104 Tamarack St

Liverpool, NY 13088

$385,000C

7 bd · 3.0 ba · 2,597 sqft · Built 1920 · MultiFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,970/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$1,038
• HOA: −$0
• Vac / Maint / Mgmt: −$1,044
• Net cashflow: $869/mo
• Annual: $10,428/yr
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• 1% rule: 1.29%
• Cash to close: $107,800

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $385k.
• At list price, monthly cash flow is $869 ($10k/yr) — positive. Per door: $290/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• It's been on market 62 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $362k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#16 in NY, #363 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Liverpool Central School District (suburban): math 49% / reading 49% proficiency, ranked #381 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 68 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y 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.
• Current owner paid $169k; list at $385k implies a 128% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 5.0% in Liverpool — 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 62 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
• 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.