113 W 4th St N

Fulton, NY 13069

$108,500A-

4 bd · 2.0 ba · 1,847 sqft · Built 1930 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,568/mo
• Mortgage (P&I): −$569
• Tax + insurance: −$356
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $1,104/mo
• Annual: $13,242/yr
• Cap rate: 18.50%
• Cash-on-cash: 43.59%
• DSCR: 2.94
• 1% rule: 2.37%
• Cash to close: $30,380

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $108k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $552/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $108k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($750 loan paydown + $7k appreciation (6.8% local appreciation)).
• Location reads 61/100 on livability (#907 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools D-, crime F.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.4% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 18.5% vs local median 6.9% in Fulton — 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

• 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 1930 — 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 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?
• 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.