243 Main St

New York Mills, NY 13417

$549,900D

6 bd · 3.0 ba · 3,313 sqft · Built 1904 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,788/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$670
• HOA: −$0
• Vac / Maint / Mgmt: −$795
• Net cashflow: $-562/mo
• Annual: $-6,738/yr
• Cap rate: 5.07%
• Cash-on-cash: -4.38%
• DSCR: 0.81
• 1% rule: 0.69%
• Cash to close: $153,972

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $550k.
• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $451k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $379k (31.1% below list).
• It's been on market 32 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $379k (31.1% below list) — sets the bar for 1% rule.
• In year one you build about $59k of equity ($4k loan paydown + $55k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#175 in NY, #2,712 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: amenities F, commute F.
• New York Mills Union Free School District (suburban): math 60% / reading 65% proficiency, ranked #224 of 590 in NY (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: New York Mills School (math 52% / reading 47%, 546 students, 50% FRL) — zoned schools average 50% FRL vs 30% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 62% district-wide (-13 pts) — the specific schools serving this property underperform the New York Mills Union Free School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 12y 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 $150k; list at $550k implies a 267% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1904 — 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.