18 E Main St

Sidney, NY 13838

$149,000B+

8 bd · 4.0 ba · 2,975 sqft · Built 1940 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,468/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$938
• Net cashflow: $2,300/mo
• Annual: $27,603/yr
• Cap rate: 24.82%
• Cash-on-cash: 66.16%
• DSCR: 3.94
• 1% rule: 3.00%
• Cash to close: $41,720

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $149k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $575/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $149k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.6% local appreciation)).
• Location reads 69/100 on livability (#476 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, employment D, amenities F.
• Sidney Central School District (town): math 44% / reading 47% proficiency, ranked #462 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $81k; list at $149k implies a 84% gain — meaningful room to come down on a strong offer.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 24.8% vs local median 5.9% in Sidney — 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

• 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 1940 — 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?
• 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?
• 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.