100 St Charles St

Johnson City, NY 13790

$139,900A+

7 bd · 4.0 ba · 5,078 sqft · Built 1960 · MultiFamily · Active · 183 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,653/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$457
• HOA: −$0
• Vac / Maint / Mgmt: −$1,187
• Net cashflow: $3,275/mo
• Annual: $39,306/yr
• Cap rate: 34.39%
• Cash-on-cash: 100.34%
• DSCR: 5.46
• 1% rule: 4.04%
• Cash to close: $39,172

Investor read

• This is a 4 × 2-bed/4.0-bath units multifamily listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $819/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $140k).
• It's been on market 183 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL); Johnson City Middle School (math 19% / reading 43%, grade F, #534 of 729 statewide, top 73%, 500 students, 65% FRL); Johnson City Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 729 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Johnson City Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: Rents rising fast (+9.5%/yr); 176 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask is 16359% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $75k; list at $140k implies a 87% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Exterior paint — Slight wear visible on exterior siding.
• Minor: Landscaping — Could benefit from some updates to enhance curb appeal.