198 Owego St

Candor, NY 13743

$199,000A-

4 bd · 3.0 ba · 2,136 sqft · Built 1885 · MultiFamily · Active · 277 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,235/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$679
• Net cashflow: $1,155/mo
• Annual: $13,854/yr
• Cap rate: 13.25%
• Cash-on-cash: 24.86%
• DSCR: 2.11
• 1% rule: 1.63%
• Cash to close: $55,720

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $199k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• It's been on market 277 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($1k loan paydown + $12k appreciation (6.3% local appreciation)).
• Location reads 61/100 on livability (#895 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Candor Central School District (rural): math 26% / reading 45% proficiency, ranked #551 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Candor Elementary School (math 17% / reading 42%, grade F, #1,729 of 2,108 statewide, top 84%, 400 students, 46% FRL); Candor Junior-Senior High School (math 37% / reading 52%, grade F, #1,032 of 1,100 statewide, top 95%, 306 students, 60% FRL).
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $11k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 277 days. Have you received any prior offers? Is the seller open to a 12% 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 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?