1645 State Route 12

Chenango Bridge, NY 13901

$189,000B+

6 bd · 4.0 ba · 2,600 sqft · Built 1946 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,222/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$371
• HOA: −$0
• Vac / Maint / Mgmt: −$677
• Net cashflow: $1,184/mo
• Annual: $14,204/yr
• Cap rate: 14.16%
• Cash-on-cash: 28.10%
• DSCR: 2.25
• 1% rule: 1.70%
• Cash to close: $52,920

Investor read

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $189k. Condition is rated average.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#505 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B+; Watch: amenities F, commute F, health & safety D-.
• Chenango Forks Central School District (suburban): math 47% / reading 61% proficiency, ranked #317 of 590 in NY (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chenango Forks Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 598 students, 41% FRL).
• Zoned-school proficiency averages 42% at this address vs 54% district-wide (-12 pts) — the specific schools serving this property underperform the Chenango Forks Central School District average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $56/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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 $152k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.2% vs local median 4.0% in Chenango Bridge — 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

• 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 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: bathroom fixtures — dated and in need of updating
• Minor: exterior siding — some discoloration