12 Crown St

Jamestown, NY 14701

$80,000B+

8 bd · 2.0 ba · 2,308 sqft · Built 1895 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,718/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$571
• Net cashflow: $1,525/mo
• Annual: $18,304/yr
• Cap rate: 29.17%
• Cash-on-cash: 81.71%
• DSCR: 4.64
• 1% rule: 3.40%
• Cash to close: $22,400

Investor read

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $80k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• It's been on market 95 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#470 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, crime F.
• Jamestown City School District (town): math 33% / reading 42% proficiency, ranked #553 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.5% of price; built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 315 active listings in the ZIP; 127 units permitted in Chautauqua County in 2024 (0 in 5+ unit buildings).
• Chautauqua County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $9k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.2% vs local median 16.8% in Jamestown — 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.
• At $2,718/mo this rent would consume 66% of the median local household income ($50k/yr) (locally 1838% 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 95 days. Have you received any prior offers? Is the seller open to a 9% 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 1895 — 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.

Repairs flagged (vision-AI assessment)

• Major: Ice dams on roof — Ice dams are a serious structural issue
• Major: Snow and ice on roof — Ice dams can cause water damage
• Major: Exterior siding — Siding is visibly damaged and peeling
• Major: Foundation — No photos of foundation, but snow and ice suggest potential water damage