18 N Main St

Middleville, NY 13406

$229,000B+

36 bd · None ba · 3,717 sqft · Built 1880 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,890/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$437
• HOA: −$0
• Vac / Maint / Mgmt: −$1,027
• Net cashflow: $2,225/mo
• Annual: $26,700/yr
• Cap rate: 18.24%
• Cash-on-cash: 42.68%
• DSCR: 2.90
• 1% rule: 2.14%
• Cash to close: $64,120

Investor read

• This is a 2×2bd/1ba + 4×1bd/1ba units multifamily listed at $229k. Condition is rated good.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $371/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $229k).
• It's been on market 45 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (3.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($2k loan paydown + $14k appreciation (6.1% local appreciation)).
• Location reads 56/100 on livability (#1,105 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools F.
• West Canada Valley Central School District (rural): math 54% / reading 57% proficiency, ranked #296 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y 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.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 45 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?