2031 State Highway 12

Greene, NY 13778

$280,000D

4 bd · 2.0 ba · 2,185 sqft · Built 1961 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,550/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$560
• HOA: −$0
• Vac / Maint / Mgmt: −$326
• Net cashflow: $-803/mo
• Annual: $-9,637/yr
• Cap rate: 2.85%
• Cash-on-cash: -12.29%
• DSCR: 0.45
• 1% rule: 0.55%
• Cash to close: $78,400

Investor read

• This is a 4-bed/2.0-bath single-family listed at $280k.
• At list price, monthly cash flow is $-803 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (50.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (44.6% below list).
• It's been on market 38 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (50.7% below list) — sets the bar for cash-flow.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#407 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, health & safety D, amenities F.
• Greene Central School District (rural): math 56% / reading 58% proficiency, ranked #282 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greene Primary School (234 students, 45% FRL); Greene Middle School (math 42% / reading 47%, grade D, #348 of 729 statewide, top 50%, 208 students, 42% FRL); Greene High School (math 95%, 267 students, 43% FRL).
• Zoned-school proficiency averages 44% at this address vs 57% district-wide (-12 pts) — the specific schools serving this property underperform the Greene Central School District average; the district grade overstates school quality for this exact location.
• Market conditions: 19 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $170k; list at $280k implies a 65% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$48k 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 38 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
• Built in 1961 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.