293 Lockwood Hill Rd

Unadilla, NY 13849

$79,900B+

2 bd · 1.0 ba · 1,200 sqft · Built 1970 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,598/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $644/mo
• Annual: $7,728/yr
• Cap rate: 16.96%
• Cash-on-cash: 38.11%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#950 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Otego-Unadilla Central School District (rural): math 35% / reading 39% proficiency, ranked #547 of 590 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Unadilla Elementary School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 348 students, 46% FRL); Unatego Middle School (math 22% / reading 37%, grade F, #550 of 729 statewide, top 77%, 188 students, 47% FRL); Unatego Junior-Senior High School (math 95% / reading 90%, grade A+, #153 of 1,100 statewide, top 14%, 250 students, 40% FRL).
• Zoned-school proficiency averages 51% at this address vs 37% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Otego-Unadilla Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 36 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y 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 $40k; list at $80k implies a 97% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.