34-36 Cliff St

Oneonta, NY 13820

$259,900A-

16 bd · 16.0 ba · 2,544 sqft · Built 1900 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,559/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$1,377
• Net cashflow: $3,385/mo
• Annual: $40,626/yr
• Cap rate: 21.92%
• Cash-on-cash: 55.83%
• DSCR: 3.48
• 1% rule: 2.52%
• Cash to close: $72,772

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $260k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $846/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $260k).
• It's been on market 18 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greater Plains Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 284 students, 40% FRL); Oneonta Middle School (math 28% / reading 56%, grade D-, #379 of 729 statewide, top 54%, 378 students, 44% FRL); Oneonta Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 502 students, 37% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 121 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% 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 $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 21.9% vs local median 5.5% in Oneonta — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $6,559/mo this rent would consume 119% of the median local household income ($66k/yr) (locally 662% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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)

• Major: roof — Significant damage is visible on the roof, indicating a major repair is needed.
• Major: siding — The siding is peeling and in need of repainting, indicating a major repair is needed.
• Major: exterior walls — The exterior walls appear to be in poor condition, with visible signs of wear and tear.
• Major: windows — The windows appear to be in poor condition, with some showing signs of damage.
• Major: HVAC system — The HVAC system appears to be in poor condition, with visible signs of wear and tear.