100 Main St

Theresa, NY 13691

$249,000B+

28 bd · 16.0 ba · 4,590 sqft · Built 1850 · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,155/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$873
• Net cashflow: $1,689/mo
• Annual: $20,272/yr
• Cap rate: 14.43%
• Cash-on-cash: 29.08%
• DSCR: 2.29
• 1% rule: 1.67%
• Cash to close: $69,720

Investor read

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $249k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $249k).
• It's been on market 54 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (5.6% local appreciation)).
• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: employment D, health & safety D, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 13 sale attempts since 19y ago; this cycle's ask is 24800% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $54k; list at $249k implies a 361% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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 1850 — 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.
• 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.