736 River Rd

Chenango Bridge, NY 13901

$194,500B+

4 bd · 3.0 ba · 2,068 sqft · Built 1900 · MultiFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,935/mo
• Mortgage (P&I): −$1,020
• Tax + insurance: −$557
• HOA: −$0
• Vac / Maint / Mgmt: −$616
• Net cashflow: $742/mo
• Annual: $8,902/yr
• Cap rate: 10.87%
• Cash-on-cash: 16.35%
• DSCR: 1.73
• 1% rule: 1.51%
• Cash to close: $54,460

Investor read

• This is a 1×2.0bd/1.5ba + 1×3.0bd/1.0ba units multifamily listed at $194k.
• At list price, monthly cash flow is $742 ($9k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $194k).
• It's been on market 74 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#505 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B+; Watch: amenities F, commute F, health & safety D-.
• Chenango Valley Central School District (suburban): math 47% / reading 57% proficiency, ranked #339 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Port Dickinson Elementary School (408 students, 39% FRL); Chenango Valley Middle School (math 26% / reading 58%, grade D-, #379 of 729 statewide, top 54%, 370 students, 41% FRL); Chenango Valley High School (math 92%, 499 students, 37% FRL).
• Watch-outs: property tax is 2.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 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.
• Current owner paid $80k; list at $194k implies a 143% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $54k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 4.0% in Chenango Bridge — 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.
• At $2,935/mo this rent would consume 63% of the median local household income ($56k/yr) (locally 1230% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — 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.
• 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?