28671 Martin Rd N

Evans Mills, NY 13637

$175,000B+

2 bd · 1.0 ba · 1,080 sqft · Built 2006 · MultiFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,416/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$717
• Net cashflow: $1,489/mo
• Annual: $17,871/yr
• Cap rate: 16.50%
• Cash-on-cash: 36.47%
• DSCR: 2.62
• 1% rule: 1.95%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $175k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• It's been on market 66 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.0% local appreciation)).
• Location reads 58/100 on livability (#1,069 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A-, cost of living B+; Watch: health & safety D, crime F, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evans Mills Primary School (math 37% / reading 54%, grade D-, #1,268 of 2,108 statewide, top 60%, 375 students, 60% FRL); Indian River Middle School (math 26% / reading 50%, grade F, #442 of 729 statewide, top 61%, 672 students, 60% FRL); Indian River High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 781 students, 49% FRL) — zoned schools average 57% FRL vs 28% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 42% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Indian River Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 25 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.
• 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.
• 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: roof — The roof appears to be old and weathered, requiring a full replacement.
• Major: exterior siding — The exterior siding and paint are in poor condition, requiring a full replacement.
• Major: flooring — The flooring appears to be old and worn, requiring a full replacement.
• Major: interior walls — The interior walls appear to be in poor condition, requiring a full renovation.
• Major: HVAC system — The HVAC system appears to be old and in need of maintenance or replacement.