124 Prospect St

Schoharie, NY 12157

$279,900B+

16 bd · 16.0 ba · 3,876 sqft · Built 1880 · MultiFamily · Pending · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,805/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$436
• HOA: −$0
• Vac / Maint / Mgmt: −$1,009
• Net cashflow: $1,892/mo
• Annual: $22,707/yr
• Cap rate: 14.41%
• Cash-on-cash: 28.97%
• DSCR: 2.29
• 1% rule: 1.72%
• Cash to close: $78,372

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $280k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $473/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $280k).
• It's been on market 130 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#761 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: schools D+, crime F, amenities F.
• Schoharie Central School District (rural): math 39% / reading 46% proficiency, ranked #476 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 130 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 1880 — 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 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?