31 Maydole St

Norwich, NY 13815

$72,500B+

2 bd · 2.0 ba · 2,136 sqft · Built 1900 · MultiFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,567/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$714
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $934/mo
• Annual: $11,211/yr
• Cap rate: 29.38%
• Cash-on-cash: 82.44%
• DSCR: 4.67
• 1% rule: 3.54%
• Cash to close: $20,300

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $72k.
• At list price, monthly cash flow is $934 ($11k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $72k).
• It's been on market 16 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($501 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.7% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 84 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $18k; list at $72k implies a 303% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 29.4% vs local median 4.1% in Norwich — 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 1900 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.