5727 Ny-86

Wilmington, NY 12997

$149,900B+

6 bd · 3.0 ba · 2,590 sqft · Built 1910 · MultiFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,881/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$1,235
• Net cashflow: $3,610/mo
• Annual: $43,321/yr
• Cap rate: 35.19%
• Cash-on-cash: 103.21%
• DSCR: 5.59
• 1% rule: 3.92%
• Cash to close: $41,972

Investor read

• This is a 3 × 2-bed/?-bath units multifamily listed at $150k.
• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $150k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (5.6% local appreciation)).
• Location reads 61/100 on livability (#935 in NY) — a middle-class / working-renter tenant base. Strengths: housing A, employment A-; Watch: crime D+, amenities F, commute F.
• Lake Placid Central School District (town): math 46% / reading 58% proficiency, ranked #344 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Placid Elementary School (math 52% / reading 62%, grade C+, #842 of 2,108 statewide, top 43%, 244 students, 33% FRL); Lake Placid Junior-Senior High School (math 42% / reading 52%, grade D-, #1,007 of 1,100 statewide, top 93%, 294 students, 36% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 35.2% vs local median 1.1% in Wilmington — 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 1910 — 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 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 D 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.