2329 Bacon Rd #3

Blodgett Mills, NY 13101

$250,000B+

4 bd · 3.0 ba · 3,184 sqft · Built 1880 · MultiFamily · Active · 276 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,610/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$340
• HOA: −$0
• Vac / Maint / Mgmt: −$758
• Net cashflow: $1,201/mo
• Annual: $14,416/yr
• Cap rate: 12.06%
• Cash-on-cash: 20.59%
• DSCR: 1.92
• 1% rule: 1.44%
• Cash to close: $70,000

Investor read

• This is a 3×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $250k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $300/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• It's been on market 276 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (4.9% local appreciation)).
• Location reads 65/100 on livability (#709 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, schools F, crime F.
• Mcgraw Central School District (rural): math 57% / reading 61% proficiency, ranked #252 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y 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 $72k; list at $250k implies a 247% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 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.

Questions for listing agent

• It's been on market 276 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 1880 — 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.
• Schools are F-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?