3458 Ray Hill Rd

Andover, NY 14806

$60,000B+

6 bd · 1.0 ba · 1,800 sqft · Built 2015 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $660/mo
• Annual: $7,918/yr
• Cap rate: 19.49%
• Cash-on-cash: 47.13%
• DSCR: 3.10
• 1% rule: 2.27%
• Cash to close: $16,800

Investor read

• This is a 6-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 62 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($415 loan paydown + $3k appreciation (5.1% local appreciation)).
• Location reads 65/100 on livability (#676 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment C-, health & safety D.
• Andover Central School District (rural): math 45% / reading 30% proficiency, ranked #667 of 755 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $30k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.