2250 County Road 139

Ovid, NY 14521

$234,900B+

5 bd · 4.0 ba · 2,498 sqft · Built 1880 · MultiFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,833/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$341
• HOA: −$0
• Vac / Maint / Mgmt: −$1,015
• Net cashflow: $2,245/mo
• Annual: $26,941/yr
• Cap rate: 17.76%
• Cash-on-cash: 40.96%
• DSCR: 2.82
• 1% rule: 2.06%
• Cash to close: $65,772

Investor read

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $235k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $561/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $235k).
• It's been on market 81 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#920 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools C-, health & safety D, crime F.
• South Seneca Central School District (rural): math 30% / reading 42% proficiency, ranked #552 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $235k implies a 213% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% 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 1880 — 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.
• 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.