3196 State Highway 166

Cherry Valley, NY 13450

$34,900C-

8 bd · 1.0 ba · 2,336 sqft · Built 1900 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,505/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $941/mo
• Annual: $11,296/yr
• Cap rate: 38.66%
• Cash-on-cash: 115.59%
• DSCR: 6.14
• 1% rule: 4.31%
• Cash to close: $9,772

Investor read

• This is a 8-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $941 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($241 loan paydown + $1k appreciation (3.3% local appreciation)).
• Location reads 60/100 on livability (#990 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: schools C-, health & safety C-, employment D.
• Cherry Valley-Springfield Central School District (rural): math 45% / reading 45% proficiency, ranked #564 of 755 in NY (top 75%) — 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: 3 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.
• 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?
• 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.