12 Raymond St

Malone, NY 12953

$98,000B+

None bd · None ba · 2,322 sqft · Built 1920 · MultiFamily · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,635/mo
• Mortgage (P&I): −$514
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$553
• Net cashflow: $1,404/mo
• Annual: $16,853/yr
• Cap rate: 23.49%
• Cash-on-cash: 61.42%
• DSCR: 3.73
• 1% rule: 2.69%
• Cash to close: $27,440

Investor read

• This is a 3 × 1-bed/1-bath units multifamily listed at $98k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $468/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $98k).
• It's been on market 91 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($678 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#437 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, employment D+, crime D-.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 113 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 23.5% vs local median 5.3% in Malone — 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 91 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 1920 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Signs of peeling paint and weathering
• Major: Roof — Missing shingles
• Major: Landscaping — Overgrown and unkempt