7-9 Weidman Pl

Oneonta, NY 13820

$625,000A

42 bd · None ba · 6,644 sqft · Built 1900 · MultiFamily · Active · 277 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,128/mo
• Mortgage (P&I): −$3,278
• Tax + insurance: −$1,558
• HOA: −$0
• Vac / Maint / Mgmt: −$2,337
• Net cashflow: $3,956/mo
• Annual: $47,471/yr
• Cap rate: 13.99%
• Cash-on-cash: 27.51%
• DSCR: 2.22
• 1% rule: 1.78%
• Cash to close: $175,000

Investor read

• This is a 6 × 7-bed/?-bath units multifamily listed at $625k.
• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $659/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $625k).
• It's been on market 277 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $550k (12.0% below list) — sets the bar for market timing.
• In year one you build about $67k of equity ($4k loan paydown + $62k appreciation (10.0% local appreciation)).
• Location reads 75/100 on livability (#253 in NY, #4,021 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities C-, crime F, commute F.
• Oneonta City School District (town): math 46% / reading 57% proficiency, ranked #374 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 118 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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 $375k; list at $625k implies a 67% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $175k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$107k 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.
• Cap rate 14.0% vs local median 5.5% in Oneonta — 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 277 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 1900 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?