184-186 E East Main St

Chateaugay, NY 12920

$159,900C+

None bd · None ba · 2,872 sqft · Built 1950 · MultiFamily · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,907/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$400
• Net cashflow: $401/mo
• Annual: $4,818/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• 1% rule: 1.19%
• Cash to close: $44,772

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $160k. Condition is rated good.
• At list price, monthly cash flow is $401 ($5k/yr) — positive. Per door: $201/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 229 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.3% local appreciation)).
• Location reads 65/100 on livability (#694 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, crime F, amenities F.
• Chateaugay Central School District (rural): math 45% / reading 50% proficiency, ranked #515 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chateaugay Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 316 students, 55% FRL); Chateaugay High School (math 62% / reading 67%, grade B-, #776 of 1,100 statewide, top 73%, 222 students, 46% FRL) — zoned schools average 51% FRL vs 34% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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 (4.3% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Electrical panel — Exposed wiring and outdated panel.
• Minor: Landscaping — Overgrown grass and weeds around the property.