3894 Solsville Rd

Madison, NY 13402

$149,000D

3 bd · 3.0 ba · 1,720 sqft · Built 1900 · Other · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,304/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $0/mo
• Annual: $3/yr
• Cap rate: 6.29%
• Cash-on-cash: 0.01%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $41,720

Investor read

• This is a 3-bed/3.0-bath other listed at $149k. Condition is rated fair.
• At list price, monthly cash flow is $0 ($3/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (12.5% below list).
• It's been on market 41 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (12.5% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 59/100 on livability (#1,012 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools F, crime F.
• Madison Central School District (rural): math 35% / reading 31% proficiency, ranked #703 of 755 in NY (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 13% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The satellite image suggests the roof may be leaking or in need of replacement.
• Major: exterior walls/siding — The satellite image shows significant wear and tear on the exterior walls and siding.
• Major: HVAC condensers — The satellite image shows HVAC condensers that may need maintenance or replacement.
• Major: interior walls/paint — The satellite image suggests the interior walls may be in need of painting or repairs.
• Major: landscaping — The satellite image shows a lack of landscaping and a potentially unkempt appearance, which could be improved with some landscaping work.