338 Brighton Rd

Richfield Springs, NY 13439

$24,900B+

3 bd · 1.0 ba · 841 sqft · Built 1900 · Other · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $988/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $557/mo
• Annual: $6,685/yr
• Cap rate: 33.14%
• Cash-on-cash: 95.88%
• DSCR: 5.27
• 1% rule: 3.97%
• Cash to close: $6,972

Investor read

• This is a 3-bed/1.0-bath other listed at $25k.
• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $25k).
• It's been on market 60 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• In year one you build about $548 of equity ($172 loan paydown + $376 appreciation (1.5% local appreciation)).
• Location reads 73/100 on livability (#328 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D+, amenities F.
• Richfield Springs Central School District (rural): math 47% / reading 43% proficiency, ranked #575 of 755 in NY (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $18k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.