28 Olmstedville Rd

Pottersville, NY 12817

$185,000D+

5 bd · 1.5 ba · 1,540 sqft · Built 1909 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,448/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$304
• Net cashflow: $-96/mo
• Annual: $-1,155/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• 1% rule: 0.78%
• Cash to close: $51,800

Investor read

• This is a 5-bed/1.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (21.7% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $145k (21.7% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (9.9% local appreciation)).
• Location reads 60/100 on livability (#985 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• North Warren Central School District (rural): math 48% / reading 55% proficiency, ranked #352 of 590 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k 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?
• Built in 1909 — 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 D 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.
• 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.