123 Ecker Hollow Rd

Middleburgh, NY 12157

$69,000A-

3 bd · 1.0 ba · 1,092 sqft · Built 1875 · SingleFamily · Pending · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,171/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $279/mo
• Annual: $3,350/yr
• Cap rate: 11.15%
• Cash-on-cash: 17.34%
• DSCR: 1.77
• 1% rule: 1.70%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 120 days — a 9% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (9.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#518 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, health & safety A; Watch: employment D+, amenities F, commute F.
• Middleburgh Central School District (rural): math 44% / reading 54% proficiency, ranked #409 of 590 in NY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.4% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.1% vs local median 3.3% in Middleburgh — 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

• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1875 — 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?
• 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.
• 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.