320 Germania Ave

Schenectady, NY 12307

$160,000B+

6 bd · 2.0 ba · 2,184 sqft · Built 1890 · MultiFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,124/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$680
• HOA: −$0
• Vac / Maint / Mgmt: −$656
• Net cashflow: $949/mo
• Annual: $11,388/yr
• Cap rate: 13.41%
• Cash-on-cash: 25.42%
• DSCR: 2.13
• 1% rule: 1.95%
• Cash to close: $44,800

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $160k. Condition is rated poor.
• At list price, monthly cash flow is $949 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• It's been on market 113 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#167 in NY, #2,597 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, cost of living A; Watch: employment D+, crime F.
• Schenectady City School District (urban): math 38% / reading 34% proficiency, ranked #556 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Van Corlaer Elementary School (math 17% / reading 32%, grade F, #1,846 of 2,108 statewide, top 91%, 436 students, 78% FRL); Mont Pleasant Middle School (math 2% / reading 27%, grade F, #704 of 729 statewide, top 98%, 671 students, 81% FRL); Schenectady High School (math 75% / reading 90%, grade A, #446 of 1,100 statewide, top 41%, 2,743 students, 71% FRL).
• Watch-outs: property tax is 4.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; lower-income renter base — watch delinquency; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $160k implies a 1678% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 13.4% vs local median 4.5% in Schenectady — 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 113 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — The appliances appear outdated and in disrepair, indicating a major need for replacement.
• Major: Bathtub and shower — The bathtub and shower are dirty and in need of cleaning, indicating a major need for cleaning and possibly replacement.
• Major: Roof — The satellite image suggests potential damage to the roof, indicating a major need for repair or replacement.
• Major: Siding — The siding is peeling and in need of repainting, indicating a major need for repair.
• Major: Front porch and railings — The front porch and railings are in poor condition, indicating a major need for repair or replacement.
• Major: Hardwood floors — The hardwood floors show signs of wear and tear, indicating a major need for repair or replacement.