215 Utica St

Fulton, NY 13069

$89,900A

6 bd · 2.0 ba · 1,679 sqft · Built 1900 · MultiFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,708/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$339
• HOA: −$0
• Vac / Maint / Mgmt: −$569
• Net cashflow: $1,328/mo
• Annual: $15,941/yr
• Cap rate: 24.02%
• Cash-on-cash: 63.33%
• DSCR: 3.82
• 1% rule: 3.01%
• Cash to close: $25,172

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $664/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• It's been on market 84 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($622 loan paydown + $6k appreciation (6.8% local appreciation)).
• Location reads 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairgrieve School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 439 students, 75% FRL); Fulton Junior High School (math 15% / reading 34%, grade F, #611 of 729 statewide, top 88%, 500 students, 62% FRL); G Ray Bodley High School (math 83% / reading 86%, grade A, #379 of 1,100 statewide, top 36%, 976 students, 57% FRL).
• Watch-outs: property tax is 4.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 226 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 24.0% vs local median 5.2% in Fulton — 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 84 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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: roof — Signs of wear and discoloration suggest a major repair is needed.
• Minor: exterior siding — Some minor damage and discoloration is visible, which can be repaired with paint or minor repairs.
• Minor: HVAC/mechanicals — Some signs of wear are visible, which can be addressed with routine maintenance or minor repairs.