206 N Madison Ave

Watkins Glen, NY 14891

$229,000C-

5 bd · 2.0 ba · 2,300 sqft · Built 1944 · MultiFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,123/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$446
• Net cashflow: $68/mo
• Annual: $811/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• 1% rule: 0.93%
• Cash to close: $64,120

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $229k.
• At list price, monthly cash flow is $68 ($811/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (7.3% below list).
• It's been on market 46 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (7.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#527 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: schools C-, health & safety D, amenities F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 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.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $229k implies a 96% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Built in 1944 — 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.