107 Jefferson Hts

Jefferson Heights, NY 12414

$185,000A

5 bd · 2.0 ba · 2,404 sqft · Built 1930 · MultiFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,423/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$719
• Net cashflow: $1,523/mo
• Annual: $18,281/yr
• Cap rate: 16.17%
• Cash-on-cash: 35.29%
• DSCR: 2.57
• 1% rule: 1.85%
• Cash to close: $51,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $762/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 94 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#860 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, health & safety A, cost of living B; Watch: employment C-, schools 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 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 105 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.
• Current owner paid $121k; list at $185k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,423/mo this rent would consume 56% 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 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 1930 — 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?
• 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.