30 Lake St

Perry, NY 14530

$139,900B+

4 bd · 2.0 ba · 1,710 sqft · Built 1890 · MultiFamily · Pending · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,059/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$424
• HOA: −$0
• Vac / Maint / Mgmt: −$432
• Net cashflow: $469/mo
• Annual: $5,632/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.38%
• DSCR: 1.64
• 1% rule: 1.47%
• Cash to close: $39,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.
• At list price, monthly cash flow is $469 ($6k/yr) — positive. Per door: $235/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 64 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#348 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Perry Central School District (rural): math 53% / reading 63% proficiency, ranked #272 of 590 in NY (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.1% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $77k; list at $140k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 4.2% in Perry — 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

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 1890 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.