866 - 872 Mountain Ave Ave

Round Top, NY 12470

$2,400,000C-

40 bd · None ba · 35,000 sqft · Built 1864 · MultiFamily · Active · 335 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $23,155/mo
• Mortgage (P&I): −$12,586
• Tax + insurance: −$4,000
• HOA: −$0
• Vac / Maint / Mgmt: −$4,863
• Net cashflow: $1,707/mo
• Annual: $20,479/yr
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• 1% rule: 0.96%
• Cash to close: $672,000

Investor read

• This is a 40-bed/?-bath multifamily listed at $2.40M. Condition is rated good.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.32M (3.5% below list).
• It's been on market 335 days — a 12% lower offer ($2.11M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.11M (12.0% below list) — sets the bar for market timing.
• In year one you build about $101k of equity ($17k loan paydown + $84k appreciation (3.5% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cairo-Durham Central School District (rural): math 41% / reading 48% proficiency, ranked #470 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $295k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $672k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$163k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1864 — 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.
• 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)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Moderate: kitchen flooring — dated and in need of replacement
• Moderate: bathroom flooring — dated and in need of replacement