3748 Main St

Burdett, NY 14818

$199,900C-

3 bd · 1.0 ba · 1,706 sqft · Built 1900 · SingleFamily · Active · 408 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,755/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$452
• HOA: −$0
• Vac / Maint / Mgmt: −$369
• Net cashflow: $-113/mo
• Annual: $-1,358/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.43%
• DSCR: 0.89
• 1% rule: 0.88%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $-113 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (12.2% below list).
• It's been on market 408 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.2% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $10k appreciation (5.2% local appreciation)).
• Location reads 58/100 on livability (#1,048 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: health & safety D, schools D-, crime F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $169k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 4, paydown + projected appreciation supports a ~$40k 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?
• It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 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.