6 Depot St

Antwerp, NY 13608

$25,000D+

6 bd · 3.6 ba · 11,424 sqft · Built 1890 · MultiFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,252/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$683
• Net cashflow: $2,396/mo
• Annual: $28,756/yr
• Cap rate: 121.32%
• Cash-on-cash: 410.80%
• DSCR: 19.28
• 1% rule: 13.01%
• Cash to close: $7,000

Investor read

• This is a 3 × 2-bed/1.2-bath units multifamily listed at $25k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $799/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $25k).
• It's been on market 282 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• In year one you build about $370 of equity ($173 loan paydown + $197 appreciation (0.8% local appreciation)).
• Location reads 58/100 on livability (#1,064 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Antwerp Primary School (math 24% / reading 34%, grade F, #1,729 of 2,108 statewide, top 84%, 185 students, 54% FRL); Indian River Middle School (math 26% / reading 50%, grade F, #442 of 729 statewide, top 61%, 672 students, 60% FRL); Indian River High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 781 students, 49% FRL) — zoned schools average 55% FRL vs 28% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 42% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Indian River Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $5k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 282 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 1890 — 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?