719 Frank St

Johnson City, NY 13790

$115,000A+

2 bd · 2.0 ba · 880 sqft · Built 1960 · MultiFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,255/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$389
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $789/mo
• Annual: $9,467/yr
• Cap rate: 14.53%
• Cash-on-cash: 29.40%
• DSCR: 2.31
• 1% rule: 1.96%
• Cash to close: $32,200

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $115k. Condition is rated fair.
• At list price, monthly cash flow is $789 ($9k/yr) — positive. Per door: $394/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 118 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL); Johnson City Middle School (math 19% / reading 43%, grade F, #534 of 729 statewide, top 73%, 500 students, 65% FRL); Johnson City Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 729 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Johnson City Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.6% of price.
• Market conditions: Rents rising fast (+9.5%/yr); 119 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.5% vs local median 6.3% in Johnson City — 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.

Questions for listing agent

• It's been on market 118 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 1960 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition with visible damage and missing shingles.
• Major: exterior siding — The exterior siding is peeling and in poor condition.
• Major: flooring — The flooring in the kitchen and living areas appears to be in poor condition with visible wear and tear.
• Major: interior walls — The interior walls in the bedrooms and living areas appear to be in poor condition with visible wear and tear.
• Major: bathrooms — The bathrooms appear to be in poor condition with visible wear and tear.
• Major: exterior fencing — The exterior fencing is in poor condition with visible wear and tear.