17 Columbia Ave

Jamestown, NY 14701

$69,900B+

5 bd · 2.0 ba · 2,234 sqft · Built 1890 · MultiFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,164/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$454
• Net cashflow: $1,168/mo
• Annual: $14,012/yr
• Cap rate: 26.34%
• Cash-on-cash: 71.59%
• DSCR: 4.19
• 1% rule: 3.10%
• Cash to close: $19,572

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $70k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 36 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Milton J Fletcher Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 530 students, 74% FRL); Thomas Jefferson Middle School (math 25% / reading 40%, grade F, #504 of 729 statewide, top 70%, 406 students, 79% FRL); Jamestown High School (math 87% / reading 92%, grade A+, #265 of 1,100 statewide, top 26%, 1,315 students, 80% FRL) — zoned schools average 77% FRL vs 60% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 38% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Jamestown City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.5% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 319 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 21y 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 $34k; list at $70k implies a 107% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 26.3% vs local median 16.8% in Jamestown — 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.

Questions for listing agent

• It's been on market 36 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 1890 — 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?
• 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.