7069 State Highway 12

Sherburne, NY 13815

$132,000C+

2 bd · 1.0 ba · 1,277 sqft · Built 1900 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,246/mo
• Mortgage (P&I): −$692
• Tax + insurance: −$238
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $54/mo
• Annual: $651/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.76%
• DSCR: 1.08
• 1% rule: 0.94%
• Cash to close: $36,960

Investor read

• This is a 2-bed/1.0-bath single-family listed at $132k.
• At list price, monthly cash flow is $54 ($651/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 $125k (5.6% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $125k (5.6% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($913 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#837 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: health & safety C-, schools D+, amenities F.
• Sherburne-Earlville Central School District (rural): math 34% / reading 51% proficiency, ranked #492 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 84 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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 $90k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1900 — 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?
• 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.