3835 Prospect St

Oneida Castle, NY 13421

$234,900C+

5 bd · 2.0 ba · 2,420 sqft · Built 1940 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,686/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$564
• Net cashflow: $497/mo
• Annual: $5,966/yr
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $65,772

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $235k.
• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 45 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#854 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: health & safety C-, crime F, amenities F.
• Oneida City School District (town): math 43% / reading 54% proficiency, ranked #421 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Broad Street School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 173 students, 64% FRL); Otto L Shortell Middle School (math 23% / reading 45%, grade F, #497 of 729 statewide, top 69%, 391 students, 53% FRL); Oneida Senior High School (math 87% / reading 87%, grade A, #311 of 1,100 statewide, top 30%, 564 students, 43% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y 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 $83k; list at $235k implies a 183% gain — meaningful room to come down on a strong offer.

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?
• Built in 1940 — 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 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.