103-107 High St

Theresa, NY 13691

$254,000B

6 bd · 3.0 ba · 3,304 sqft · Built 1925 · MultiFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,062/mo
• Mortgage (P&I): −$1,332
• Tax + insurance: −$449
• HOA: −$0
• Vac / Maint / Mgmt: −$643
• Net cashflow: $638/mo
• Annual: $7,659/yr
• Cap rate: 9.57%
• Cash-on-cash: 11.71%
• DSCR: 1.52
• 1% rule: 1.21%
• Cash to close: $71,120

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $254k.
• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $254k).
• It's been on market 51 days — a 3% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (3.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (5.6% local appreciation)).
• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A-; Watch: employment D, health & safety D, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $32k; list at $254k implies a 694% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $71k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k 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.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1925 — 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.