179 & 181 Corliss Ave

Johnson City, NY 13790

$210,000A+

6 bd · 2.0 ba · 2,340 sqft · Built 1907 · MultiFamily · Active · 236 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,399/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$634
• HOA: −$0
• Vac / Maint / Mgmt: −$714
• Net cashflow: $950/mo
• Annual: $11,400/yr
• Cap rate: 11.72%
• Cash-on-cash: 19.39%
• DSCR: 1.86
• 1% rule: 1.62%
• Cash to close: $58,800

Investor read

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $210k. Condition is rated good.
• At list price, monthly cash flow is $950 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• It's been on market 236 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL); Johnson City Middle School (math 19% / reading 43%, grade F, #534 of 729 statewide, top 73%, 500 students, 65% FRL); Johnson City Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 729 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Johnson City Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.1% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.5%/yr); 176 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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 $62k; list at $210k implies a 236% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 236 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 1907 — 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.
• 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?