Score
0Canastota, NY
205 N Main St
195K
4 beds
2 baths
2,488 sqft
4 bd • 2 ba • 2,488 sf
Educational Use Only — NOT an appraisal or professional advice. — NOT professional advice. See terms
AI Property Analysis
0:000:00 / 0:00
List Price
$195,000
Price/Sq.Ft
$78
Year Built
1860
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Historical Significance: The property's listing on the New York State and National Register of Historic Places is a significant selling point. It offers a unique opportunity to own a piece of history and potentially benefit from preservation grants and tax breaks. The property's style, 'eclectic adaptation of the Second Empire style with a multi-gabled flared mansard roof,' is architecturally unique.
• Spacious Living Area: With 2,488 square feet of living space, the property offers ample room for families or individuals who desire spacious living areas. The price per square foot is $78.38, which is below the national average of $150 per square foot, indicating a potentially good value.
• Large Rooms and High Ceilings: The property boasts large rooms with soaring ceilings on the first floor, creating an open and airy atmosphere. This is a desirable feature for many buyers.
• Functional Layout: The property features two staircases, a full basement, and a convenient first-floor laundry/mud room, enhancing its functionality. This layout can accommodate various lifestyles and needs.
• Outdoor Space: The large front porch provides a relaxing outdoor space for enjoying the surroundings and entertaining guests. The two-car detached garage offers ample parking and storage space.
The Bad
• Age and Condition: Built in 1860, the property is over 160 years old and likely requires significant renovations and updates. The description mentions restoring it to its former glory, implying that it is not currently in pristine condition. Potential buyers should factor in renovation costs and potential issues associated with older homes.
• Limited Bathroom Facilities: With only 1.5 bathrooms for a four-bedroom home, the bathroom facilities may be insufficient for larger families or those who value having more bathrooms. The average 4 bedroom house has at least 2 bathrooms.
• School Ratings: The local high school has a rating of 4/10, which is below average. This may be a concern for buyers with school-aged children who prioritize high-performing schools.
• Heating System: The property has gas forced air, which is a standard heating system. However, older systems may be less efficient and require more maintenance. Consider the age and condition of the furnace and factor in potential replacement costs. A new furnace could cost $3,000 to $7,000.
• Days on Market: The property has been on the market for 17 days, which is slightly longer than the average for Canastota. The average days on market in Canastota is around 10 days. This could indicate that the property is overpriced or has some issues that are deterring buyers.
The Ugly
• Potential for High Renovation Costs: Due to its age, the property likely requires extensive renovations. Costs could easily exceed $50,000-$100,000 depending on the desired level of restoration. Buyers need to get a detailed inspection to assess the true cost of bringing the house up to modern standards.
• Unknown Condition of Systems: The listing doesn't specify the condition of critical systems like plumbing, electrical, and roofing. Replacing these systems can be very expensive. A new roof can cost between $8,000 and $15,000, depending on the materials used.
• School Ratings: The Canastota High School has a rating of 4/10. This could significantly impact resale value, as families prioritize good school districts. Properties in areas with low-rated schools often sell for less than comparable homes in better school districts.
• Climate Risks: While the flood and fire risks are minimal, the moderate heat risk (3/10) could lead to higher cooling costs in the summer. With 7 hot days per year and a 98th percentile temperature of 94°F, buyers should consider the cost of air conditioning and energy efficiency upgrades.
• Limited Job Market in Canastota: The local market context notes a limited job market, which means many residents commute. This can impact the desirability of the property for some buyers.
Who is this property for?
These details are presented solely for educational purposes and are not meant to steer or limit any prospective buyer.
Best For
• History Enthusiasts or Architectural Preservationists: The property's listing on the New York State and National Register of Historic Places makes it ideal for individuals passionate about preserving historical homes and utilizing potential state and federal preservation grants and tax breaks.
• Buyers Seeking Large Living Spaces: With 2,488 square feet, the property offers ample room for families or individuals who desire spacious living areas and multiple rooms. The large rooms and soaring ceilings on the first floor create an open and airy atmosphere.
• Individuals Comfortable with Renovation Projects: This property presents an opportunity for buyers who enjoy restoring homes to their former glory. The historic charm and architectural details provide a unique canvas for personalization and improvements.
• Buyers seeking a village setting with a sense of community: The property's location in the heart of Canastota offers proximity to local amenities, community events, and a close-knit neighborhood feel.
• Buyers who value outdoor space and a detached garage: The large front porch and two-car detached garage are valuable features for those who enjoy outdoor relaxation and require ample parking and storage space.
Not For
• Buyers Seeking Modern, Move-In Ready Homes: Given its age and historic nature, the property likely requires renovations and updates. Buyers looking for a modern, turnkey home may find this property unsuitable.
• Buyers with Limited Renovation Budgets: Restoring a historic home can be costly. Buyers with limited financial resources for renovations may struggle to bring the property to their desired standards.
• Buyers Prioritizing Top-Rated Schools: The local high school has a rating of 4/10, which may be a concern for buyers with school-aged children who prioritize high-performing schools. The middle school is rated 6/10, which is slightly above average.
• Buyers Requiring a Low-Maintenance Property: Due to its age and size, the property may require ongoing maintenance and repairs. Buyers seeking a low-maintenance property may find the upkeep demanding.
• Buyers with Mobility Issues: The presence of two staircases may pose challenges for individuals with mobility issues.
Demographics
Area Median Income
$64,358
Property History
Price History
Ownership Timeline
$0Cash Purchase
Feb 15, 2008Mary FioreFrank Fiore
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Feb 29, 2004Intrafamily Transfer
Non-Arm's Length Transactions
Property Taxes
$0
2023 Tax Assessment
Assessed Value$114,000
Tax Rate0.00%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
4.0/10
AverageFinancials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow$770
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$195,000
Price/sqft
$78
Layout
4 bd•2 ba
Days on market
16 daysat time of analysis
Stats in the Area
Based on 1 comparable properties nearby
Average Price
$255,000
23.5%
Your price is 23.5% below average
Median Price
$255,000
23.5%
Based on 1 recent sales
Price per Sq.Ft
$98
20.0%
Your price is 20.0% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 103 Rasbach Street, Lenox, NY 13032 | $255,000 | 2,606 | 3 | 2 | $9824.8% | 10/4/2024 |
103 Rasbach Street, Lenox, NY 13032
Price: $255,000
Sq.Ft: 2,606
Beds/Baths: 3/2
$/Sq.Ft:
$9824.8%
Sale Date: 10/4/2024
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