47 Franklin Ave

SUNY Oswego, NY 13126

$220,000B-

3 bd · 2.0 ba · 1,715 sqft · Built 1960 · MultiFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,736/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$419
• HOA: −$0
• Vac / Maint / Mgmt: −$575
• Net cashflow: $588/mo
• Annual: $7,061/yr
• Cap rate: 9.50%
• Cash-on-cash: 11.46%
• DSCR: 1.51
• 1% rule: 1.24%
• Cash to close: $61,600

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $220k.
• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 22 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#911 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, crime A; Watch: amenities F, employment F, housing F.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $118k; list at $220k implies a 86% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.
• At $2,736/mo this rent would consume 50% of the median local household income ($65k/yr) (locally 1341% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1960 — 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.