19 N West St

Homer, NY 13077

$130,000B-

5 bd · 2.0 ba · 1,734 sqft · Built 1860 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,638/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$344
• Net cashflow: $237/mo
• Annual: $2,847/yr
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• 1% rule: 1.26%
• Cash to close: $36,400

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $130k.
• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $10k of equity ($899 loan paydown + $9k appreciation (6.9% local appreciation)).
• Location reads 76/100 on livability (#229 in NY, #3,609 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Homer Central School District (town): math 49% / reading 59% proficiency, ranked #306 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Homer Elementary School (491 students, 37% FRL); Homer Junior High School (math 30% / reading 53%, grade F, #394 of 729 statewide, top 55%, 410 students, 46% FRL); Homer Senior High School (math 98% / reading 92%, grade A+, #93 of 1,100 statewide, top 10%, 579 students, 42% FRL).
• Zoned-school proficiency averages 68% at this address vs 54% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Homer Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.0% of price; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 (6.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.5% vs local median 3.4% in Homer — 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

• Built in 1860 — 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?
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.