760 E Miller Rd

Brooktondale, NY 14817

$430,000D-

4 bd · 3.0 ba · 2,702 sqft · Built 2009 · MultiFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,090/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$931
• HOA: −$0
• Vac / Maint / Mgmt: −$649
• Net cashflow: $-745/mo
• Annual: $-8,937/yr
• Cap rate: 4.21%
• Cash-on-cash: -7.42%
• DSCR: 0.67
• 1% rule: 0.72%
• Cash to close: $120,400

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $430k.
• At list price, monthly cash flow is $-745 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (30.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (28.1% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $298k (30.6% below list) — sets the bar for cash-flow.
• In year one you build about $46k of equity ($3k loan paydown + $43k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ithaca City School District (urban): math 57% / reading 71% proficiency, ranked #195 of 590 in NY (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Hill School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 380 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 13 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y 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.
• Current owner paid $280k; list at $430k implies a 54% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$74k 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.