28 Lydia St

Located in a designated redevelopment zone, the property benefits from access to significant public and private funding sources. The First Ward was recently awarded $10 million through New York State’s Downtown Revitalization Initiative (DRI), focused on housing improvements, infrastructure, and small business growth along Clinton Street. Broome County has also applied for up to $3 million in Restore NY funds for scattered-site renovations in the First Ward, while local initiatives such as the First Ward Action Council offer up to $5 million in grants for critical home repairs. Additional support is available through the Broome County IDA (offering grants up to $50,000 per business) and NYSERDA’s EmPower NY program for energy efficiency upgrades.Solid cash flow potential with major upgrades already completed, including a new roof, newer furnace, updated plumbing/electrical, and vinyl windows. Remaining work needed includes ~$30K in interior finishes and ~$10K in porch repairs. Pro forma financials show a projected GOI of $48,960 and NOI of $37,000, with an 18% post-renovation cap rate. Priced at $165K with $40K in renovations with 80/100 LTV bridge loan ($172K), a 2.48 DSCR, 48% ROI, and a 4.19 GRM. Tenant utility costs can be fairly allocated via RUBS, and there's potential for added income through coin-op laundry. With strong fundamentals and location, this is a high-yield opportunity in a growing market.