3960 Susquehannah St

Prospect, NY 13438

$17,000C

3 bd · None ba · 1,001 sqft · Built 1930 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$89
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $711/mo
• Annual: $8,534/yr
• Cap rate: 56.49%
• Cash-on-cash: 179.28%
• DSCR: 8.98
• 1% rule: 6.17%
• Cash to close: $4,760

Investor read

• This is a 3-bed/?-bath single-family listed at $17k.
• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $17k).
• It's been on market 20 days — a 2% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($118 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#858 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D+, crime F.
• Remsen Central School District (rural): math 50% / reading 50% proficiency, ranked #459 of 755 in NY (top 61%) — 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: 37 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1930 — 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.
• 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?
• 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.