416 Richfield Blvd

Mattydale, NY 13211

$145,000B+

2 bd · 1.0 ba · 1,180 sqft · Built 1935 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,775/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $265/mo
• Annual: $3,174/yr
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• 1% rule: 1.22%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#360 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, amenities F.
• North Syracuse Central School District (suburban): math 45% / reading 50% proficiency, ranked #402 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.6% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.5% vs local median 5.4% in Mattydale — 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

• Built in 1935 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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.