628 W End Ave

Carthage, NY 13619

$129,900B

3 bd · 1.0 ba · 1,200 sqft · Built 1903 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,352/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $227/mo
• Annual: $2,719/yr
• Cap rate: 8.39%
• Cash-on-cash: 7.47%
• DSCR: 1.33
• 1% rule: 1.04%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $14k of equity ($898 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#506 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime B; Watch: employment D+, amenities F, commute F.
• Carthage Central School District (rural): math 30% / reading 46% proficiency, ranked #539 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Carthage Elementary School (math 22% / reading 42%, grade F, #1,646 of 2,108 statewide, top 80%, 348 students, 51% FRL); Carthage Middle School (math 19% / reading 41%, grade F, #539 of 729 statewide, top 74%, 899 students, 51% FRL); Carthage Senior High School (math 92% / reading 72%, grade A, #452 of 1,100 statewide, top 44%, 815 students, 52% FRL) — zoned schools average 51% FRL vs 31% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 78 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $17k; list at $130k implies a 655% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.4% vs local median 5.4% in Carthage — 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 1903 — 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.
• 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.