13 Lincoln Ave

Endicott, NY 13760

$139,000A-

3 bd · 2.0 ba · 1,592 sqft · Built 1900 · MultiFamily · Active · 332 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,718/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$353
• HOA: −$0
• Vac / Maint / Mgmt: −$571
• Net cashflow: $1,065/mo
• Annual: $12,782/yr
• Cap rate: 15.49%
• Cash-on-cash: 32.84%
• DSCR: 2.46
• 1% rule: 1.96%
• Cash to close: $38,920

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $139k. Condition is rated good.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $533/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $139k).
• It's been on market 332 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles F Johnson Jr Elementary School (math 17% / reading 27%, grade F, #1,923 of 2,108 statewide, top 92%, 387 students, 66% FRL); Jennie F Snapp Middle School (math 31% / reading 51%, grade F, #402 of 729 statewide, top 56%, 822 students, 65% FRL); Union-Endicott High School (math 91% / reading 90%, grade A+, #231 of 1,100 statewide, top 21%, 999 students, 41% FRL) — zoned schools average 57% FRL vs 42% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 282 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.5% vs local median 5.0% in Endicott — 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.

Questions for listing agent

• It's been on market 332 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — The cabinets are dated and could be replaced for a fresh look.
• Minor: Bathroom fixtures — The fixtures are dated and could be replaced for a fresh look.
• Minor: Kitchen countertops — The countertops are dated and could be replaced for a fresh look.
• Minor: Living room carpet — The carpet is worn and could be replaced for a fresh look.