302 Todd Rd Unit T

Woodbourne, NY 12788

$150,000D

2 bd · 1.0 ba · 1,551 sqft · Built 1950 · Condo · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,637/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$417
• Vac / Maint / Mgmt: −$344
• Net cashflow: $-160/mo
• Annual: $-1,922/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• 1% rule: 1.09%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $-160 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (15.4% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 33 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (15.4% below list) — sets the bar for cash-flow.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Fallsburg Central School District (town): math 29% / reading 27% proficiency, ranked #583 of 590 in NY (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Benjamin Cosor Elementary School (math 8% / reading 22%, grade F, #2,024 of 2,108 statewide, top 97%, 810 students, 72% FRL); Fallsburg Junior Senior High School (math 52% / reading 32%, grade F, #1,046 of 1,100 statewide, top 96%, 684 students, 64% FRL).
• Watch-outs: HOA is 25% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$41k 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 33 days. Have you received any prior offers? Is the seller open to a 15% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn and could be replaced for a fresh look.
• Minor: Bathroom fixtures — Worn and could be replaced for a fresh look.
• Moderate: Exterior siding — Discolored and could be repainted.
• Moderate: Living area hardwood floors — Worn and could be refinished or replaced.
• Moderate: Interior wall paint — Chipped and could be repainted.
• Major: Landscaping — Overgrown and needs trimming and maintenance to improve curb appeal.