148 Madison St

Oneida, NY 13421

$189,000B-

7 bd · None ba · 14,060 sqft · Built 1970 · MultiFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,700/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$1,617
• Net cashflow: $4,777/mo
• Annual: $57,322/yr
• Cap rate: 36.62%
• Cash-on-cash: 108.32%
• DSCR: 5.82
• 1% rule: 4.07%
• Cash to close: $52,920

Investor read

• This is a 7-bed/?-bath multifamily listed at $189k. Condition is rated fair.
• At list price, monthly cash flow is $5k ($57k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $189k).
• It's been on market 118 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#924 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, crime F.
• Oneida City School District (town): math 43% / reading 54% proficiency, ranked #421 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Broad Street School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 173 students, 64% FRL); Otto L Shortell Middle School (math 23% / reading 45%, grade F, #497 of 729 statewide, top 69%, 391 students, 53% FRL); Oneida Senior High School (math 87% / reading 87%, grade A, #311 of 1,100 statewide, top 30%, 564 students, 43% FRL).
• Market conditions: 67 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.
• 2 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 36.6% vs local median 4.0% in Oneida — 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.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint on brick facade
• Major: roof — No visible damage, but age suggests potential issues
• Major: flooring — No visible flooring, but age suggests wear
• Major: interior walls/paint — No visible interior, but age suggests wear
• Major: windows — No visible windows, but age suggests potential issues
• Major: foundation/structure — No visible foundation, but age suggests potential issues