9568 State Route 97 Unit 9568 State Route 97, Callicoon, New York 12723

Callicoon, NY 12723

$279,000C+

2 bd · 1.0 ba · 1,159 sqft · Built 1973 · SingleFamily · Pending · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,000/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$465
• HOA: −$0
• Vac / Maint / Mgmt: −$630
• Net cashflow: $442/mo
• Annual: $5,303/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• 1% rule: 1.08%
• Cash to close: $78,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $279k. Condition is rated fair.
• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• It's been on market 229 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 55/100 on livability (#1,135 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools C-, crime F, amenities F.
• Sullivan West Central School District (rural): math 45% / reading 47% proficiency, ranked #436 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — The kitchen cabinets appear to be in fair condition with some wear.
• Minor: Living room carpet — The living room carpet appears to be in fair condition with some wear.
• Minor: Exterior paint — The exterior paint appears to be in fair condition with some discoloration and minor wear.
• Minor: Interior paint — The interior paint appears to be in fair condition with some discoloration and minor wear.