115 N Washington St

Athens, NY 12015

$214,800B+

5 bd · 2.5 ba · 2,628 sqft · Built 1900 · MultiFamily · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,523/mo
• Mortgage (P&I): −$1,126
• Tax + insurance: −$675
• HOA: −$0
• Vac / Maint / Mgmt: −$1,160
• Net cashflow: $2,562/mo
• Annual: $30,739/yr
• Cap rate: 20.60%
• Cash-on-cash: 51.11%
• DSCR: 3.27
• 1% rule: 2.57%
• Cash to close: $60,144

Investor read

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $215k).
• It's been on market 124 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (5.9% local appreciation)).
• Location reads 63/100 on livability (#785 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools F, amenities F, commute F.
• Coxsackie-Athens Central School District (town): math 43% / reading 56% proficiency, ranked #384 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 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.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?