796 E Maine Rd

Johnson City, NY 13790

$225,000D

4 bd · 3.0 ba · 2,272 sqft · Built 1965 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,854/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$734
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-450/mo
• Annual: $-5,396/yr
• Cap rate: 3.89%
• Cash-on-cash: -8.57%
• DSCR: 0.62
• 1% rule: 0.82%
• Cash to close: $63,000

Investor read

• This is a 4-bed/3.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-450 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (31.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (17.6% below list).
• It's been on market 59 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (31.7% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Maine-Endwell Central School District (suburban): math 54% / reading 60% proficiency, ranked #278 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Homer Brink School (math 68% / reading 71%, grade A-, #447 of 2,108 statewide, top 24%, 731 students, 32% FRL); Maine-Endwell Middle School (math 31% / reading 57%, grade D, #363 of 729 statewide, top 50%, 564 students, 39% FRL); Maine-Endwell Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 728 students, 36% FRL).
• Zoned-school proficiency averages 69% at this address vs 57% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Maine-Endwell Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: Rents rising fast (+9.5%/yr); 102 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago 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 ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.9% vs local median 6.4% in Johnson City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 38% of the median local income ($59k/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?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• 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?
• 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.