11 Second St

Ravena, NY 12045

$225,000A-

4 bd · 2.0 ba · 1,920 sqft · Built 1880 · MultiFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,478/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$730
• Net cashflow: $1,193/mo
• Annual: $14,312/yr
• Cap rate: 12.65%
• Cash-on-cash: 22.72%
• DSCR: 2.01
• 1% rule: 1.55%
• Cash to close: $63,000

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $225k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
• Location reads 69/100 on livability (#489 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+, schools B; Watch: amenities F, commute F, health & safety D-.
• Ravena-Coeymans-Selkirk Central School District (town): math 45% / reading 49% proficiency, ranked #410 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 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.
• Cap rate 12.7% vs local median 3.0% in Ravena — 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 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Siding — Significant wear and tear on the exterior siding
• Major: Paint — Peeling and uneven paint on the exterior and interior walls
• Major: Flooring — Worn and dirty carpeted floors
• Major: Interior walls — Paint appears chipped and uneven in some areas
• Moderate: Appliances — No visible appliances, but the condition of the interior suggests older appliances