3517 Mary St

Endwell, NY 13760

$115,000C

2 bd · 1.0 ba · 840 sqft · Built 1930 · SingleFamily · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,129/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $106/mo
• Annual: $1,275/yr
• Cap rate: 7.40%
• Cash-on-cash: 3.96%
• DSCR: 1.18
• 1% rule: 0.98%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $106 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (1.8% below list).
• It's been on market 106 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#303 in NY, #4,992 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime D-, amenities F, commute F.
• Maine-Endwell Central School District (suburban): math 54% / reading 60% proficiency, ranked #278 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Homer Brink School (math 68% / reading 71%, grade A-, #447 of 2,108 statewide, top 24%, 731 students, 32% FRL); Maine-Endwell Middle School (math 31% / reading 57%, grade D, #363 of 729 statewide, top 50%, 564 students, 39% FRL); Maine-Endwell Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 728 students, 36% FRL).
• Zoned-school proficiency averages 69% at this address vs 57% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Maine-Endwell Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 213 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 7.4% vs local median 4.0% in Endwell — 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 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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 A-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 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?
• 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.