245 Main St

Aurora, NY 13026

$625,000D

5 bd · 5.0 ba · 6,096 sqft · Built 1876 · MultiFamily · Pending · 172 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,200/mo
• Mortgage (P&I): −$3,278
• Tax + insurance: −$582
• HOA: −$0
• Vac / Maint / Mgmt: −$882
• Net cashflow: $-542/mo
• Annual: $-6,498/yr
• Cap rate: 5.25%
• Cash-on-cash: -3.71%
• DSCR: 0.83
• 1% rule: 0.67%
• Cash to close: $175,000

Investor read

• This is a 5-bed/5.0-bath multifamily listed at $625k.
• At list price, monthly cash flow is $-542 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $529k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $420k (32.8% below list).
• It's been on market 172 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $420k (32.8% below list) — sets the bar for 1% rule.
• In year one you build about $67k of equity ($4k loan paydown + $62k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#530 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: cost of living D+, health & safety D, crime F.
• Southern Cayuga Central School District (rural): math 61% / reading 61% proficiency, ranked #214 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southern Cayuga Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 361 students, 52% FRL); Southern Cayuga 7-12 Secondary School (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 295 students, 48% FRL) — zoned schools average 50% FRL vs 35% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 161 units permitted in Cayuga County in 2024 (65 in 5+ unit buildings).
• Cayuga County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• By year 2, paydown + projected appreciation supports a ~$107k 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 172 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1876 — 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?
• 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?
• 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?