1460 Lamoy Rd

Chittenango, NY 13037

$339,000D-

3 bd · 2.0 ba · 1,456 sqft · Built 1996 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,481/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$444
• HOA: −$0
• Vac / Maint / Mgmt: −$521
• Net cashflow: $-261/mo
• Annual: $-3,136/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.30%
• DSCR: 0.85
• 1% rule: 0.73%
• Cash to close: $94,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $339k.
• At list price, monthly cash flow is $-261 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (26.8% below list).
• It's been on market 29 days — a 2% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $248k (26.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#296 in NY, #4,790 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living A; Watch: amenities F, commute F.
• Chittenango Central School District (rural): math 61% / reading 64% proficiency, ranked #192 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bridgeport Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 234 students, 38% FRL); Chittenango Middle School (math 47% / reading 61%, grade B-, #225 of 729 statewide, top 31%, 562 students, 42% FRL); Chittenango High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 623 students, 38% FRL).
• Market conditions: 74 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $110k; list at $339k implies a 208% gain — meaningful room to come down on a strong offer.
• Cap rate 5.4% vs local median 4.0% in Chittenango — 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

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.