2961 State Route 26

Vernon, NY 13425

$129,900D

3 bd · 1.0 ba · 1,628 sqft · Built 1900 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,269/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$414
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-93/mo
• Annual: $-1,110/yr
• Cap rate: 5.44%
• Cash-on-cash: -3.05%
• DSCR: 0.86
• 1% rule: 0.98%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (2.3% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (12.6% below list) — sets the bar for cash-flow.
• In year one you build about $11k of equity ($898 loan paydown + $10k appreciation (7.7% local appreciation)).
• Location reads 65/100 on livability (#685 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety C-, schools D+, amenities F.
• Madison Central School District (rural): math 35% / reading 31% proficiency, ranked #703 of 755 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $62k; list at $130k implies a 110% gain — meaningful room to come down on a strong offer.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.