5 Elm St

Tully, NY 13159

$330,000A-

5 bd · None ba · 5,400 sqft · Built 1930 · MultiFamily · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,350/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$550
• HOA: −$0
• Vac / Maint / Mgmt: −$1,544
• Net cashflow: $3,526/mo
• Annual: $42,311/yr
• Cap rate: 19.11%
• Cash-on-cash: 45.79%
• DSCR: 3.04
• 1% rule: 2.23%
• Cash to close: $92,400

Investor read

• This is a 5-bed/?-bath multifamily listed at $330k. Condition is rated poor.
• At list price, monthly cash flow is $4k ($42k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $330k).
• It's been on market 140 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (2.7% local appreciation)).
• Location reads 63/100 on livability (#800 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: employment D, crime F, amenities F.
• Tully Central School District (rural): math 53% / reading 53% proficiency, ranked #308 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 19.1% vs local median 1.7% in Tully — 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 140 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 1930 — 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 B-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?
• 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?
• 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)

• Major: exterior siding — Significant wear and tear
• Major: roof — No visible damage, but snow suggests potential issues
• Major: flooring — No visible flooring, but snow suggests potential issues
• Major: interior walls/paint — No visible interior, but snow suggests potential issues
• Major: systems — No visible systems, but snow suggests potential issues