1268 County Road 19

Montour Falls, NY 14812

$495,999B-

8 bd · None ba · 8,048 sqft · Built 1960 · MultiFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,056/mo
• Mortgage (P&I): −$2,601
• Tax + insurance: −$635
• HOA: −$0
• Vac / Maint / Mgmt: −$1,062
• Net cashflow: $758/mo
• Annual: $9,097/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• 1% rule: 1.02%
• Cash to close: $138,880

Investor read

• This is a 8-bed/?-bath multifamily listed at $496k.
• At list price, monthly cash flow is $758 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $496k).
• It's been on market 64 days — a 6% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $466k (6.0% below list) — sets the bar for market timing.
• In year one you build about $38k of equity ($3k loan paydown + $35k appreciation (7.0% local appreciation)).
• Location reads 63/100 on livability (#786 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing B+; Watch: health & safety D, schools F, amenities F.
• Corning City School District (town): math 44% / reading 53% proficiency, ranked #406 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $314/mo.
• Market conditions: 16 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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 $51k; list at $496k implies a 880% gain — meaningful room to come down on a strong offer.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $139k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$61k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.