7373 Rt 20

Waterville, NY 13480

$599,900B+

1 bd · None ba · 2,112 sqft · Built 1950 · MultiFamily · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,556/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$1,000
• HOA: −$0
• Vac / Maint / Mgmt: −$1,797
• Net cashflow: $2,613/mo
• Annual: $31,362/yr
• Cap rate: 11.52%
• Cash-on-cash: 18.67%
• DSCR: 1.83
• 1% rule: 1.43%
• Cash to close: $167,972

Investor read

• This is a 1-bed/?-bath multifamily listed at $600k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• It's been on market 112 days — a 9% lower offer ($546k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $546k (9.0% below list) — sets the bar for market timing.
• In year one you build about $33k of equity ($4k loan paydown + $29k appreciation (4.8% local appreciation)).
• Location reads 75/100 on livability (#248 in NY, #3,907 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Waterville Central School District (rural): math 44% / reading 52% proficiency, ranked #422 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Memorial Park Elementary School (math 32% / reading 52%, grade F, #1,361 of 2,108 statewide, top 67%, 396 students, 51% FRL); Waterville Jr/Sr High School (math 52% / reading 47%, grade D, #974 of 1,100 statewide, top 91%, 312 students, 50% FRL) — zoned schools average 50% FRL vs 35% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$53k 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: siding — The siding is weathered and may need repainting.
• Minor: landscaping — The landscaping is overgrown and needs trimming.