2642 State Route 145

Middleburgh, NY 12122

$269,000D

4 bd · 2.0 ba · 1,890 sqft · Built 1950 · SingleFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,637/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$496
• HOA: −$0
• Vac / Maint / Mgmt: −$344
• Net cashflow: $-614/mo
• Annual: $-7,362/yr
• Cap rate: 3.56%
• Cash-on-cash: -9.77%
• DSCR: 0.57
• 1% rule: 0.61%
• Cash to close: $75,320

Investor read

• This is a 4-bed/2.0-bath single-family listed at $269k.
• At list price, monthly cash flow is $-614 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (40.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (39.1% below list).
• It's been on market 98 days — a 9% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (40.3% below list) — sets the bar for cash-flow.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#518 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: employment D+, amenities F, commute F.
• Middleburgh Central School District (rural): math 44% / reading 54% proficiency, ranked #409 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Middleburgh Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 344 students, 54% FRL); Middleburgh Junior/Senior High School (math 57% / reading 67%, grade B-, #827 of 1,100 statewide, top 76%, 296 students, 52% FRL) — zoned schools average 53% FRL vs 36% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$46k 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?
• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.
• 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.