5962 State Route 224

Odessa, NY 14824

$65,000B+

3 bd · 1.0 ba · 1,260 sqft · Built 1949 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,462/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$307
• Net cashflow: $649/mo
• Annual: $7,790/yr
• Cap rate: 18.28%
• Cash-on-cash: 42.80%
• DSCR: 2.90
• 1% rule: 2.25%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $649 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 15 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (2.8% local appreciation)).
• Location reads 67/100 on livability (#602 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: health & safety D, crime F, amenities F.
• Odessa-Montour Central School District (rural): math 41% / reading 60% proficiency, ranked #383 of 590 in NY (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.5% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1949 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.