5807 Main St

Tannersville, NY 12485

$425,000D

5 bd · 3.0 ba · 1,428 sqft · Built 1960 · MultiFamily · Active Under Contract · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,961/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$599
• HOA: −$0
• Vac / Maint / Mgmt: −$622
• Net cashflow: $-489/mo
• Annual: $-5,863/yr
• Cap rate: 4.91%
• Cash-on-cash: -4.93%
• DSCR: 0.78
• 1% rule: 0.70%
• Cash to close: $119,000

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $425k.
• At list price, monthly cash flow is $-489 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $339k (20.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (30.3% below list).
• It's been on market 192 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (30.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#977 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+; Watch: employment C-, cost of living C-, crime D-.
• Hunter-Tannersville Central School District (rural): math 55% / reading 50% proficiency, ranked #425 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hunter Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 186 students, 45% FRL); Hunter-Tannersville Middle School High School (math 52% / reading 44%, grade D, #1,002 of 1,100 statewide, top 91%, 153 students, 48% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 25 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 192 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?