5469 State Route 55

Liberty, NY 12754

$299,000C+

4 bd · 2.0 ba · 2,186 sqft · Built 1933 · MultiFamily · Pending · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,345/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$639
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $436/mo
• Annual: $5,231/yr
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• 1% rule: 1.12%
• Cash to close: $83,720

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $436 ($5k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• It's been on market 76 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (6.0% 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 62/100 on livability (#890 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime D+, amenities F, commute F.
• Liberty Central School District (town): math 31% / reading 34% proficiency, ranked #569 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 691 students, 64% FRL); Liberty Middle School (math 12% / reading 29%, grade F, #664 of 729 statewide, top 91%, 529 students, 68% FRL); Liberty High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 596 students, 62% FRL) — zoned schools average 65% FRL vs 48% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 45% at this address vs 32% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Liberty Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $137k; list at $299k implies a 118% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k 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

• It's been on market 76 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 1933 — 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.
• 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.