1060 Raymond St

Schenectady, NY 12308

$185,000B+

6 bd · 2.0 ba · 1,780 sqft · Built 1920 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,925/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$539
• HOA: −$0
• Vac / Maint / Mgmt: −$614
• Net cashflow: $802/mo
• Annual: $9,619/yr
• Cap rate: 11.49%
• Cash-on-cash: 18.57%
• DSCR: 1.83
• 1% rule: 1.58%
• Cash to close: $51,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k. Condition is rated fair.
• At list price, monthly cash flow is $802 ($10k/yr) — positive. Per door: $401/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 95 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: Jessie T Zoller Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 451 students, 69% 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 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 active listings in the ZIP; 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.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $65k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $185k implies a 168% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.5% vs local median 4.6% 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 95 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 1920 — 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)

• Moderate: kitchen cabinets — dated and worn
• Moderate: kitchen countertops — dated and worn
• Moderate: kitchen appliances — dated and worn
• Moderate: bathroom fixtures — dated and worn
• Moderate: bathroom tile — dated and worn