5369 New York 40

Argyle, NY 12809

$199,900D+

6 bd · 2.0 ba · 4,695 sqft · Built 1900 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,518/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$279
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $-128/mo
• Annual: $-1,541/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• 1% rule: 0.76%
• Cash to close: $55,972

Investor read

• This is a 6-bed/2.0-bath multifamily listed at $200k.
• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (24.1% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (24.1% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,010 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, crime F.
• Argyle Central School District (rural): math 54% / reading 48% proficiency, ranked #426 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Argyle Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 264 students, 47% FRL); Argyle Junior/Senior High School (math 47% / reading 62%, grade C-, #912 of 1,100 statewide, top 85%, 229 students, 48% FRL) — zoned schools average 47% FRL vs 26% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y 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 $148k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.