14-16 Otsego St

Oneonta, NY 13820

$240,000B+

6 bd · 2.0 ba · 2,756 sqft · Built 1920 · MultiFamily · Active · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,355/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$564
• HOA: −$0
• Vac / Maint / Mgmt: −$705
• Net cashflow: $828/mo
• Annual: $9,933/yr
• Cap rate: 10.71%
• Cash-on-cash: 15.77%
• DSCR: 1.70
• 1% rule: 1.40%
• Cash to close: $67,200

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $240k. Condition is rated poor.
• At list price, monthly cash flow is $828 ($10k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 224 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greater Plains Elementary School (math 37% / reading 57%, grade D-, #1,195 of 2,108 statewide, top 60%, 284 students, 40% FRL); Oneonta Middle School (math 28% / reading 56%, grade D-, #379 of 729 statewide, top 54%, 378 students, 44% FRL); Oneonta Senior High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 502 students, 37% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 220 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $136k; list at $240k implies a 76% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.7% vs local median 5.3% in Oneonta — 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.

Questions for listing agent

• It's been on market 224 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage
• Major: exterior siding — Peeling paint and damage
• Major: flooring — Worn and uneven
• Major: interior walls — Painted walls show wear
• Major: landscaping — Overgrown and unkempt
• Major: fencing — Damaged and incomplete