9512 Church St

Castorland, NY 13620

$64,900B+

2 bd · 2.0 ba · 1,926 sqft · Built 1900 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,889/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $931/mo
• Annual: $11,168/yr
• Cap rate: 23.50%
• Cash-on-cash: 61.46%
• DSCR: 3.73
• 1% rule: 2.91%
• Cash to close: $18,172

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $65k.
• At list price, monthly cash flow is $931 ($11k/yr) — positive. Per door: $465/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• It's been on market 21 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($449 loan paydown + $735 appreciation (1.1% local appreciation)).
• Location reads 62/100 on livability (#882 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A-; Watch: employment C-, health & safety D, crime F.
• Lowville Academy & Central School District (town): math 51% / reading 54% proficiency, ranked #345 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 110 units permitted in Lewis County in 2024 (0 in 5+ unit buildings).
• Lewis County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $55k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.