118 Main St

Laurens, NY 13796

$319,000F

4 bd · 2.0 ba · 1,456 sqft · Built 1897 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,368/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $-982/mo
• Annual: $-11,785/yr
• Cap rate: 2.60%
• Cash-on-cash: -13.19%
• DSCR: 0.41
• 1% rule: 0.43%
• Cash to close: $89,320

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $319k.
• At list price, monthly cash flow is $-982 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (54.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (57.1% below list).
• It's been on market 95 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (57.1% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($2k loan paydown + $15k appreciation (4.6% local appreciation)).
• Location reads 60/100 on livability (#1,003 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Laurens Central School District (rural): math 55% / reading 50% proficiency, ranked #423 of 755 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 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.
• 7 sale attempts since 15y 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.
• Current owner paid $127k; list at $319k implies a 151% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
• Built in 1897 — 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.
• 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.