47-49 Moyer St

Canajoharie, NY 13317

$269,999A

16 bd · 4.0 ba · 4,020 sqft · Built 1920 · MultiFamily · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,936/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$450
• HOA: −$0
• Vac / Maint / Mgmt: −$827
• Net cashflow: $1,244/mo
• Annual: $14,922/yr
• Cap rate: 11.82%
• Cash-on-cash: 19.74%
• DSCR: 1.88
• 1% rule: 1.46%
• Cash to close: $75,600

Investor read

• This is a 2×2bd/1ba + 1×3bd/1ba + 1×1bd/1ba units multifamily listed at $270k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $270k).
• It's been on market 159 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $26k appreciation (9.5% local appreciation)).
• Location reads 69/100 on livability (#510 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: amenities F, commute F, employment F.
• Canajoharie Central School District (town): math 38% / reading 59% proficiency, ranked #414 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 10y 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 (9.5% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 159 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Missing shingles
• Major: exterior siding — Weathered and peeling
• Major: flooring — Worn-out carpet
• Major: interior walls — Peeling paint
• Major: windows — Dirty and old