3 Seneca Ave

Oneida Castle, NY 13421

$144,500B-

4 bd · 1.5 ba · 1,664 sqft · Built 1920 · MultiFamily · Pending · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,427/mo
• Mortgage (P&I): −$758
• Tax + insurance: −$874
• HOA: −$0
• Vac / Maint / Mgmt: −$510
• Net cashflow: $285/mo
• Annual: $3,425/yr
• Cap rate: 12.49%
• Cash-on-cash: 22.12%
• DSCR: 1.98
• 1% rule: 1.68%
• Cash to close: $40,460

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $144k.
• At list price, monthly cash flow is $285 ($3k/yr) — positive. Per door: $143/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• It's been on market 53 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $999 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#854 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools D+, 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.
• Watch-outs: property tax is 2.9% of price; flood insurance adds $460/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 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.
• 4 sale attempts since 5y 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?