30/32 Liberty St

Adams, NY 13605

$179,900B+

6 bd · 2.0 ba · 2,261 sqft · Built 1930 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,600/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$756
• Net cashflow: $1,601/mo
• Annual: $19,209/yr
• Cap rate: 16.97%
• Cash-on-cash: 38.13%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $50,372

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $180k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $800/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• It's been on market 29 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#607 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: employment C-, health & safety D, amenities F.
• South Jefferson Central School District (rural): math 35% / reading 60% proficiency, ranked #420 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maynard P Wilson Elementary School (math 31% / reading 56%, grade F, #1,350 of 2,108 statewide, top 64%, 520 students, 37% FRL); Clarke Middle School (math 24% / reading 54%, grade F, #433 of 729 statewide, top 60%, 435 students, 41% FRL); South Jefferson High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 553 students, 46% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and needs repainting
• Moderate: Roof — Aged and may need replacement
• Moderate: Flooring — Worn and may need replacement
• Moderate: Paint — Faded and may need repainting