56-58 East Street Oneonta-City NY 13820 MLS #R1554296

3 UNIT – 7 BEDROOM INVESTMENT PROPERTY. Student Rental. Newly renovated and fully furnished. 3 bedrooms and 1 full bath in apartments 1 & 2, apartment 3 has 1 bedroom and 1 full bath. Apt 1 features new vinyl plank floors throughout and has basement access for laundry. Apts 2 and 3 are newly renovated with new kitchen cabinets, granite countertops, stainless steel appliances, and new vinyl plank floors. Electrical upgrades have been made throughout. The exterior includes vinyl siding, replacement windows, and off-street parking. Near downtown, campus and bus routes. A Certificate of Compliance is in place, and the seller is a licensed real estate broker. This is a great cash flow opportunity!

2024-2025 School Year
GROSS INCOME: $39,850
Reduced rent due to signing mid-renovation. Currently advertising for the 3 open bedrooms for the spring semester, potential $10,500 more. Potential rent per student is $4,500/semester x 2 = $9,000 / student x 7 students = $63,000/pot. gross income in 25-26 school year

EXPENSES:
Land & School Taxes=$5,693
Insurance = $1,500
Heat/Electric = $3,500
Cable/Internet = $1,200
Garbage = $500
Water/Sewer = $800
NET OPERATING INCOME = $26,657