1141 County Route 24

Granville, NY 12832

$146,700B

5 bd · 2.0 ba · 2,034 sqft · Built 1900 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,152/mo
• Mortgage (P&I): −$769
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$452
• Net cashflow: $699/mo
• Annual: $8,387/yr
• Cap rate: 12.01%
• Cash-on-cash: 20.42%
• DSCR: 1.91
• 1% rule: 1.47%
• Cash to close: $41,076

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $147k.
• At list price, monthly cash flow is $699 ($8k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.3%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#846 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute F.
• Granville Central School District (town): math 38% / reading 43% proficiency, ranked #521 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mary J Tanner Primary School (math 44% / reading 44%, grade F, #1,277 of 2,108 statewide, top 64%, 312 students, 42% FRL); Granville Elementary School (math 22% / reading 42%, grade F, #511 of 729 statewide, top 71%, 202 students, 50% FRL); Granville Junior-Senior High School (math 57% / reading 42%, grade D, #974 of 1,100 statewide, top 91%, 496 students, 40% FRL) — zoned schools at 44% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.3% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.

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?
• Built in 1900 — 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 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.