1111 Fort Hunter Rd

Rotterdam, NY 12303

$327,900D+

3 bd · 3.0 ba · 1,644 sqft · Built 1930 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,623/mo
• Mortgage (P&I): −$1,720
• Tax + insurance: −$557
• HOA: −$0
• Vac / Maint / Mgmt: −$761
• Net cashflow: $586/mo
• Annual: $7,033/yr
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• 1% rule: 1.10%
• Cash to close: $91,812

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $328k.
• At list price, monthly cash flow is $586 ($7k/yr) — positive. Per door: $293/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $328k).
• It's been on market 24 days — a 2% lower offer ($323k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $323k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#161 in NY, #2,455 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B+; Watch: crime F.
• Rotterdam-Mohonasen Central School District (suburban): math 48% / reading 56% proficiency, ranked #333 of 590 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Herman L Bradt Elementary School (612 students, 42% FRL); Draper Middle School (math 28% / reading 53%, grade F, #409 of 729 statewide, top 56%, 646 students, 46% FRL); Mohonasen Senior High School (math 94% / reading 75%, grade A, #379 of 1,100 statewide, top 36%, 886 students, 46% FRL) — zoned schools average 45% FRL vs 26% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 164 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.4% vs local median 3.0% in Rotterdam — 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.
• At $3,623/mo this rent would consume 52% of the median local household income ($84k/yr) (locally 1318% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.