13247 Ny-22

Pittsfield, MA 12029

$349,900C-

2 bd · 1.0 ba · 1,884 sqft · Built 1975 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,255/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$510
• HOA: −$0
• Vac / Maint / Mgmt: −$684
• Net cashflow: $227/mo
• Annual: $2,719/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• 1% rule: 0.93%
• Cash to close: $97,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $227 ($3k/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 $326k (7.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $326k (7.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#70 in MA, #3,820 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, amenities D+, crime D.
• New Lebanon Central School District (rural): math 56% / reading 57% proficiency, ranked #313 of 755 in NY (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Walter B Howard Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 230 students, 47% FRL); New Lebanon Junior-Senior High School (math 67% / reading 72%, grade B, #715 of 1,100 statewide, top 67%, 183 students, 50% FRL) — zoned schools average 48% FRL vs 25% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y 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 $155k; list at $350k implies a 126% gain — meaningful room to come down on a strong offer.
• Cap rate 7.1% vs local median 3.7% in Pittsfield — 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 1975 — 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 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.