6457 State Route 80

Tully, NY 13020

$49,900A-

2 bd · 1.0 ba · 1,044 sqft · Built 1890 · SingleFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$99
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $555/mo
• Annual: $6,659/yr
• Cap rate: 19.64%
• Cash-on-cash: 47.66%
• DSCR: 3.12
• 1% rule: 2.32%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 83 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($345 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#800 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: employment D, crime F, amenities F.
• Tully Central School District (rural): math 53% / reading 53% proficiency, ranked #308 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tully Elementary School (math 47% / reading 52%, grade D, #1,085 of 2,108 statewide, top 56%, 409 students, 32% FRL); Tully Junior-Senior High School (math 57% / reading 52%, grade C-, #912 of 1,100 statewide, top 85%, 333 students, 34% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 19.6% vs local median 1.7% in Tully — 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

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?
• 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?
• 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.