111 S Page Ave

Endicott, NY 13760

$139,900A-

3 bd · 2.0 ba · 1,252 sqft · Built 1940 · MultiFamily · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,115/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$370
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $567/mo
• Annual: $6,807/yr
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• 1% rule: 1.51%
• Cash to close: $39,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated fair.
• At list price, monthly cash flow is $567 ($7k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 188 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ann G Mcguinness Elementar School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 317 students, 47% FRL); Jennie F Snapp Middle School (math 31% / reading 51%, grade F, #402 of 729 statewide, top 56%, 822 students, 65% FRL); Union-Endicott High School (math 91% / reading 90%, grade A+, #231 of 1,100 statewide, top 21%, 999 students, 41% FRL).
• Watch-outs: property tax is 2.7% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 380 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 30d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.2% vs local median 5.7% in Endicott — 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 188 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Major: deck — worn-out and in poor condition