1114 Main St

Leeds, NY 12414

$1,750,000A-

51 bd · 20.4 ba · 4,860 sqft · Built 1940 · MultiFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $29,896/mo
• Mortgage (P&I): −$9,177
• Tax + insurance: −$2,917
• HOA: −$0
• Vac / Maint / Mgmt: −$6,278
• Net cashflow: $11,524/mo
• Annual: $138,288/yr
• Cap rate: 14.20%
• Cash-on-cash: 28.22%
• DSCR: 2.26
• 1% rule: 1.71%
• Cash to close: $490,000

Investor read

• This is a 17 × 3-bed/?-bath units multifamily listed at $1.75M. Condition is rated good.
• At list price, monthly cash flow is $12k ($138k/yr) — positive. Per door: $678/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $1.75M).
• It's been on market 102 days — a 9% lower offer ($1.59M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.59M (9.0% below list) — sets the bar for market timing.
• In year one you build about $187k of equity ($12k loan paydown + $175k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,026 in NY) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+, cost of living B; Watch: schools F, crime F, amenities F.
• Catskill Central School District (town): math 45% / reading 51% proficiency, ranked #429 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 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.
• 3 sale attempts since 11y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $490k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$301k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $29,896/mo this rent would consume 491% of the median local household income ($73k/yr) (locally 318% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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 1940 — 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 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?
• 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?