26 Rochester St

Port Byron, NY 13140

$99,900B+

6 bd · 3.0 ba · 3,353 sqft · Built 1920 · MultiFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,621/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $1,265/mo
• Annual: $15,181/yr
• Cap rate: 21.49%
• Cash-on-cash: 54.27%
• DSCR: 3.41
• 1% rule: 2.62%
• Cash to close: $27,972

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $100k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $633/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• It's been on market 29 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($691 loan paydown + $9k appreciation (8.9% local appreciation)).
• Location reads 64/100 on livability (#778 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Port Byron Central School District (rural): math 36% / reading 48% proficiency, ranked #490 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: A A Gates Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 413 students, 0% FRL); Port Byron Senior High School (math 47% / reading 57%, grade D+, #946 of 1,100 statewide, top 88%, 355 students, 92% FRL) — zoned schools average 46% FRL vs 30% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.9% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $50k; list at $100k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 1920 — 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?
• 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?
• 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.