15 First Ave

Broadalbin, NY 12025

$250,000A-

7 bd · 3.0 ba · 4,020 sqft · Built 1880 · MultiFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,914/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$491
• HOA: −$0
• Vac / Maint / Mgmt: −$822
• Net cashflow: $1,290/mo
• Annual: $15,482/yr
• Cap rate: 12.49%
• Cash-on-cash: 22.12%
• DSCR: 1.98
• 1% rule: 1.57%
• Cash to close: $70,000

Investor read

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $250k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• It's been on market 35 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#290 in NY, #4,681 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Broadalbin-Perth Central School District (rural): math 50% / reading 62% proficiency, ranked #286 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 11y 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 $122k; list at $250k implies a 104% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.5% vs local median 3.6% in Broadalbin — 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 35 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?
• Built in 1880 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.