23 N Main St

Brockport, NY 14420

$474,900B

28 bd · 20.0 ba · 4,460 sqft · Built 1900 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,274/mo
• Mortgage (P&I): −$2,490
• Tax + insurance: −$894
• HOA: −$0
• Vac / Maint / Mgmt: −$1,738
• Net cashflow: $3,152/mo
• Annual: $37,821/yr
• Cap rate: 14.26%
• Cash-on-cash: 28.44%
• DSCR: 2.27
• 1% rule: 1.74%
• Cash to close: $132,972

Investor read

• This is a 4 × 7-bed/5.0-bath units multifamily listed at $475k.
• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $788/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $475k).
• It's been on market 16 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $468k (1.5% 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 $14k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#313 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: employment D+, crime F, amenities F.
• Brockport Central School District (town): math 45% / reading 55% proficiency, ranked #369 of 590 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.7%/yr); 79 active listings in the ZIP; solid renter incomes; 1,169 units permitted in Monroe County in 2024 (591 in 5+ unit buildings).
• Monroe County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 13y 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 $164k; list at $475k implies a 190% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $133k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.3% vs local median 5.1% in Brockport — 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 $8,274/mo this rent would consume 131% of the median local household income ($76k/yr) (locally 472% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1900 — 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 A-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.