211 Main St

Newfield, NY 14867

$369,000B-

1 bd · 1.0 ba · 576 sqft · Built 1860 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,830/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$713
• HOA: −$0
• Vac / Maint / Mgmt: −$1,014
• Net cashflow: $1,168/mo
• Annual: $14,017/yr
• Cap rate: 10.09%
• Cash-on-cash: 13.57%
• DSCR: 1.60
• 1% rule: 1.31%
• Cash to close: $103,320

Investor read

• This is a 5 × 1-bed/1-bath units multifamily listed at $369k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $234/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $369k).
• It's been on market 95 days — a 9% lower offer ($336k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $336k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.7%/yr); year-one equity from $3k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Newfield Central School District (rural): math 32% / reading 48% proficiency, ranked #517 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 active listings in the ZIP; 382 units permitted in Tompkins County in 2024 (208 in 5+ unit buildings).
• Tompkins County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts 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.
• Current owner paid $240k; list at $369k implies a 54% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.7% appreciation + 3.0% rent growth), your $103k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 3.2% in Newfield — 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 95 days. Have you received any prior offers? Is the seller open to a 9% 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 1860 — 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.
• 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.