1687 Wilsey Rd

Savannah, NY 13146

$37,400B+

2 bd · 1.0 ba · 672 sqft · Built 1990 · SingleFamily · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $941/mo
• Mortgage (P&I): −$196
• Tax + insurance: −$62
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $485/mo
• Annual: $5,818/yr
• Cap rate: 21.85%
• Cash-on-cash: 55.56%
• DSCR: 3.47
• 1% rule: 2.52%
• Cash to close: $10,472

Investor read

• This is a 2-bed/1.0-bath single-family listed at $37k. Condition is rated good.
• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($941 rent vs $37k).
• It's been on market 80 days — a 6% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($259 loan paydown + $2k appreciation (6.3% local appreciation)).
• Location reads 56/100 on livability (#1,104 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Clyde-Savannah Central School District (rural): math 18% / reading 30% proficiency, ranked #587 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 5 active listings in the ZIP; 259 units permitted in Wayne County in 2024 (90 in 5+ unit buildings).
• Wayne County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are F-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 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.