1302 Dudley Ave

Utica, NY 13501

$124,900A

5 bd · 2.0 ba · 2,124 sqft · Built 1880 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,980/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$626
• Net cashflow: $1,540/mo
• Annual: $18,485/yr
• Cap rate: 21.09%
• Cash-on-cash: 52.86%
• DSCR: 3.35
• 1% rule: 2.39%
• Cash to close: $34,972

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $770/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• It's been on market 20 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Christopher Columbus Elementary School (math 34% / reading 43%, grade F, #1,509 of 2,108 statewide, top 72%, 639 students, 82% FRL); Senator James H Donovan Middle School (math 19% / reading 30%, grade F, #611 of 729 statewide, top 88%, 730 students, 84% FRL); Thomas R Proctor High School (math 86% / reading 62%, grade B+, #659 of 1,100 statewide, top 60%, 2,675 students, 76% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 300 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 21.1% vs local median 7.8% in Utica — 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.
• This rent per unit runs 34% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen counter clutter — Items on the counter and floor suggest a need for organization and cleaning.
• Moderate: Kitchen cabinets and appliances — The dated appearance suggests a need for updating or replacement.
• Moderate: Bathroom fixtures — Basic fixtures suggest a need for updates or replacement.
• Major: Exterior siding — Weathered appearance indicates significant wear and need for repainting or replacement.
• Major: Landscaping — Minimal landscaping suggests a need for improvement to enhance curb appeal.