331 Butterfield Ave

East Glenville, NY 12008

$369,900D-

3 bd · 1.5 ba · 1,608 sqft · Built 1985 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,665/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$877
• HOA: −$0
• Vac / Maint / Mgmt: −$560
• Net cashflow: $-711/mo
• Annual: $-8,537/yr
• Cap rate: 3.99%
• Cash-on-cash: -8.24%
• DSCR: 0.63
• 1% rule: 0.72%
• Cash to close: $103,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $370k.
• At list price, monthly cash flow is $-711 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (34.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (28.0% below list).
• It's been on market 15 days — a 2% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (34.0% below list) — sets the bar for cash-flow.
• In year one you build about $32k of equity ($3k loan paydown + $29k appreciation (7.8% local appreciation)).
• Location reads 68/100 on livability (#535 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: cost of living C-, crime D+, amenities F.
• Niskayuna Central School District (suburban): math 68% / reading 72% proficiency, ranked #103 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Glencliff School (math 62% / reading 67%, grade B, #591 of 2,108 statewide, top 31%, 355 students, 22% FRL); Niskayuna High School (math 100% / reading 82%, grade A+, #226 of 1,100 statewide, top 21%, 1,375 students, 24% FRL) — zoned schools average 24% FRL vs 8% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 154 units permitted in Schenectady County in 2024 (54 in 5+ unit buildings).
• Schenectady County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 25y 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 $180k; list at $370k implies a 106% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$51k 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.
• 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.