270 Clinton St

Alden, NY 14037

$50,000B+

3 bd · 1.0 ba · 1,836 sqft · Built 1869 · SingleFamily · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $552/mo
• Annual: $6,628/yr
• Cap rate: 19.55%
• Cash-on-cash: 47.35%
• DSCR: 3.11
• 1% rule: 2.54%
• Cash to close: $14,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 69 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($346 loan paydown + $3k appreciation (6.7% local appreciation)).
• Location reads 68/100 on livability (#559 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living B+; Watch: amenities F, commute F, health & safety F.
• Attica Central School District (rural): math 52% / reading 54% proficiency, ranked #326 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Attica Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 442 students, 40% FRL); Attica Junior High School (math 45% / reading 53%, grade C-, #294 of 729 statewide, top 41%, 333 students, 46% FRL); Attica Senior High School (math 92% / reading 90%, grade A+, #203 of 1,100 statewide, top 20%, 369 students, 41% FRL) — zoned schools average 42% FRL vs 26% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 4.0% of price; built in 1869 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.