7639 U.s. 9

Elizabethtown, NY 12932

$175,000C

None bd · None ba · 1,566 sqft · Built 1850 · MultiFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,747/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $171/mo
• Annual: $2,049/yr
• Cap rate: 7.46%
• Cash-on-cash: 4.18%
• DSCR: 1.19
• 1% rule: 1.00%
• Cash to close: $49,000

Investor read

• This is a multifamily listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (0.2% below list).
• It's been on market 22 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($1k loan paydown + $9k appreciation (5.4% local appreciation)).
• Location reads 61/100 on livability (#893 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: crime D-, amenities F, commute F.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1850 — 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.
• Crime grade is D 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Older appliances need replacement
• Major: Bathroom fixtures — Older fixtures need updating
• Major: Living room flooring — Carpeted flooring needs replacement
• Major: Bedroom flooring — Carpeted flooring needs replacement
• Major: HVAC system — Newer but may need maintenance or replacement