188 N Broad St

Johnson City, NY 13790

$295,000D+

4 bd · 2.0 ba · 2,208 sqft · Built 1919 · MultiFamily · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,755/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$691
• HOA: −$0
• Vac / Maint / Mgmt: −$579
• Net cashflow: $-61/mo
• Annual: $-736/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• 1% rule: 0.93%
• Cash to close: $82,600

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $295k.
• At list price, monthly cash flow is $-61 ($-736/yr) — negative. Per door: $-31/mo.
• To cash-flow at today's rent, offer at most $284k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (6.6% below list).
• It's been on market 122 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL); Johnson City Middle School (math 19% / reading 43%, grade F, #534 of 729 statewide, top 73%, 500 students, 65% FRL); Johnson City Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 729 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Johnson City Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $56/mo; built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.5%/yr); 102 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 11y 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 $82k; list at $295k implies a 260% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $83k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% 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 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.