41 County Road 39

Round Top, NY 12473

$289,000B+

15 bd · 8.0 ba · 5,542 sqft · Built 1890 · MultiFamily · Active · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,826/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$482
• HOA: −$0
• Vac / Maint / Mgmt: −$1,433
• Net cashflow: $3,395/mo
• Annual: $40,744/yr
• Cap rate: 20.39%
• Cash-on-cash: 50.35%
• DSCR: 3.24
• 1% rule: 2.36%
• Cash to close: $80,920

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $289k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $679/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $289k).
• It's been on market 120 days — a 9% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (9.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.8% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Cairo-Durham Central School District (rural): math 41% / reading 48% proficiency, ranked #470 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cairo-Durham Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 439 students, 60% FRL); Cairo-Durham Middle School (math 27% / reading 47%, grade F, #448 of 729 statewide, top 63%, 256 students, 62% FRL); Cairo-Durham High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 325 students, 59% FRL) — zoned schools average 60% FRL vs 40% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition and may need replacement.
• Major: exterior siding — The exterior siding is peeling and requires repainting.
• Major: porch railings — The porch railings are damaged and need repair.
• Major: flooring — The flooring in the kitchen and living areas needs replacement.
• Major: interior walls — The interior walls show signs of wear and tear and need repainting.
• Major: bathrooms — The bathrooms are outdated and need updates.