513 Nichols

Utica, NY 13501

$175,000A

6 bd · 3.0 ba · 2,668 sqft · Built 1872 · MultiFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,077/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$856
• Net cashflow: $2,098/mo
• Annual: $25,179/yr
• Cap rate: 20.68%
• Cash-on-cash: 51.38%
• DSCR: 3.29
• 1% rule: 2.33%
• Cash to close: $49,000

Investor read

• This is a 2×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $699/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $175k).
• It's been on market 129 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Albany Elementary School (math 37% / reading 48%, grade F, #1,356 of 2,108 statewide, top 64%, 513 students, 75% FRL); John F Kennedy Middle School (math 27% / reading 35%, grade F, #534 of 729 statewide, top 73%, 695 students, 77% FRL); Thomas R Proctor High School (math 86% / reading 62%, grade B+, #659 of 1,100 statewide, top 60%, 2,675 students, 76% FRL) — zoned schools at 76% FRL track the district average.
• Zoned-school proficiency averages 49% at this address vs 36% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Utica City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1872 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 260 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.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 129 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1872 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely outdated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Moderate: roof shingles — visible wear and tear
• Moderate: exterior siding — weathered and discolored
• Major: kitchen countertops — worn and outdated
• Major: wood flooring — worn and in poor condition