35 Main St

McGraw, NY 13101

$74,900B+

6 bd · 2.0 ba · 2,208 sqft · Built 1860 · Townhouse · Pending · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,460/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$741
• HOA: −$0
• Vac / Maint / Mgmt: −$307
• Net cashflow: $19/mo
• Annual: $231/yr
• Cap rate: 13.98%
• Cash-on-cash: 27.45%
• DSCR: 2.22
• 1% rule: 1.95%
• Cash to close: $20,972

Investor read

• This is a 6-bed/2.0-bath townhouse listed at $75k.
• At list price, monthly cash flow is $19 ($231/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 92 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($518 loan paydown + $4k appreciation (4.9% local appreciation)).
• Location reads 71/100 on livability (#411 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, health & safety D, amenities F.
• Mcgraw Central School District (rural): math 57% / reading 61% proficiency, ranked #252 of 590 in NY (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 4.0% of price; flood insurance adds $460/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 45 units permitted in Cortland County in 2024 (12 in 5+ unit buildings).
• Cortland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $11k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $75k implies a 54% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.