107 Factory St

Schoharie, NY 12157

$174,000D+

3 bd · 1.5 ba · 2,000 sqft · Built 1830 · SingleFamily · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,409/mo
• Mortgage (P&I): −$912
• Tax + insurance: −$728
• HOA: −$0
• Vac / Maint / Mgmt: −$296
• Net cashflow: $-527/mo
• Annual: $-6,327/yr
• Cap rate: 4.82%
• Cash-on-cash: -5.26%
• DSCR: 0.77
• 1% rule: 0.81%
• Cash to close: $48,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $174k.
• At list price, monthly cash flow is $-527 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (52.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (19.0% below list).
• It's been on market 154 days — a 12% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (52.9% below list) — sets the bar for cash-flow.
• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#761 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B; Watch: crime F, amenities F, commute F.
• Schoharie Central School District (rural): math 39% / reading 46% proficiency, ranked #476 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Schoharie Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 347 students, 52% FRL); Schoharie High School (math 42% / reading 47%, grade F, #1,032 of 1,100 statewide, top 95%, 465 students, 46% FRL).
• Watch-outs: flood insurance adds $314/mo; built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 154 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
• Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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 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?