X 6.75'). COAL STOVE IN LIVING ROOM, ELECTRIC HEAT, GAS WATER HEATER. NEEDS BASIC COSMETICS, ETC. NO OWNER FINANCING, WILL NOT LIKELY QUALIFY FOR FHA FINANCING. BEING SOLD AS IS.

20. 2023-03-22
    listed $84,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 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: $15,600
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$942
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$1,600
• Taxable income: $6,657
• Est. tax owed @ 24.0%: −$1,598
• After-tax cash flow: $5,499/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: Owego-Apalachin Central School District
• NCES district ID: 3622170
• Math proficiency: 62% ▼ -1.00%
• Reading proficiency: 62% ▲ 6.00%
• Median HH income: $57,425
• Composite: 53.45/100
• National rank: #1464
• State rank: #204 of 590 in NY

Livability — Owego

• Score: 76/100
• State rank: #214
• US rank: #3289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Owego, NY
• Population (ZIP): 11,713

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 45,155 people
• By 2030: 42,801 · -5.2%
• By 2040: 37,960 · -15.9%
• By 2050: 33,071 · -26.8%
• By 2075: 24,144 · -46.5%
• By 2100: 16,545 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Spanish 1% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Tioga

• 2024 margin: Strong R (+22.9) · D 38.6% · R 61.4%
• 2008→2024 swing: -12.7pp toward R · 2008: -10.2pp · 2024: -22.9pp
• All cycles: 2024: R+22.9 2020: R+20.6 2016: R+27.6 2012: R+15.1 2008: R+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.11%
• Current HPI: 259.9605
• 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

-34.5% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $55,000 GBAOR
• 2026-03-10 Listed $60,000 GBAOR
• 2023-03-22 Listed $84,000 GBAOR

Property tax history

+10.8%/yr

Latest (2025): $2,894 · +90.9% YoY. Source: county tax records.