4 Demott St

Lacona, NY 13083

$100,000C-

2 bd · 2.0 ba · 1,224 sqft · Built 1970 · MultiFamily · Pending · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,562/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$209
• HOA: −$0
• Vac / Maint / Mgmt: −$958
• Net cashflow: $2,870/mo
• Annual: $34,444/yr
• Cap rate: 40.74%
• Cash-on-cash: 123.01%
• DSCR: 6.47
• 1% rule: 4.56%
• Cash to close: $28,000

Investor read

• This is a 5 × 2-bed/2.0-bath units multifamily listed at $100k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $574/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $100k).
• It's been on market 337 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#871 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D, crime F, amenities F.
• Sandy Creek Central School District (rural): math 44% / reading 52% proficiency, ranked #425 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sandy Creek Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 393 students, 49% FRL); Sandy Creek Middle School (math 22% / reading 37%, grade F, #550 of 729 statewide, top 77%, 186 students, 53% FRL); Sandy Creek High School (math 95% / reading 95%, grade A+, #83 of 1,100 statewide, top 8%, 213 students, 50% FRL).
• Market conditions: 19 active listings in the ZIP; 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.
• Current owner paid $10k; list at $100k implies a 900% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 337 days. Have you received any prior offers? Is the seller open to a 12% 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 1970 — 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?