43 Main St

Schenevus, NY 12155

$65,000B+

4 bd · 3.0 ba · 3,375 sqft · Built 1850 · MultiFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,579/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $620/mo
• Annual: $7,440/yr
• Cap rate: 17.74%
• Cash-on-cash: 40.88%
• DSCR: 2.82
• 1% rule: 2.43%
• Cash to close: $18,200

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $65k.
• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (4.4% local appreciation)).
• Location reads 57/100 on livability (#1,087 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: health & safety C-, employment D+, schools D.
• Schenevus Central School District (rural): math 35% / reading 45% proficiency, ranked #638 of 755 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.8% of price; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 13 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $38k; list at $65k implies a 73% gain — meaningful room to come down on a strong offer.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1850 — 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.
• Schools are D-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.
• 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.