55 Utica St

Clinton, NY 13323

$589,000C+

7 bd · 3.0 ba · 2,746 sqft · Built 1900 · MultiFamily · Pending · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,506/mo
• Mortgage (P&I): −$3,089
• Tax + insurance: −$784
• HOA: −$0
• Vac / Maint / Mgmt: −$1,366
• Net cashflow: $1,267/mo
• Annual: $15,202/yr
• Cap rate: 8.99%
• Cash-on-cash: 9.62%
• DSCR: 1.43
• 1% rule: 1.10%
• Cash to close: $164,920

Investor read

• This is a 2×3bd/1.5ba + 2×1bd/1.5ba units multifamily listed at $589k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $317/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $589k).
• It's been on market 188 days — a 12% lower offer ($518k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $518k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#2 in NY, #45 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities D.
• Clinton Central School District (suburban): math 57% / reading 71% proficiency, ranked #185 of 590 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $150k; list at $589k implies a 293% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 188 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?
• Built in 1900 — 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?
• 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.
• 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?