28 Eaton St

Morrisville, NY 13408

$134,000C

3 bd · 2.0 ba · 1,834 sqft · Built 1850 · SingleFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,314/mo
• Mortgage (P&I): −$703
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $112/mo
• Annual: $1,341/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $37,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $134k.
• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (2.0% below list).
• It's been on market 19 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (2.0% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($926 loan paydown + $8k appreciation (6.2% local appreciation)).
• Location reads 74/100 on livability (#291 in NY, #4,741 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools C-, amenities F, commute F.
• Morrisville-Eaton Central School District (rural): math 59% / reading 72% proficiency, ranked #177 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $16k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $134k implies a 114% gain — meaningful room to come down on a strong offer.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1850 — 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.
• 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.