572 Winterdale Rd

Hancock, NY 18461

$65,000B+

4 bd · 1.0 ba · 1,756 sqft · Built 1900 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,411/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$262
• HOA: −$0
• Vac / Maint / Mgmt: −$296
• Net cashflow: $513/mo
• Annual: $6,150/yr
• Cap rate: 16.78%
• Cash-on-cash: 37.45%
• DSCR: 2.67
• 1% rule: 2.17%
• Cash to close: $18,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 18 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (4.5% local appreciation)).
• Location reads 70/100 on livability (#454 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: amenities D, commute F, employment F.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Preston Sch (math 37% / reading 57%, grade D-, #737 of 1,518 statewide, top 52%, 160 students, 54% FRL); Wayne Highlands Ms (math 37% / reading 65%, grade C, #116 of 512 statewide, top 24%, 376 students, 46% FRL); Honesdale Hs (math 72% / reading 24%, grade D, #153 of 437 statewide, top 37%, 697 students, 44% FRL).
• Watch-outs: property tax is 3.3% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.8% vs local median 2.4% in Hancock — 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

• Built in 1900 — 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?
• 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?
• 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.