1705 E Main Street St

Endicott, NY 13760

$159,999B+

3 bd · 3.0 ba · 3,157 sqft · Built 1930 · MultiFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,084/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$858
• Net cashflow: $2,139/mo
• Annual: $25,672/yr
• Cap rate: 22.34%
• Cash-on-cash: 57.30%
• DSCR: 3.55
• 1% rule: 2.55%
• Cash to close: $44,800

Investor read

• This is a 2×1bd/1ba + 1×5bd/1ba units multifamily listed at $160k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $713/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• It's been on market 78 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, amenities D, crime F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 213 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $19k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $160k implies a 1043% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.3% vs local median 5.5% in Endicott — 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 $4,084/mo this rent would consume 74% of the median local household income ($66k/yr) (locally 1480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?