311 Main St

Theresa, NY 13691

$69,900B+

2 bd · 2.0 ba · 1,872 sqft · Built 1880 · MultiFamily · Active · 186 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,098/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $307/mo
• Annual: $3,682/yr
• Cap rate: 11.56%
• Cash-on-cash: 18.81%
• DSCR: 1.84
• 1% rule: 1.57%
• Cash to close: $19,572

Investor read

• This is a 2-bed/2.0-bath multifamily listed at $70k.
• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 186 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($483 loan paydown + $4k appreciation (5.6% local appreciation)).
• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: employment D, health & safety D, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.8% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $10k; list at $70k implies a 582% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.
• 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.