21 Maple St

Norwich, NY 13815

$95,000A

3 bd · 2.0 ba · 1,570 sqft · Built 1880 · SingleFamily · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,512/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$254
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $442/mo
• Annual: $5,300/yr
• Cap rate: 11.87%
• Cash-on-cash: 19.93%
• DSCR: 1.89
• 1% rule: 1.59%
• Cash to close: $26,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $95k. Condition is rated fair.
• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• It's been on market 146 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#447 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Norwich City School District (town): math 42% / reading 43% proficiency, ranked #498 of 590 in NY (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stanford J Gibson Primary School (400 students, 52% FRL); Norwich Middle School (math 34% / reading 48%, grade F, #402 of 729 statewide, top 56%, 381 students, 59% FRL); Norwich High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 546 students, 48% FRL).
• Zoned-school proficiency averages 62% at this address vs 42% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Norwich City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.7% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $15k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint on siding
• Major: exterior siding — Signs of wear and tear
• Major: landscaping — Overgrown and needs trimming