45 Woodcrest Way

Binghamton, NY 13748

$178,000D

3 bd · 1.0 ba · 1,560 sqft · Built 1958 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$933
• Tax + insurance: −$972
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $-926/mo
• Annual: $-11,108/yr
• Cap rate: 3.16%
• Cash-on-cash: -11.20%
• DSCR: 0.50
• 1% rule: 0.70%
• Cash to close: $49,840

Investor read

• This is a 3-bed/1.0-bath single-family listed at $178k.
• At list price, monthly cash flow is $-926 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (57.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (30.3% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $75k (57.8% below list) — sets the bar for cash-flow.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Susquehanna Valley Central School District (rural): math 48% / reading 57% proficiency, ranked #330 of 590 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: F P Donnelly School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 295 students, 48% FRL).
• Watch-outs: property tax is 2.9% of price; flood insurance adds $460/mo; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, 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.
• Cap rate 3.2% vs local median 6.4% in Binghamton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Built in 1958 — 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?