45 Chappell St

Brockport, NY 14420

$349,900C+

3 bd · 3.0 ba · 2,569 sqft · Built 1890 · MultiFamily · Active · 291 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,448/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$1,076
• HOA: −$0
• Vac / Maint / Mgmt: −$1,774
• Net cashflow: $3,763/mo
• Annual: $45,160/yr
• Cap rate: 19.20%
• Cash-on-cash: 46.09%
• DSCR: 3.05
• 1% rule: 2.41%
• Cash to close: $97,972

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $941/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $350k).
• It's been on market 291 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#313 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: employment D+, crime F, amenities F.
• Brockport Central School District (town): math 45% / reading 55% proficiency, ranked #369 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.2% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.7%/yr); 79 active listings in the ZIP; solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.2% vs local median 5.1% in Brockport — 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.
• At $8,448/mo this rent would consume 134% of the median local household income ($76k/yr) (locally 472% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 291 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1890 — 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?
• 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.
• Schools are A-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?