222 Duell Rd

Chenango Bridge, NY 13904

$137,000D+

3 bd · 1.0 ba · 900 sqft · Built 1940 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,125/mo
• Mortgage (P&I): −$718
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-47/mo
• Annual: $-561/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.46%
• DSCR: 0.93
• 1% rule: 0.82%
• Cash to close: $38,360

Investor read

• This is a 3-bed/1.0-bath single-family listed at $137k.
• At list price, monthly cash flow is $-47 ($-561/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (17.9% below list).
• It's been on market 17 days — a 2% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (17.9% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($947 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#505 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B+; Watch: amenities F, commute F, health & safety D-.
• Harpursville Central School District (rural): math 43% / reading 37% proficiency, ranked #518 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: W A Olmsted Elementary School (math 27% / reading 32%, grade F, #1,729 of 2,108 statewide, top 84%, 327 students, 54% FRL); Harpursville Junior-Senior High School (math 62% / reading 37%, grade D, #974 of 1,100 statewide, top 91%, 269 students, 56% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $137k implies a 123% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.9% vs local median 4.0% in Chenango Bridge — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 1940 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.