24 Mowry Ave

Greenwich, NY 12834

$239,000C+

6 bd · 2.0 ba · 2,536 sqft · Built 1923 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,778/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$490
• HOA: −$0
• Vac / Maint / Mgmt: −$583
• Net cashflow: $451/mo
• Annual: $5,417/yr
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• 1% rule: 1.16%
• Cash to close: $66,920

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $239k.
• At list price, monthly cash flow is $451 ($5k/yr) — positive. Per door: $226/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#507 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment A-; Watch: health & safety D, amenities F, commute F.
• Greenwich Central School District (town): math 59% / reading 60% proficiency, ranked #266 of 755 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenwich Elementary School (math 44% / reading 64%, grade C, #908 of 2,108 statewide, top 46%, 466 students, 37% FRL); Greenwich Junior-Senior High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 429 students, 32% FRL).
• Zoned-school proficiency averages 73% at this address vs 60% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Greenwich Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.