106 Squires Ave

Endicott, NY 13760

$220,000C-

4 bd · 2.0 ba · 1,946 sqft · Built 1930 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,427/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$510
• Net cashflow: $385/mo
• Annual: $4,619/yr
• Cap rate: 8.39%
• Cash-on-cash: 7.50%
• DSCR: 1.33
• 1% rule: 1.10%
• Cash to close: $61,600

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.
• At list price, monthly cash flow is $385 ($5k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• It's been on market 62 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: George F Johnson Elementary School (math 35% / reading 47%, grade F, #1,410 of 2,108 statewide, top 67%, 596 students, 44% FRL); Jennie F Snapp Middle School (math 31% / reading 51%, grade F, #402 of 729 statewide, top 56%, 822 students, 65% FRL); Union-Endicott High School (math 91% / reading 90%, grade A+, #231 of 1,100 statewide, top 21%, 999 students, 41% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 217 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Current owner paid $75k; list at $220k implies a 193% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $62k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 8.4% vs local median 5.6% in Endicott — 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.
• This rent runs 44% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?