1251 Mohawk St

Utica, NY 13501

$259,900A-

3 bd · 2.0 ba · 2,152 sqft · Built 1880 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,169/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$336
• HOA: −$0
• Vac / Maint / Mgmt: −$665
• Net cashflow: $805/mo
• Annual: $9,655/yr
• Cap rate: 10.01%
• Cash-on-cash: 13.27%
• DSCR: 1.59
• 1% rule: 1.22%
• Cash to close: $72,772

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $260k.
• At list price, monthly cash flow is $805 ($10k/yr) — positive. Per door: $402/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• It's been on market 62 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Christopher Columbus Elementary School (math 34% / reading 43%, grade F, #1,509 of 2,108 statewide, top 72%, 639 students, 82% FRL); John F Kennedy Middle School (math 27% / reading 35%, grade F, #534 of 729 statewide, top 73%, 695 students, 77% FRL); Thomas R Proctor High School (math 86% / reading 62%, grade B+, #659 of 1,100 statewide, top 60%, 2,675 students, 76% FRL).
• Zoned-school proficiency averages 48% at this address vs 36% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Utica City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y 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 $184k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1880 — 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?