107 Mill St

Elbridge, NY 13060

$65,000B+

3 bd · 1.0 ba · 1,458 sqft · Built 1889 · SingleFamily · Pending · 144 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,281/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $563/mo
• Annual: $6,755/yr
• Cap rate: 16.69%
• Cash-on-cash: 37.11%
• DSCR: 2.65
• 1% rule: 1.97%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 144 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($449 loan paydown + $4k appreciation (6.8% local appreciation)).
• Location reads 63/100 on livability (#794 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing A-; Watch: employment D+, amenities F, commute F.
• Jordan-Elbridge Central School District (rural): math 57% / reading 57% proficiency, ranked #277 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elbridge Elementary School (math 54% / reading 54%, grade C, #908 of 2,108 statewide, top 46%, 445 students, 35% FRL); Jordan-Elbridge Middle School (math 48% / reading 52%, grade C, #261 of 729 statewide, top 36%, 410 students, 48% FRL); Jordan-Elbridge High School (math 98% / reading 95%, grade A+, #59 of 1,100 statewide, top 6%, 343 students, 38% FRL).
• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1889 — 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.
• 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.