5732&5734 Nys Route 86

Wilmington, NY 12997

$380,000B+

None bd · None ba · 3,569 sqft · Built 1935 · MultiFamily · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,241/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$689
• HOA: −$0
• Vac / Maint / Mgmt: −$1,941
• Net cashflow: $4,619/mo
• Annual: $55,425/yr
• Cap rate: 21.05%
• Cash-on-cash: 52.72%
• DSCR: 3.35
• 1% rule: 2.43%
• Cash to close: $106,400

Investor read

• This is a multifamily listed at $380k. Condition is rated fair.
• At list price, monthly cash flow is $5k ($55k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $380k).
• It's been on market 178 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $334k (12.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($3k loan paydown + $21k appreciation (5.6% local appreciation)).
• Location reads 61/100 on livability (#935 in NY) — a middle-class / working-renter tenant base. Strengths: housing A, employment A-; Watch: crime D+, schools F, amenities F.
• Lake Placid Central School District (town): math 46% / reading 58% proficiency, ranked #344 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 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.
• 2 sale attempts since 8y ago 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.
• Current owner paid $255k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.1% vs local median 1.1% in Wilmington — 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

• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-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 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely dated and worn
• Major: kitchen countertops — worn and in need of replacement
• Minor: bathroom fixtures — basic and dated
• Major: landscaping — overgrown lawn and garden