272 Harry L Dr

Johnson City, NY 13790

$229,000C

5 bd · 3.0 ba · 2,240 sqft · Built 1965 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,911/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$401
• Net cashflow: $-73/mo
• Annual: $-874/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• 1% rule: 0.83%
• Cash to close: $64,120

Investor read

• This is a 5-bed/3.0-bath condo listed at $229k. Condition is rated poor.
• At list price, monthly cash flow is $-73 ($-874/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (16.5% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $191k (16.5% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 (10.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 39% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: structural repairs — Severe structural damage
• Major: roof repair — Exposed roof structure
• Major: siding repair — Missing siding
• Major: drywall repair — Exposed wiring and structural damage
• Major: flooring repair — Exposed subflooring
• Major: plumbing repair — Exposed plumbing systems