526 Mountain Ave

Cairo, NY 12413

$465,500B+

10 bd · 4.0 ba · 4,953 sqft · Built 1920 · MultiFamily · Active · 405 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,020/mo
• Mortgage (P&I): −$2,441
• Tax + insurance: −$842
• HOA: −$0
• Vac / Maint / Mgmt: −$1,264
• Net cashflow: $1,472/mo
• Annual: $17,669/yr
• Cap rate: 10.26%
• Cash-on-cash: 14.17%
• DSCR: 1.63
• 1% rule: 1.29%
• Cash to close: $130,340

Investor read

• This is a 10-bed/4.0-bath multifamily listed at $466k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $466k).
• It's been on market 405 days — a 12% lower offer ($410k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $410k (12.0% below list) — sets the bar for market timing.
• In year one you build about $50k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#755 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B+; Watch: schools D-, amenities F, commute F.
• Cairo-Durham Central School District (rural): math 41% / reading 48% proficiency, ranked #470 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 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.
• 8 sale attempts since 9y ago; this cycle's ask has dropped $34k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 2.9% in Cairo — 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 405 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Light wear and tear.
• Minor: Bathroom fixtures — Signs of wear.
• Minor: Exterior siding — Some discoloration and wear.
• Minor: Hardwood flooring — Worn appearance.
• Minor: Paint on interior walls — Chipping in some areas.
• Minor: Windows — May need cleaning.