68 Mitchell St

Oswego, NY 13126

$90,000B+

3 bd · 2.0 ba · 1,274 sqft · Built 1909 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,085/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$648
• Net cashflow: $1,767/mo
• Annual: $21,201/yr
• Cap rate: 29.85%
• Cash-on-cash: 84.13%
• DSCR: 4.74
• 1% rule: 3.43%
• Cash to close: $25,200

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $90k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $883/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-2.2%/yr); year-one equity from $622 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#265 in NY, #4,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, commute F.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.8% vs local median 8.8% in Oswego — 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 $3,085/mo this rent would consume 57% of the median local household income ($65k/yr) (locally 1341% 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?
• Built in 1909 — 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.
• 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.