28 Ely St

Coxsackie, NY 12051

$850,000F

3 bd · 2.0 ba · 2,844 sqft · Built 1800 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,361/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$948
• HOA: −$0
• Vac / Maint / Mgmt: −$496
• Net cashflow: $-3,541/mo
• Annual: $-42,494/yr
• Cap rate: 1.29%
• Cash-on-cash: -17.85%
• DSCR: 0.21
• 1% rule: 0.28%
• Cash to close: $238,000

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $850k.
• At list price, monthly cash flow is $-4k ($-42k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (73.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (72.2% below list).
• It's been on market 23 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (73.6% below list) — sets the bar for cash-flow.
• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#310 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Coxsackie-Athens Central School District (town): math 43% / reading 56% proficiency, ranked #384 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 18y 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 $439k; list at $850k implies a 94% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.3% vs local median 3.2% in Coxsackie — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1800 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.