88 W Main St Unit 1-3

Milford, NY 13807

$299,900A-

6 bd · 3.9 ba · 3,039 sqft · Built 1876 · MultiFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,295/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$1,112
• Net cashflow: $2,111/mo
• Annual: $25,326/yr
• Cap rate: 14.74%
• Cash-on-cash: 30.16%
• DSCR: 2.34
• 1% rule: 1.77%
• Cash to close: $83,972

Investor read

• This is a 2×2bd/1.3ba + 1×1bd/1.3ba units multifamily listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $704/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (7.8% local appreciation)).
• Location reads 65/100 on livability (#691 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools C-, health & safety C-, commute D.
• Milford Central School District (rural): math 55% / reading 40% proficiency, ranked #507 of 755 in NY (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1876 — 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.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, 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

• 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 1876 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Worn appearance
• Minor: bathroom fixtures — Dated appearance
• Minor: kitchen cabinets — Worn appearance