619 Plant St #5

Utica, NY 13502

$282,900B-

8 bd · 0.0 ba · 2,998 sqft · Built 1900 · MultiFamily · Pending · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,679/mo
• Mortgage (P&I): −$1,484
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$773
• Net cashflow: $951/mo
• Annual: $11,416/yr
• Cap rate: 10.33%
• Cash-on-cash: 14.41%
• DSCR: 1.64
• 1% rule: 1.30%
• Cash to close: $79,212

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $283k.
• At list price, monthly cash flow is $951 ($11k/yr) — positive. Per door: $476/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $283k).
• It's been on market 101 days — a 9% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $257k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 150 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $79k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 7.7% in Utica — 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 $3,679/mo this rent would consume 76% of the median local household income ($58k/yr) (locally 1604% 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 101 days. Have you received any prior offers? Is the seller open to a 9% 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?