26 1/2 W Center St

McGraw, NY 13101

$95,999B+

4 bd · 2.0 ba · 1,372 sqft · Built 1900 · MultiFamily · Pending · 268 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,782/mo
• Mortgage (P&I): −$503
• Tax + insurance: −$587
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $318/mo
• Annual: $3,814/yr
• Cap rate: 15.60%
• Cash-on-cash: 33.23%
• DSCR: 2.48
• 1% rule: 1.86%
• Cash to close: $26,880

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $96k.
• At list price, monthly cash flow is $318 ($4k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $96k).
• It's been on market 268 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($663 loan paydown + $5k appreciation (4.9% local appreciation)).
• Location reads 71/100 on livability (#411 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, health & safety D, amenities F.
• Mcgraw Central School District (rural): math 57% / reading 61% proficiency, ranked #252 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 268 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.