88 Reid St

Fort Plain, NY 13339

$39,000A

4 bd · 2.0 ba · 2,008 sqft · Built 1900 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,204/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$585
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $161/mo
• Annual: $1,933/yr
• Cap rate: 25.42%
• Cash-on-cash: 68.30%
• DSCR: 4.04
• 1% rule: 3.09%
• Cash to close: $10,920

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $39k.
• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($270 loan paydown + $2k appreciation (5.2% local appreciation)).
• Location reads 72/100 on livability (#374 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B+; Watch: schools D, commute F, employment F.
• Fort Plain Central School District (rural): math 43% / reading 57% proficiency, ranked #401 of 590 in NY (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.3% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 10y 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 $10k; list at $39k implies a 306% gain — meaningful room to come down on a strong offer.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.