72 2nd St

Geneseo, NY 14454

$479,900B

36 bd · None ba · 8,856 sqft · Built — · MultiFamily · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,922/mo
• Mortgage (P&I): −$2,517
• Tax + insurance: −$1,153
• HOA: −$0
• Vac / Maint / Mgmt: −$2,084
• Net cashflow: $4,168/mo
• Annual: $50,021/yr
• Cap rate: 16.72%
• Cash-on-cash: 37.23%
• DSCR: 2.66
• 1% rule: 2.07%
• Cash to close: $134,372

Investor read

• This is a 6 × 2-bed/1.5-bath units multifamily listed at $480k.
• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $695/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $480k).
• It's been on market 97 days — a 9% lower offer ($437k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $437k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#439 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, amenities B, cost of living B; Watch: schools C-, housing D+, crime F.
• Geneseo Central School District (town): math 46% / reading 57% proficiency, ranked #367 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 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.
• 20 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $134k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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.