831 Rider St

Parish, NY 13131

$67,900B+

3 bd · 1.5 ba · 1,314 sqft · Built 1954 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,577/mo
• Mortgage (P&I): −$356
• Tax + insurance: −$264
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $626/mo
• Annual: $7,509/yr
• Cap rate: 17.35%
• Cash-on-cash: 39.50%
• DSCR: 2.76
• 1% rule: 2.32%
• Cash to close: $19,012

Investor read

• This is a 3-bed/1.5-bath single-family listed at $68k.
• At list price, monthly cash flow is $626 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($469 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#976 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime F, amenities F, commute F.
• Altmar-Parish-Williamstown Central School District (rural): math 31% / reading 31% proficiency, ranked #573 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Altmar-Parish-Williamstown Elementary School (math 19% / reading 33%, grade F, #1,816 of 2,108 statewide, top 86%, 602 students, 58% FRL); Altmar-Parish-Williamstown Jr/Sr High School (math 47% / reading 27%, grade F, #1,069 of 1,100 statewide, top 98%, 464 students, 57% FRL).
• Watch-outs: property tax is 4.2% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1954 — 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?
• 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.
• 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.