12093 County Route 125

Chaumont, NY 13622

$469,000B

4 bd · 2.0 ba · 1,832 sqft · Built 1890 · MultiFamily · Active · 273 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,266/mo
• Mortgage (P&I): −$2,459
• Tax + insurance: −$650
• HOA: −$0
• Vac / Maint / Mgmt: −$1,106
• Net cashflow: $1,050/mo
• Annual: $12,603/yr
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• 1% rule: 1.12%
• Cash to close: $131,320

Investor read

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $469k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $469k).
• It's been on market 273 days — a 12% lower offer ($413k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $413k (12.0% below list) — sets the bar for market timing.
• In year one you build about $50k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#708 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living B; Watch: health & safety D, crime F, amenities F.
• Lyme Central School District (rural): math 55% / reading 50% proficiency, ranked #408 of 755 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $290k; list at $469k implies a 62% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $131k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 273 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 1890 — 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?