177-181 Main St

Hudson Falls, NY 12839

$2,700,000B

575 bd · 540.5 ba · 15,346 sqft · Built 1798 · MultiFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $31,424/mo
• Mortgage (P&I): −$14,159
• Tax + insurance: −$4,500
• HOA: −$0
• Vac / Maint / Mgmt: −$6,599
• Net cashflow: $6,166/mo
• Annual: $73,990/yr
• Cap rate: 9.03%
• Cash-on-cash: 9.79%
• DSCR: 1.44
• 1% rule: 1.16%
• Cash to close: $756,000

Investor read

• This is a 23 × 25-bed/23.5-bath units multifamily listed at $2.70M. Condition is rated good.
• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $2.70M).
• It's been on market 40 days — a 3% lower offer ($2.62M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.62M (3.0% below list) — sets the bar for market timing.
• In year one you build about $289k of equity ($19k loan paydown + $270k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#481 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime D, employment D, amenities F.
• Hudson Falls Central School District (suburban): math 39% / reading 47% proficiency, ranked #486 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hudson Falls Primary School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 429 students, 42% FRL); Hudson Falls Middle School (math 16% / reading 44%, grade F, #539 of 729 statewide, top 74%, 498 students, 39% FRL); Hudson Falls High School (math 87% / reading 77%, grade A, #452 of 1,100 statewide, top 44%, 694 students, 38% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: built in 1798 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $756k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$464k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.0% vs local median 3.9% in Hudson Falls — 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 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1798 — 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.
• Crime grade is D 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.
• 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.