46 Church St

Oneonta, NY 13820

$317,514B+

9 bd · 4.5 ba · 3,768 sqft · Built 1975 · MultiFamily · Pending · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,047/mo
• Mortgage (P&I): −$1,665
• Tax + insurance: −$692
• HOA: −$0
• Vac / Maint / Mgmt: −$1,060
• Net cashflow: $1,630/mo
• Annual: $19,559/yr
• Cap rate: 12.45%
• Cash-on-cash: 22.00%
• DSCR: 1.98
• 1% rule: 1.59%
• Cash to close: $88,904

Investor read

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $318k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $318k).
• It's been on market 103 days — a 9% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (9.0% below list) — sets the bar for market timing.
• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 118 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $89k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.5% vs local median 5.5% in Oneonta — 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 $5,047/mo this rent would consume 92% of the median local household income ($66k/yr) (locally 662% 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 103 days. Have you received any prior offers? Is the seller open to a 9% 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 1975 — 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?
• 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.