127 Main St

Cooperstown, NY 13326

$699,900D-

4 bd · 2.5 ba · 4,183 sqft · Built 1980 · MultiFamily · Active · 180 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,596/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$1,166
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $-3,576/mo
• Annual: $-42,917/yr
• Cap rate: 0.16%
• Cash-on-cash: -21.90%
• DSCR: 0.03
• 1% rule: 0.23%
• Cash to close: $195,972

Investor read

• This is a 4-bed/2.5-bath multifamily listed at $700k.
• At list price, monthly cash flow is $-4k ($-43k/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (73.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (77.2% below list).
• It's been on market 180 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (77.2% below list) — sets the bar for 1% rule.
• In year one you build about $75k of equity ($5k loan paydown + $70k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#235 in NY, #3,678 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment A; Watch: amenities F, commute F, cost of living F.
• Cooperstown Central School District (rural): math 67% / reading 71% proficiency, ranked #153 of 590 in NY (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Cooperstown Elementary School (math 62% / reading 67%, grade B, #591 of 2,108 statewide, top 31%, 406 students, 22% FRL); Cooperstown Junior/Senior High School (math 77% / reading 77%, grade A-, #583 of 1,100 statewide, top 56%, 381 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 37 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 180 days. Have you received any prior offers? Is the seller open to a 77% concession, seller financing, or rate buy-down credit?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.