19 South St

Edmeston, NY 13335

$195,000B+

4 bd · 2.5 ba · 2,454 sqft · Built 1880 · MultiFamily · Pending · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,742/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$576
• Net cashflow: $893/mo
• Annual: $10,722/yr
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• 1% rule: 1.41%
• Cash to close: $54,600

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.
• At list price, monthly cash flow is $893 ($11k/yr) — positive. Per door: $447/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• It's been on market 92 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (9.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.7% local appreciation)).
• Location reads 68/100 on livability (#563 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: health & safety C-, crime F, amenities F.
• Edmeston Central School District (rural): math 60% / reading 55% proficiency, ranked #312 of 755 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $195k implies a 78% gain — meaningful room to come down on a strong offer.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 92 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?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?