120 Main St

Livingston Manor, NY 12758

$465,000B

12 bd · 4.8 ba · 4,812 sqft · Built 1900 · MultiFamily · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,918/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$968
• HOA: −$0
• Vac / Maint / Mgmt: −$1,663
• Net cashflow: $2,848/mo
• Annual: $34,181/yr
• Cap rate: 13.79%
• Cash-on-cash: 26.76%
• DSCR: 2.19
• 1% rule: 1.70%
• Cash to close: $130,200

Investor read

• This is a 4 × 3-bed/1.2-bath units multifamily listed at $465k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $712/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $465k).
• It's been on market 130 days — a 12% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $409k (12.0% below list) — sets the bar for market timing.
• In year one you build about $50k of equity ($3k loan paydown + $46k appreciation (10.0% local appreciation)).
• Location reads 50/100 on livability (#1,173 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A; Watch: schools D, amenities F, commute F.
• Livingston Manor Central School District (rural): math 55% / reading 45% proficiency, ranked #456 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $34k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $465k implies a 258% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $130k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$80k 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 13.8% vs local median 3.0% in Livingston Manor — 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.

Questions for listing agent

• It's been on market 130 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?
• Built in 1900 — 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?