129 Havrish Rd

Jefferson, NY 12167

$299,000C

4 bd · 1.0 ba · 2,267 sqft · Built 1860 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,509/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$454
• HOA: −$0
• Vac / Maint / Mgmt: −$737
• Net cashflow: $750/mo
• Annual: $9,006/yr
• Cap rate: 9.30%
• Cash-on-cash: 10.76%
• DSCR: 1.48
• 1% rule: 1.17%
• Cash to close: $83,720

Investor read

• This is a 4-bed/1.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $18k of equity ($2k loan paydown + $16k appreciation (5.2% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Jefferson Central School District (rural): math 30% / reading 30% proficiency, ranked #723 of 755 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 36 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.
• 5 sale attempts since 3y 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.
• Current owner paid $230k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.