5927 46

Durhamville, NY 13478

$199,000F

2 bd · 1.5 ba · 2,840 sqft · Built 1930 · MultiFamily · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,066/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$532
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $-734/mo
• Annual: $-8,807/yr
• Cap rate: 1.87%
• Cash-on-cash: -15.80%
• DSCR: 0.30
• 1% rule: 0.54%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.5-bath multifamily listed at $199k.
• At list price, monthly cash flow is $-734 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (45.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (46.4% below list).
• It's been on market 282 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (46.4% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (9.5% local appreciation)).
• Location reads 65/100 on livability (#693 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A-; Watch: health & safety C-, crime F, amenities F.
• Sherrill City School District (rural): math 38% / reading 53% proficiency, ranked #439 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vernon-Verona-Sherrill Middle School (math 22% / reading 49%, grade F, #473 of 729 statewide, top 66%, 278 students, 46% FRL); Vernon-Verona-Sherrill Senior High School (math 92% / reading 50%, grade B+, #701 of 1,100 statewide, top 64%, 563 students, 36% FRL).
• Watch-outs: property tax is 2.7% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 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.
• Current owner paid $54k; list at $199k implies a 269% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 282 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?