6 Cherrywood Ter

Siena College, NY 12110

$300,000C-

3 bd · 1.5 ba · 1,536 sqft · Built 1948 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,826/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$679
• HOA: −$0
• Vac / Maint / Mgmt: −$593
• Net cashflow: $-19/mo
• Annual: $-232/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• 1% rule: 0.94%
• Cash to close: $84,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $300k.
• At list price, monthly cash flow is $-19 ($-232/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $283k (5.8% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $283k (5.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• North Colonie CSD (suburban): math 70% / reading 76% proficiency, ranked #102 of 590 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Blue Creek School (math 45% / reading 70%, grade C+, #839 of 2,108 statewide, top 40%, 425 students, 29% FRL); Shaker High School (math 98% / reading 93%, grade A+, #76 of 1,100 statewide, top 7%, 2,018 students, 25% FRL).
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 103 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 32% of the median local income ($105k/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?
• Built in 1948 — 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.
• 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.