8966 Lestina Beach Rd

Bridgeport, NY 13037

$209,900C-

3 bd · 2.0 ba · 1,012 sqft · Built 1987 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,341/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$359
• HOA: −$0
• Vac / Maint / Mgmt: −$492
• Net cashflow: $390/mo
• Annual: $4,674/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.95%
• DSCR: 1.35
• 1% rule: 1.12%
• Cash to close: $58,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#655 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety D-.
• 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: 72 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 $62k; list at $210k implies a 236% gain — meaningful room to come down on a strong offer.
• Cap rate 8.5% vs local median 2.3% in Bridgeport — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.