6367 Us-9

Chestertown, NY 12817

$235,000B+

2 bd · 2.5 ba · 1,927 sqft · Built 1900 · MultiFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,598/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$290
• HOA: −$0
• Vac / Maint / Mgmt: −$546
• Net cashflow: $530/mo
• Annual: $6,356/yr
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• 1% rule: 1.11%
• Cash to close: $65,800

Investor read

• This is a 1×2bd/1ba + 2×1bd/1ba units multifamily listed at $235k.
• At list price, monthly cash flow is $530 ($6k/yr) — positive. Per door: $177/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 74 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (9.9% local appreciation)).
• Location reads 58/100 on livability (#1,052 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A-, cost of living B; Watch: schools C-, crime F, amenities F.
• North Warren Central School District (rural): math 48% / reading 55% proficiency, ranked #352 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.0% vs local median 1.3% in Chestertown — 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 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 1900 — 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.
• 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.