188 Blackman Corners Rd

Mooers, NY 12959

$214,500D

3 bd · 2.0 ba · 2,342 sqft · Built 1910 · SingleFamily · Active · 326 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,319/mo
• Mortgage (P&I): −$1,125
• Tax + insurance: −$479
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-562/mo
• Annual: $-6,739/yr
• Cap rate: 3.15%
• Cash-on-cash: -11.22%
• DSCR: 0.50
• 1% rule: 0.61%
• Cash to close: $60,060

Investor read

• This is a 3-bed/2.0-bath single-family listed at $214k.
• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (46.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (38.5% below list).
• It's been on market 326 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (46.3% below list) — sets the bar for cash-flow.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (5.9% local appreciation)).
• Location reads 66/100 on livability (#660 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools C-, health & safety C-, crime F.
• Northeastern Clinton Central School District (rural): math 63% / reading 63% proficiency, ranked #203 of 590 in NY (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 192 units permitted in Clinton County in 2024 (64 in 5+ unit buildings).
• Clinton County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• Current owner paid $83k; list at $214k implies a 157% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 326 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1910 — 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.
• 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.