19 Walnut St

Attica, NY 14011

$199,900B

4 bd · 3.0 ba · 2,408 sqft · Built 1865 · MultiFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,570/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$445
• HOA: −$0
• Vac / Maint / Mgmt: −$540
• Net cashflow: $537/mo
• Annual: $6,444/yr
• Cap rate: 9.52%
• Cash-on-cash: 11.51%
• DSCR: 1.51
• 1% rule: 1.29%
• Cash to close: $55,972

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $200k.
• At list price, monthly cash flow is $537 ($6k/yr) — positive. Per door: $179/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 94 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• 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 67/100 on livability (#598 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Attica Central School District (rural): math 52% / reading 54% proficiency, ranked #326 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Attica Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 442 students, 40% FRL); Attica Junior High School (math 45% / reading 53%, grade C-, #294 of 729 statewide, top 41%, 333 students, 46% FRL); Attica Senior High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 369 students, 41% FRL) — zoned schools average 42% FRL vs 26% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1865 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 94 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 1865 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.