76 Broad St #4

Morris, NY 13808

$110,000B-

12 bd · 6.0 ba · 7,863 sqft · Built 1920 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$239
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $273/mo
• Annual: $3,270/yr
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• 1% rule: 1.25%
• Cash to close: $30,800

Investor read

• This is a 12-bed/6.0-bath multifamily listed at $110k. Condition is rated poor.
• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 137 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($761 loan paydown + $2k appreciation (1.9% local appreciation)).
• Location reads 51/100 on livability (#1,167 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A; Watch: health & safety C-, housing D+, amenities F.
• Morris Central School District (rural): math 55% / reading 45% proficiency, ranked #464 of 755 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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)

• Major: Kitchen — No photos of kitchen
• Major: Bathrooms — No photos of bathrooms
• Major: Roof — No photos of roof
• Major: Exterior — Snow on roof and ground
• Major: Flooring — No photos of flooring
• Major: Interior walls/paint — No photos of interior walls/paint