53 Grove St

Perry, NY 14530

$175,000B

4 bd · 4.0 ba · 2,952 sqft · Built 1950 · MultiFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,701/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$620
• HOA: −$0
• Vac / Maint / Mgmt: −$777
• Net cashflow: $1,386/mo
• Annual: $16,629/yr
• Cap rate: 15.80%
• Cash-on-cash: 33.94%
• DSCR: 2.51
• 1% rule: 2.11%
• Cash to close: $49,000

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $175k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $175k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#348 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Perry Central School District (rural): math 53% / reading 63% proficiency, ranked #272 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Perry Elementary School (math 47% / reading 58%, grade C-, #984 of 2,108 statewide, top 47%, 424 students, 48% FRL); Perry Junior-Senior High School (math 62% / reading 72%, grade B, #746 of 1,100 statewide, top 69%, 344 students, 52% FRL) — zoned schools average 50% FRL vs 34% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.8% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $68k; list at $175k implies a 157% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.8% vs local median 4.2% in Perry — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1950 — 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?
• 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.
• 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.