122 Washington Ave

Cobleskill, NY 12043

$219,000B-

6 bd · 2.0 ba · 2,412 sqft · Built 1900 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,417/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$490
• HOA: −$0
• Vac / Maint / Mgmt: −$508
• Net cashflow: $271/mo
• Annual: $3,257/yr
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• 1% rule: 1.10%
• Cash to close: $61,320

Investor read

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.5ba units multifamily listed at $219k.
• At list price, monthly cash flow is $271 ($3k/yr) — positive. Per door: $136/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $219k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (9.9% local appreciation)).
• Location reads 62/100 on livability (#876 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A, housing A, health & safety A; Watch: schools D, amenities F, commute F.
• Cobleskill-Richmondville Central School District (town): math 53% / reading 52% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $51k; list at $219k implies a 326% gain — meaningful room to come down on a strong offer.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.8% vs local median 2.3% in Cobleskill — 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

• 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.