20 Church St

Granville, NY 12832

$460,000D+

12 bd · 8.0 ba · 4,087 sqft · Built 1950 · MultiFamily · Active · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,627/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$644
• HOA: −$0
• Vac / Maint / Mgmt: −$972
• Net cashflow: $599/mo
• Annual: $7,188/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• 1% rule: 1.01%
• Cash to close: $128,800

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $599 ($7k/yr) — positive. Per door: $150/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• It's been on market 225 days — a 12% lower offer ($405k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $405k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.3%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#846 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D, amenities F, commute F.
• Granville Central School District (town): math 38% / reading 43% proficiency, ranked #521 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mary J Tanner Primary School (math 44% / reading 44%, grade F, #1,277 of 2,108 statewide, top 64%, 312 students, 42% FRL); Granville Elementary School (math 22% / reading 42%, grade F, #511 of 729 statewide, top 71%, 202 students, 50% FRL); Granville Junior-Senior High School (math 57% / reading 42%, grade D, #974 of 1,100 statewide, top 91%, 496 students, 40% FRL) — zoned schools at 44% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $86k; list at $460k implies a 435% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 225 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 1950 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?