111 W Main St

Allegany, NY 14706

$132,900A-

28 bd · 16.0 ba · 2,856 sqft · Built 1950 · MultiFamily · Pending · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,253/mo
• Mortgage (P&I): −$697
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$893
• Net cashflow: $2,394/mo
• Annual: $28,734/yr
• Cap rate: 27.91%
• Cash-on-cash: 77.22%
• DSCR: 4.44
• 1% rule: 3.20%
• Cash to close: $37,212

Investor read

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $133k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $599/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $133k).
• It's been on market 87 days — a 6% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (6.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($919 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#395 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Allegany-Limestone Central School District (rural): math 55% / reading 67% proficiency, ranked #233 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Allegany-Limestone Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 464 students, 43% FRL); Allegany-Limestone Middle-High School (math 52% / reading 70%, grade C+, #843 of 1,100 statewide, top 77%, 598 students, 39% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y 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.
• Current owner paid $80k; list at $133k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 87 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 1950 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.