91 Lacy St

Avon, NY 14414

$274,900C

6 bd · 3.0 ba · 2,647 sqft · Built 1920 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,453/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$793
• HOA: −$0
• Vac / Maint / Mgmt: −$725
• Net cashflow: $493/mo
• Annual: $5,916/yr
• Cap rate: 8.44%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• 1% rule: 1.26%
• Cash to close: $76,972

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#373 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, employment A-; Watch: amenities F, commute F.
• Avon Central School District (town): math 53% / reading 50% proficiency, ranked #349 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Avon Primary School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 326 students, 31% FRL); Avon Middle School (math 43% / reading 50%, grade D+, #330 of 729 statewide, top 46%, 275 students, 37% FRL); Avon High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 336 students, 34% FRL).
• Watch-outs: property tax is 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 86 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y 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 $220k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At $3,453/mo this rent would consume 58% of the median local household income ($72k/yr) (locally 100% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1920 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.