7 Hazel Dr

Putnam Lake, NY 12563

$329,900C+

4 bd · 1.5 ba · 1,400 sqft · Built 1956 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,011/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$1,003
• HOA: −$0
• Vac / Maint / Mgmt: −$842
• Net cashflow: $435/mo
• Annual: $5,225/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.66%
• DSCR: 1.25
• 1% rule: 1.22%
• Cash to close: $92,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $330k.
• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $330k).
• It's been on market 19 days — a 2% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $325k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#654 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Brewster Central School District (rural): math 73% / reading 68% proficiency, ranked #107 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: John F Kennedy Elementary School (599 students, 41% FRL); Henry H Wells Middle School (math 52% / reading 57%, grade B-, #214 of 729 statewide, top 31%, 668 students, 37% FRL); Brewster High School (math 95% / reading 92%, grade A+, #131 of 1,100 statewide, top 13%, 1,035 students, 36% FRL) — zoned schools average 38% FRL vs 17% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.1% of price; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 23y 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 $210k; list at $330k implies a 57% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 3.3% in Putnam Lake — 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 1956 — 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 F-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.