26 N Market St

Johnstown, NY 12095

$160,900A-

6 bd · 5.0 ba · 6,120 sqft · Built 1907 · MultiFamily · Active · 305 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,300/mo
• Mortgage (P&I): −$844
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$693
• Net cashflow: $1,495/mo
• Annual: $17,941/yr
• Cap rate: 17.44%
• Cash-on-cash: 39.82%
• DSCR: 2.77
• 1% rule: 2.05%
• Cash to close: $45,052

Investor read

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $161k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $748/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $161k).
• It's been on market 305 days — a 12% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (12.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#168 in NY, #2,603 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime D-, amenities D-.
• Johnstown City School District (town): math 35% / reading 47% proficiency, ranked #509 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 82 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% 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 $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 17.4% vs local median 4.0% in Johnstown — 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 305 days. Have you received any prior offers? Is the seller open to a 12% 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 1907 — 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 D 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.