53 E Seneca St

Oswego, NY 13126

$395,000D

72 bd · None ba · 6,495 sqft · Built 1900 · MultiFamily · Active · 222 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,405/mo
• Mortgage (P&I): −$2,071
• Tax + insurance: −$461
• HOA: −$0
• Vac / Maint / Mgmt: −$4,705
• Net cashflow: $15,167/mo
• Annual: $182,005/yr
• Cap rate: 52.37%
• Cash-on-cash: 164.56%
• DSCR: 8.32
• 1% rule: 5.67%
• Cash to close: $110,600

Investor read

• This is a 12 × 6-bed/?-bath units multifamily listed at $395k.
• At list price, monthly cash flow is $15k ($182k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $395k).
• It's been on market 222 days — a 12% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $348k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.2%/yr); year-one equity from $3k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#265 in NY, #4,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, commute F.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 9y ago 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 $185k; list at $395k implies a 114% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $111k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 52.4% vs local median 8.8% in Oswego — 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 $22,405/mo this rent would consume 411% of the median local household income ($65k/yr) (locally 1341% 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 222 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 1900 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?