250 E Main St

Frankfort, NY 13340

$215,000B+

6 bd · 4.4 ba · 5,445 sqft · Built 1900 · MultiFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,906/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$395
• HOA: −$0
• Vac / Maint / Mgmt: −$820
• Net cashflow: $1,563/mo
• Annual: $18,754/yr
• Cap rate: 15.02%
• Cash-on-cash: 31.15%
• DSCR: 2.39
• 1% rule: 1.82%
• Cash to close: $60,200

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $781/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• It's been on market 53 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#648 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Frankfort-Schuyler Central School District (town): math 32% / reading 45% proficiency, ranked #538 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frankfort-Schuyler Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 349 students, 48% FRL); Frankfort-Schuyler Middle School (math 17% / reading 52%, grade F, #483 of 729 statewide, top 68%, 210 students, 49% FRL); Frankfort-Schuyler Central High School (math 92%, 258 students, 45% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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.