15 Perrine St

Auburn, NY 13021

$289,900B

8 bd · 4.0 ba · 3,926 sqft · Built 1980 · MultiFamily · Active · 345 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,208/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$1,304
• Net cashflow: $2,901/mo
• Annual: $34,811/yr
• Cap rate: 18.30%
• Cash-on-cash: 42.89%
• DSCR: 2.91
• 1% rule: 2.14%
• Cash to close: $81,172

Investor read

• This is a 2×2bd/1.0ba + 2×3bd/1.0ba units multifamily listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $725/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $290k).
• It's been on market 345 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#298 in NY, #4,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities D-, commute F.
• Auburn City School District (town): math 31% / reading 39% proficiency, ranked #558 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.3% vs local median 7.6% in Auburn — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $6,208/mo this rent would consume 123% of the median local household income ($61k/yr) (locally 1449% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 345 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?
• 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 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.