232 Lake Shore Dr S

Portlandville, NY 12116

$250,000D

2 bd · 1.0 ba · 672 sqft · Built 2007 · SingleFamily · Active · 291 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,422/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$319
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $-507/mo
• Annual: $-6,088/yr
• Cap rate: 3.86%
• Cash-on-cash: -8.70%
• DSCR: 0.61
• 1% rule: 0.57%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $-507 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (35.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (43.1% below list).
• It's been on market 291 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (43.1% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (5.2% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Milford Central School District (rural): math 55% / reading 40% proficiency, ranked #507 of 755 in NY (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 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.
• By year 3, paydown + projected appreciation supports a ~$36k 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 291 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.