190 St Charles Street St

Johnson City, NY 13790

$289,000B

8 bd · 3.0 ba · 2,660 sqft · Built 1920 · MultiFamily · Active Under Contract · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,133/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$860
• HOA: −$0
• Vac / Maint / Mgmt: −$868
• Net cashflow: $889/mo
• Annual: $10,670/yr
• Cap rate: 9.98%
• Cash-on-cash: 13.19%
• DSCR: 1.59
• 1% rule: 1.43%
• Cash to close: $80,920

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $289k.
• At list price, monthly cash flow is $889 ($11k/yr) — positive. Per door: $296/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).
• It's been on market 23 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $285k (1.5% below list) — sets the bar for market timing.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson City Elementary/Primary School (496 students, 55% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: property tax is 3.1% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.5%/yr); 101 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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 $116k; list at $289k implies a 149% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $81k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.0% vs local median 6.4% in Johnson City — 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

• 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 1920 — 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?
• 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?
• 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.