21 Murray St

Mount Morris, NY 14510

$114,900B

5 bd · 3.0 ba · 2,736 sqft · Built 1920 · MultiFamily · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,409/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$445
• HOA: −$0
• Vac / Maint / Mgmt: −$716
• Net cashflow: $1,645/mo
• Annual: $19,744/yr
• Cap rate: 23.48%
• Cash-on-cash: 61.37%
• DSCR: 3.73
• 1% rule: 2.97%
• Cash to close: $32,172

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $115k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• It's been on market 37 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-0.8%/yr); year-one equity from $794 of loan paydown is wiped out by about $938 of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,027 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• Mount Morris Central School District (town): math 31% / reading 47% proficiency, ranked #537 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.2% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $60k; list at $115k implies a 92% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.