239 County Route 41a

Pulaski, NY 13142

$260,000D

4 bd · 2.0 ba · 2,042 sqft · Built 1880 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,598/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$590
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-690/mo
• Annual: $-8,284/yr
• Cap rate: 3.11%
• Cash-on-cash: -11.38%
• DSCR: 0.49
• 1% rule: 0.61%
• Cash to close: $72,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $260k.
• At list price, monthly cash flow is $-690 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (46.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (38.5% below list).
• It's been on market 21 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (46.9% below list) — sets the bar for cash-flow.
• In year one you build about $23k of equity ($2k loan paydown + $21k appreciation (8.1% local appreciation)).
• Location reads 74/100 on livability (#302 in NY, #4,860 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D-, commute F.
• Pulaski Central School District (rural): math 44% / reading 58% proficiency, ranked #377 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pulaski Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 427 students, 54% FRL); Pulaski Middle-High School (math 46% / reading 63%, grade C-, #912 of 1,100 statewide, top 85%, 517 students, 46% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y 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.
• Current owner paid $220k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.1% vs local median 4.3% in Pulaski — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Built in 1880 — 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.
• 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.
• 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.