38 Walton St

Alexandria Bay, NY 13607

$350,000C-

4 bd · 4.0 ba · 3,192 sqft · Built 1890 · MultiFamily · Active · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,335/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$872
• HOA: −$0
• Vac / Maint / Mgmt: −$3,220
• Net cashflow: $9,407/mo
• Annual: $112,887/yr
• Cap rate: 38.55%
• Cash-on-cash: 115.19%
• DSCR: 6.13
• 1% rule: 4.38%
• Cash to close: $98,000

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $350k.
• At list price, monthly cash flow is $9k ($113k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $350k).
• It's been on market 260 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (8.5% local appreciation)).
• Location reads 61/100 on livability (#915 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools D+, health & safety D, crime F.
• Alexandria Central School District (rural): math 46% / reading 56% proficiency, ranked #378 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $169k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; list at $350k implies a 75% gain — meaningful room to come down on a strong offer.
• At projected returns (8.5% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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?
• 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.