16 W Main St #1

Morrisville, NY 13408

$260,000B+

24 bd · 16.0 ba · 3,762 sqft · Built 1920 · MultiFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,660/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$595
• HOA: −$0
• Vac / Maint / Mgmt: −$979
• Net cashflow: $1,723/mo
• Annual: $20,681/yr
• Cap rate: 14.25%
• Cash-on-cash: 28.41%
• DSCR: 2.26
• 1% rule: 1.79%
• Cash to close: $72,800

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $260k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $431/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $260k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $18k of equity ($2k loan paydown + $16k appreciation (6.2% local appreciation)).
• Location reads 74/100 on livability (#291 in NY, #4,741 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools C-, amenities F, commute F.
• Morrisville-Eaton Central School District (rural): math 59% / reading 72% proficiency, ranked #177 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.