105 Seiter St

Boonville, NY 13309

$44,900C

4 bd · 2.0 ba · 2,030 sqft · Built 1970 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,921/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$403
• Net cashflow: $1,187/mo
• Annual: $14,244/yr
• Cap rate: 38.02%
• Cash-on-cash: 113.30%
• DSCR: 6.04
• 1% rule: 4.28%
• Cash to close: $12,572

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $45k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• It's been on market 25 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($310 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#146 in NY, #2,225 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Adirondack Central School District (rural): math 41% / reading 54% proficiency, ranked #426 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 38.0% vs local median 3.6% in Boonville — 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

• Built in 1970 — 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.
• 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.