709 S James St

Rome, NY 13440

$119,900B-

5 bd · 2.0 ba · 1,561 sqft · Built 1882 · MultiFamily · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,808/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $549/mo
• Annual: $6,590/yr
• Cap rate: 12.35%
• Cash-on-cash: 21.62%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $33,572

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $120k.
• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 114 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#722 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Rome City School District (town): math 35% / reading 46% proficiency, ranked #516 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellamy Elementary School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 567 students, 75% FRL); Lyndon H Strough Middle School (math 20% / reading 40%, grade F, #539 of 729 statewide, top 74%, 829 students, 59% FRL); Rome Free Academy (math 85% / reading 98%, grade A+, #201 of 1,100 statewide, top 18%, 1,511 students, 51% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1882 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 278 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $30k; list at $120k implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.3% vs local median 5.6% in Rome — 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.

Questions for listing agent

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1882 — 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 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?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.