276 Harry L Dr Dr

Johnson City, NY 13790

$109,900A-

4 bd · 2.0 ba · 1,464 sqft · Built 1910 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,281/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$479
• Net cashflow: $897/mo
• Annual: $10,760/yr
• Cap rate: 16.69%
• Cash-on-cash: 37.13%
• DSCR: 2.65
• 1% rule: 2.08%
• Cash to close: $30,772

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $110k.
• At list price, monthly cash flow is $897 ($11k/yr) — positive. Per door: $448/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y 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 (10.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.7% vs local median 6.2% in Johnson City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $2,281/mo this rent would consume 46% of the median local household income ($59k/yr) (locally 1233% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.