521 Main St

Oneida, NY 13421

$234,500C-

4 bd · 2.0 ba · 2,096 sqft · Built 1900 · MultiFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,589/mo
• Mortgage (P&I): −$1,230
• Tax + insurance: −$391
• HOA: −$0
• Vac / Maint / Mgmt: −$544
• Net cashflow: $425/mo
• Annual: $5,097/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.76%
• DSCR: 1.35
• 1% rule: 1.10%
• Cash to close: $65,660

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $234k. Condition is rated good.
• At list price, monthly cash flow is $425 ($5k/yr) — positive. Per door: $212/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $234k).
• It's been on market 29 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#924 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment C-, health & safety C-.
• Oneida City School District (town): math 43% / reading 54% proficiency, ranked #421 of 590 in NY (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.5% vs local median 4.0% in Oneida — 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.