25 North St

McGraw, NY 13101

$129,000B+

8 bd · 3.0 ba · 3,535 sqft · Built 1830 · MultiFamily · Pending · 263 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,261/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$742
• HOA: −$0
• Vac / Maint / Mgmt: −$685
• Net cashflow: $1,158/mo
• Annual: $13,898/yr
• Cap rate: 21.35%
• Cash-on-cash: 53.77%
• DSCR: 3.39
• 1% rule: 2.53%
• Cash to close: $36,120

Investor read

• This is a 1×3bd/1.3ba + 2×2bd/1.3ba units multifamily listed at $129k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• It's been on market 263 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($892 loan paydown + $6k appreciation (4.9% local appreciation)).
• Location reads 71/100 on livability (#411 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F.
• Mcgraw Central School District (rural): math 57% / reading 61% proficiency, ranked #252 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mcgraw Elementary School (math 47% / reading 52%, grade D, #1,085 of 2,108 statewide, top 56%, 232 students, 57% FRL); Mcgraw Secondary School (math 62% / reading 67%, grade B-, #776 of 1,100 statewide, top 73%, 282 students, 52% FRL).
• Watch-outs: flood insurance adds $460/mo; built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $129k implies a 115% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k 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.

Questions for listing agent

• It's been on market 263 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?
• Built in 1830 — 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?
• 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.
• 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.