133 N Main St

Spencer, NY 14883

$359,000A

8 bd · 4.0 ba · 3,144 sqft · Built 1860 · MultiFamily · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,580/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$962
• Net cashflow: $1,137/mo
• Annual: $13,647/yr
• Cap rate: 10.09%
• Cash-on-cash: 13.58%
• DSCR: 1.60
• 1% rule: 1.28%
• Cash to close: $100,520

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $359k. Condition is rated excellent.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $359k).
• It's been on market 112 days — a 9% lower offer ($327k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $327k (9.0% below list) — sets the bar for market timing.
• In year one you build about $38k of equity ($2k loan paydown + $36k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#567 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime F, amenities F, commute F.
• Spencer-Van Etten Central School District (rural): math 50% / reading 48% proficiency, ranked #405 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$62k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 1860 — 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 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?
• 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?