28 E Utica St

Oswego, NY 13126

$209,000B

6 bd · 3.0 ba · 2,646 sqft · Built 1900 · MultiFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,759/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$348
• HOA: −$0
• Vac / Maint / Mgmt: −$789
• Net cashflow: $1,525/mo
• Annual: $18,303/yr
• Cap rate: 15.05%
• Cash-on-cash: 31.28%
• DSCR: 2.39
• 1% rule: 1.80%
• Cash to close: $58,520

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $209k. Condition is rated good.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $209k).
• It's been on market 30 days — a 2% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-2.2%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#265 in NY, #4,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Charles E Riley Elementary School (math 32% / reading 37%, grade F, #1,577 of 2,108 statewide, top 77%, 379 students, 63% FRL); Oswego Middle School (math 23% / reading 49%, grade F, #469 of 729 statewide, top 65%, 566 students, 53% FRL); Oswego High School (math 87% / reading 79%, grade A, #440 of 1,100 statewide, top 40%, 1,069 students, 51% FRL) — zoned schools average 56% FRL vs 36% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+19.2%/yr); 169 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $59k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.1% vs local median 8.9% in Oswego — 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.
• At $3,759/mo this rent would consume 69% of the median local household income ($65k/yr) (locally 1341% 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 1900 — 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 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?
• 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.