76 W Grand St

Palatine Bridge, NY 13428

$199,999B-

3 bd · 2.5 ba · 2,565 sqft · Built 1921 · MultiFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,642/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$555
• Net cashflow: $705/mo
• Annual: $8,460/yr
• Cap rate: 10.52%
• Cash-on-cash: 15.11%
• DSCR: 1.67
• 1% rule: 1.32%
• Cash to close: $56,000

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $200k. Condition is rated fair.
• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 78 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (7.6% local appreciation)).
• Location reads 66/100 on livability (#663 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, crime F.
• Canajoharie Central School District (town): math 38% / reading 59% proficiency, ranked #414 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 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; this cycle's ask has dropped $39k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (7.6% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1921 — 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 F-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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — The exterior siding appears weathered and in need of repainting or replacement.
• Minor: Interior walls and ceilings — There are signs of wear and tear, such as peeling paint and minor damage.
• Moderate: Kitchen cabinets and appliances — The kitchen cabinets and appliances are present but appear dated and may need updating.
• Minor: Bathrooms — The bathrooms appear to be functional but may benefit from updates to fixtures and finishes.
• Minor: Flooring — The flooring in the living areas appears to be carpeted and in fair condition, but may need cleaning or replacement.
• Minor: Windows — The windows appear to be in fair condition, but may benefit from new hardware or caulking.