11607 N Gage Rd

Poland, NY 13502

$380,000B

4 bd · 2.5 ba · 3,280 sqft · Built 1930 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,387/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$556
• HOA: −$0
• Vac / Maint / Mgmt: −$1,341
• Net cashflow: $2,497/mo
• Annual: $29,959/yr
• Cap rate: 14.18%
• Cash-on-cash: 28.16%
• DSCR: 2.25
• 1% rule: 1.68%
• Cash to close: $106,400

Investor read

• This is a 4-bed/2.5-bath multifamily listed at $380k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $380k).
• It's been on market 48 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $369k (3.0% below list) — sets the bar for market timing.
• 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 67/100 on livability (#604 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime F, amenities F, commute F.
• Poland Central School District (rural): math 63% / reading 58% proficiency, ranked #240 of 590 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Poland Elementary School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 246 students, 60% FRL); Poland Junior-Senior High School (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 245 students, 56% FRL) — zoned schools average 58% FRL vs 38% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 150 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.
• 3 sale attempts 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 $135k; list at $380k implies a 181% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~5 years — after that, you're playing with house money.
• At $6,387/mo this rent would consume 133% of the median local household income ($58k/yr) (locally 1604% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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 B-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?
• 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?
• 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.