14 Slawson St

Dolgeville, NY 13329

$100,000B

4 bd · 3.0 ba · 2,370 sqft · Built 1864 · MultiFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$453
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $111/mo
• Annual: $1,334/yr
• Cap rate: 9.86%
• Cash-on-cash: 12.73%
• DSCR: 1.57
• 1% rule: 1.38%
• Cash to close: $28,000

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $100k.
• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 151 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($691 loan paydown + $4k appreciation (3.8% local appreciation)).
• Location reads 71/100 on livability (#404 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Dolgeville Central School District (rural): math 30% / reading 47% proficiency, ranked #541 of 590 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price; flood insurance adds $186/mo; built in 1864 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $100k implies a 456% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1864 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.