17 W James St

Richfield Springs, NY 13439

$127,500B+

5 bd · 2.0 ba · 2,474 sqft · Built 1900 · MultiFamily · Pending · 687 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,209/mo
• Mortgage (P&I): −$669
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$464
• Net cashflow: $864/mo
• Annual: $10,373/yr
• Cap rate: 14.43%
• Cash-on-cash: 29.06%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $35,700

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $128k.
• At list price, monthly cash flow is $864 ($10k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• It's been on market 687 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($882 loan paydown + $2k appreciation (1.5% local appreciation)).
• Location reads 73/100 on livability (#328 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Richfield Springs Central School District (rural): math 47% / reading 43% proficiency, ranked #575 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richfield Springs Elementary School (math 47% / reading 57%, grade C-, #988 of 2,108 statewide, top 49%, 242 students, 61% FRL); Richfield Springs Junior/Senior High School (math 52% / reading 52%, 194 students, 0% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $22k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $128k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 687 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 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.