213 N Main St

Geneva, NY 14456

$149,900B+

6 bd · 2.0 ba · 2,214 sqft · Built 1900 · MultiFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,746/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$305
• HOA: −$0
• Vac / Maint / Mgmt: −$577
• Net cashflow: $1,078/mo
• Annual: $12,934/yr
• Cap rate: 15.37%
• Cash-on-cash: 32.40%
• DSCR: 2.44
• 1% rule: 1.83%
• Cash to close: $41,972

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• It's been on market 33 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#177 in NY, #2,760 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D+, employment D.
• Geneva City School District (town): math 36% / reading 43% proficiency, ranked #528 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 123 active listings in the ZIP; 284 units permitted in Ontario County in 2024 (69 in 5+ unit buildings).
• Ontario County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.4% vs local median 5.0% in Geneva — 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 33 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Landscaping — The street-level image shows overgrown grass and a lack of landscaping.
• Major: Exterior painting — The independent aerial image suggests the siding appears weathered.
• Major: Landscaping — The street-level image shows overgrown grass and a lack of landscaping.