4721 State Route 9G

Germantown, NY 12526

$410,000C-

3 bd · 1.0 ba · 1,560 sqft · Built 1930 · SingleFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,224/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$623
• HOA: −$0
• Vac / Maint / Mgmt: −$677
• Net cashflow: $-226/mo
• Annual: $-2,715/yr
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• 1% rule: 0.79%
• Cash to close: $114,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $410k.
• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $370k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $322k (21.4% below list).
• It's been on market 81 days — a 6% lower offer ($385k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $322k (21.4% below list) — sets the bar for 1% rule.
• In year one you build about $44k of equity ($3k loan paydown + $41k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#441 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: cost of living D, amenities F, commute F.
• Germantown Central School District (rural): math 54% / reading 51% proficiency, ranked #387 of 755 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $39k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $294k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.