27 & 35 Drybrook Rd

Nichols, NY 13734

$97,000B+

2 bd · 1.0 ba · 900 sqft · Built 1989 · MultiFamily · Active · 190 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,692/mo
• Mortgage (P&I): −$509
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $600/mo
• Annual: $7,199/yr
• Cap rate: 14.54%
• Cash-on-cash: 29.44%
• DSCR: 2.31
• 1% rule: 1.74%
• Cash to close: $27,160

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $97k. Condition is rated fair.
• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• It's been on market 190 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($671 loan paydown + $6k appreciation (6.6% local appreciation)).
• Location reads 61/100 on livability (#908 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime F, amenities F, commute F.
• Tioga Central School District (rural): math 51% / reading 56% proficiency, ranked #322 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tioga Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 348 students, 46% FRL); Tioga Middle School (math 42% / reading 52%, grade D+, #315 of 729 statewide, top 45%, 264 students, 50% FRL); Tioga Senior High School (math 95%, 276 students, 0% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 8 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y 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 (6.6% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k 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 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — poor condition
• Major: kitchen flooring — dated and worn
• Major: bathroom fixtures — dated and worn
• Major: interior walls/paint — peeling and outdated
• Major: landscaping — overgrown lawn