24 Albion St

Liberty, NY 12754

$165,000C-

2 bd · 1.0 ba · 600 sqft · Built 1960 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,589/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$328
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $63/mo
• Annual: $752/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• 1% rule: 0.96%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $63 ($752/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 $159k (3.7% below list).
• It's been on market 20 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (3.7% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#890 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime D+, amenities F, commute F.
• Liberty Central School District (town): math 31% / reading 34% proficiency, ranked #569 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 691 students, 64% FRL); Liberty Middle School (math 12% / reading 29%, grade F, #664 of 729 statewide, top 91%, 529 students, 68% FRL); Liberty High School (math 92% / reading 70%, grade A, #495 of 1,100 statewide, top 46%, 596 students, 62% FRL) — zoned schools average 65% FRL vs 48% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 45% at this address vs 32% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Liberty Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 65 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $35k; list at $165k implies a 371% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.7% vs local median 3.8% in Liberty — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1960 — 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.
• Crime grade is D 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.
• 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.