233 Broadway

Fort Edward, NY 12828

$185,000C-

4 bd · 2.0 ba · 2,208 sqft · Built 1900 · MultiFamily · Pending · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,182/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$553
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $201/mo
• Annual: $2,408/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• 1% rule: 1.18%
• Cash to close: $51,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.
• At list price, monthly cash flow is $201 ($2k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 116 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($1k loan paydown + $11k appreciation (6.1% local appreciation)).
• Location reads 73/100 on livability (#334 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D+, commute D+, employment D.
• Fort Edward Union Free School District (suburban): math 50% / reading 45% proficiency, ranked #512 of 755 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 29y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.6% vs local median 3.8% in Fort Edward — 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 116 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?