306 Booth Avenue Ave

Endicott, NY 13760

$179,000B

4 bd · 2.0 ba · 2,036 sqft · Built 1920 · MultiFamily · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,628/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$401
• HOA: −$0
• Vac / Maint / Mgmt: −$552
• Net cashflow: $737/mo
• Annual: $8,840/yr
• Cap rate: 11.60%
• Cash-on-cash: 18.97%
• DSCR: 1.84
• 1% rule: 1.47%
• Cash to close: $50,120

Investor read

• This is a 2 × 2-bed/1.8-bath units multifamily listed at $179k.
• At list price, monthly cash flow is $737 ($9k/yr) — positive. Per door: $368/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• It's been on market 155 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, amenities D, crime F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 213 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 7y 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 $20k; list at $179k implies a 795% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.6% vs local median 5.5% in Endicott — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $2,628/mo this rent would consume 48% of the median local household income ($66k/yr) (locally 1480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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?
• 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 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?