187-189 Canal St

Fort Plain, NY 13339

$99,000A

5 bd · 2.0 ba · 2,558 sqft · Built 1900 · MultiFamily · Pending · 496 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,274/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$694
• HOA: −$0
• Vac / Maint / Mgmt: −$478
• Net cashflow: $583/mo
• Annual: $6,999/yr
• Cap rate: 18.94%
• Cash-on-cash: 45.18%
• DSCR: 3.01
• 1% rule: 2.30%
• Cash to close: $27,720

Investor read

• This is a 1×2bd/1.2ba + 1×3bd/1.2ba units multifamily listed at $99k.
• At list price, monthly cash flow is $583 ($7k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• It's been on market 496 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($684 loan paydown + $5k appreciation (5.2% local appreciation)).
• Location reads 72/100 on livability (#374 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B+; Watch: schools D, commute F, employment F.
• Fort Plain Central School District (rural): math 43% / reading 57% proficiency, ranked #401 of 590 in NY (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 210 units permitted in Montgomery County in 2024 (168 in 5+ unit buildings).
• Montgomery County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $99k implies a 135% gain — meaningful room to come down on a strong offer.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 496 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?