1 Reynolds St

Alfred, NY 14802

$275,000C-

9 bd · 3.0 ba · 2,392 sqft · Built 1940 · MultiFamily · Active · 287 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,922/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$479
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $387/mo
• Annual: $4,643/yr
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• 1% rule: 1.06%
• Cash to close: $77,000

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $387 ($5k/yr) — positive. Per door: $129/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• It's been on market 287 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• Location reads 80/100 on livability (#110 in NY, #1,824 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime D+, employment F.
• Alfred-Almond Central School District (rural): math 50% / reading 55% proficiency, ranked #345 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $70k; list at $275k implies a 292% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 287 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 1940 — 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.
• Crime grade is D 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.