301 Bemis Rd

Mayfield, NY 12078

$240,000D

2 bd · 1.0 ba · 1,200 sqft · Built 1979 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $-688/mo
• Annual: $-8,254/yr
• Cap rate: 2.85%
• Cash-on-cash: -12.28%
• DSCR: 0.45
• 1% rule: 0.52%
• Cash to close: $67,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-688 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (50.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (48.0% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $118k (50.6% below list) — sets the bar for cash-flow.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#634 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, cost of living A-; Watch: crime F, amenities F, commute F.
• Mayfield Central School District (town): math 42% / reading 56% proficiency, ranked #400 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mayfield Elementary School (math 36% / reading 62%, grade D, #1,177 of 2,108 statewide, top 56%, 430 students, 0% FRL); Mayfield Jr/Sr High School (math 52% / reading 42%, grade D-, #1,007 of 1,100 statewide, top 93%, 400 students, 48% FRL).
• Market conditions: 173 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y 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 $135k; list at $240k implies a 78% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$41k 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?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.