8385 Geneva St

Interlaken, NY 14847

$595,000B-

6 bd · None ba · 7,512 sqft · Built 1950 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,835/mo
• Mortgage (P&I): −$3,120
• Tax + insurance: −$1,026
• HOA: −$0
• Vac / Maint / Mgmt: −$1,435
• Net cashflow: $1,254/mo
• Annual: $15,045/yr
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• 1% rule: 1.15%
• Cash to close: $166,600

Investor read

• This is a 6-bed/?-bath multifamily listed at $595k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $595k).
• It's been on market 19 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($4k loan paydown + $28k appreciation (4.7% local appreciation)).
• Location reads 61/100 on livability (#930 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• South Seneca Central School District (rural): math 30% / reading 42% proficiency, ranked #552 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 48 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $100k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $179k; list at $595k implies a 232% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $167k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.