102 Diamond St

Little Falls, NY 13365

$15,000C-

6 bd · 2.0 ba · 3,122 sqft · Built 1900 · MultiFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,441/mo
• Mortgage (P&I): −$79
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $1,035/mo
• Annual: $12,418/yr
• Cap rate: 89.08%
• Cash-on-cash: 295.67%
• DSCR: 14.16
• 1% rule: 9.61%
• Cash to close: $4,200

Investor read

• This is a 6-bed/2.0-bath multifamily listed at $15k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($104 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#440 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Little Falls City School District (rural): math 37% / reading 49% proficiency, ranked #492 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benton Hall Academy (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 479 students, 56% FRL); Little Falls Middle School (math 12% / reading 37%, grade F, #611 of 729 statewide, top 88%, 242 students, 61% FRL); Little Falls High School (math 87% / reading 77%, grade A, #452 of 1,100 statewide, top 44%, 331 students, 59% FRL) — zoned schools average 59% FRL vs 43% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 23y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 89.1% vs local median 8.0% in Little 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

• Built in 1900 — 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.