292 Stevers Mills Rd

Broadalbin, NY 12025

$94,900B+

2 bd · 1.0 ba · 1,063 sqft · Built 1880 · SingleFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,364/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $309/mo
• Annual: $3,709/yr
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• 1% rule: 1.44%
• Cash to close: $26,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 50 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($656 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#290 in NY, #4,681 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A-; Watch: amenities F, commute F, health & safety D-.
• Broadalbin-Perth Central School District (rural): math 50% / reading 62% proficiency, ranked #286 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Broadalbin-Perth Elementary School (math 44% / reading 57%, grade D+, #1,053 of 2,108 statewide, top 50%, 897 students, 39% FRL); Broadalbin-Perth Junior-Senior High School (math 58% / reading 69%, grade B-, #810 of 1,100 statewide, top 74%, 796 students, 0% FRL).
• Watch-outs: property tax is 2.9% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.2% vs local median 3.2% in Broadalbin — 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

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.