3333 Fowlerville Rd

Fowlerville, NY 14592

$129,900B

2 bd · 1.0 ba · 1,600 sqft · Built 1854 · MultiFamily · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,660/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$180
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $450/mo
• Annual: $5,400/yr
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• 1% rule: 1.28%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $130k. Condition is rated fair.
• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 28 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($898 loan paydown + $1k appreciation (0.9% local appreciation)).
• Location reads 56/100 on livability (#1,114 in NY) — a working-class tenant base; expect higher turnover. Strengths: employment A+, crime A; Watch: schools F, amenities F, commute F.
• York Central School District (rural): math 41% / reading 55% proficiency, ranked #403 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1854 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1854 — 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 F-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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant damage
• Major: exterior siding — Peeling paint and visible damage
• Minor: fencing — Needs cleaning and minor repairs