9326 Deveines Rd

Croghan, NY 13620

$139,000B

4 bd · 2.0 ba · 2,112 sqft · Built 1900 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,020/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $612/mo
• Annual: $7,341/yr
• Cap rate: 11.57%
• Cash-on-cash: 18.86%
• DSCR: 1.84
• 1% rule: 1.45%
• Cash to close: $38,920

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $139k.
• At list price, monthly cash flow is $612 ($7k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($961 loan paydown + $2k appreciation (1.1% local appreciation)).
• Location reads 60/100 on livability (#975 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Beaver River Central School District (rural): math 38% / reading 53% proficiency, ranked #458 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 110 units permitted in Lewis County in 2024 (0 in 5+ unit buildings).
• Lewis County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.