156 Main St

Worcester, NY 12197

$99,000C+

1 bd · 2.0 ba · 1,750 sqft · Built 1890 · SingleFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,044/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $140/mo
• Annual: $1,683/yr
• Cap rate: 7.99%
• Cash-on-cash: 6.07%
• DSCR: 1.27
• 1% rule: 1.05%
• Cash to close: $27,720

Investor read

• This is a 1-bed/2.0-bath single-family listed at $99k. Condition is rated fair.
• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 101 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($684 loan paydown + $2k appreciation (1.9% local appreciation)).
• Location reads 59/100 on livability (#1,037 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A; Watch: health & safety C-, schools D-, crime F.
• Worcester Central School District (rural): math 40% / reading 40% proficiency, ranked #642 of 755 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Siding appears weathered and peeling.
• Major: Roof — No visible roof condition, but based on exterior siding, likely in poor condition.
• Major: Windows — No visible window condition, but based on exterior siding, likely in poor condition.
• Major: HVAC/mechanical — No visible HVAC/mechanical condition, but based on exterior siding, likely in poor condition.
• Major: Landscaping — No visible landscaping, but based on exterior siding, likely in poor condition.