18 Fulton St

Owego, NY 13827

$149,900A-

5 bd · 2.0 ba · 2,268 sqft · Built 1880 · MultiFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,373/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$768
• HOA: −$0
• Vac / Maint / Mgmt: −$498
• Net cashflow: $320/mo
• Annual: $3,842/yr
• Cap rate: 12.54%
• Cash-on-cash: 22.32%
• DSCR: 1.99
• 1% rule: 1.58%
• Cash to close: $41,972

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $150k.
• At list price, monthly cash flow is $320 ($4k/yr) — positive. Per door: $160/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• Location reads 76/100 on livability (#214 in NY, #3,289 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Owego-Apalachin Central School District (town): math 62% / reading 62% proficiency, ranked #204 of 590 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Owego Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 486 students, 53% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $460/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k 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.
• Cap rate 12.5% vs local median 5.3% in Owego — 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

• 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 1880 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.