1789 Main St

Delanson, NY 12053

$235,000B+

15 bd · 9.0 ba · 2,676 sqft · Built 1920 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,984/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$705
• HOA: −$0
• Vac / Maint / Mgmt: −$627
• Net cashflow: $420/mo
• Annual: $5,035/yr
• Cap rate: 10.04%
• Cash-on-cash: 13.37%
• DSCR: 1.60
• 1% rule: 1.27%
• Cash to close: $65,800

Investor read

• This is a 1×1bd/1ba + 2×2bd/1ba units multifamily listed at $235k. Condition is rated fair.
• At list price, monthly cash flow is $420 ($5k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 31 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#601 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools A-; Watch: crime D-, amenities F, commute F.
• Duanesburg Central School District (rural): math 54% / reading 71% proficiency, ranked #176 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $314/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 23y 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 $122k; list at $235k implies a 93% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Weathered and peeling
• Major: Kitchen — No photos of kitchen
• Moderate: Bathrooms — Appears dated and in need of updates
• Moderate: Flooring — Worn and in need of replacement
• Moderate: Paint — Chipped in some areas
• Moderate: HVAC/mechanicals — No photos of HVAC/mechanicals