6 Aka 8 Water St

Andover, NY 14806

$32,108B+

3 bd · 1.5 ba · 1,356 sqft · Built 1945 · SingleFamily · Pending · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,183/mo
• Mortgage (P&I): −$168
• Tax + insurance: −$480
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $286/mo
• Annual: $3,432/yr
• Cap rate: 32.92%
• Cash-on-cash: 95.11%
• DSCR: 5.23
• 1% rule: 3.68%
• Cash to close: $8,990

Investor read

• This is a 3-bed/1.5-bath single-family listed at $32k. Condition is rated fair.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• It's been on market 112 days — a 9% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($222 loan paydown + $2k 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.
• Watch-outs: flood insurance adds $427/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen countertops — The countertops are visibly worn and need replacement.
• Major: Bathroom fixtures — The bathroom fixtures are outdated and need updating.
• Moderate: Exterior siding — The siding is weathered and could benefit from repainting.
• Major: Flooring — The flooring is worn and may need replacement.
• Minor: Interior walls — The walls show some discoloration and could be painted.