30 Mitchell St

Norwich, NY 13815

$90,000A

4 bd · 3.0 ba · 2,054 sqft · Built 1920 · MultiFamily · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,435/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$281
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $1,170/mo
• Annual: $14,043/yr
• Cap rate: 21.90%
• Cash-on-cash: 55.73%
• DSCR: 3.48
• 1% rule: 2.71%
• Cash to close: $25,200

Investor read

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $390/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 153 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stanford J Gibson Primary School (400 students, 52% FRL); Norwich Middle School (math 34% / reading 48%, grade F, #402 of 729 statewide, top 56%, 381 students, 59% FRL); Norwich High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 546 students, 48% FRL).
• Zoned-school proficiency averages 62% at this address vs 42% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Norwich City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.3% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $39k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $90k implies a 381% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, 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

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: interior walls — Peeling paint
• Major: flooring — Worn and uneven