28 Pleasant St

Voorheesville, NY 12186

$375,000D

4 bd · 2.0 ba · 2,072 sqft · Built 1890 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,018/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$474
• HOA: −$0
• Vac / Maint / Mgmt: −$634
• Net cashflow: $-56/mo
• Annual: $-675/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• 1% rule: 0.80%
• Cash to close: $105,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k.
• At list price, monthly cash flow is $-56 ($-675/yr) — negative. Per door: $-28/mo.
• To cash-flow at today's rent, offer at most $365k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (19.5% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $302k (19.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#369 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• Voorheesville Central School District (rural): math 75% / reading 71% proficiency, ranked #89 of 590 in NY (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Voorheesville Elementary School (math 75% / reading 73%, grade A, #368 of 2,108 statewide, top 18%, 589 students, 14% FRL); Voorheesville Middle School (math 62% / reading 67%, grade A-, #121 of 729 statewide, top 17%, 296 students, 14% FRL); Clayton A Bouton High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 347 students, 16% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 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 $115k; list at $375k implies a 226% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 1.6% in Voorheesville — 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

• 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?
• 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 1890 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.