89 Morris Rd

Niskayuna, NY 12304

$89,000B

3 bd · 1.0 ba · 1,016 sqft · Built 1930 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,955/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$410
• Net cashflow: $879/mo
• Annual: $10,545/yr
• Cap rate: 18.14%
• Cash-on-cash: 42.32%
• DSCR: 2.88
• 1% rule: 2.20%
• Cash to close: $24,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $89k.
• At list price, monthly cash flow is $879 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#3 in NY, #51 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• South Colonie Central School District (suburban): math 63% / reading 57% proficiency, ranked #215 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Colonie Central High School (math 96% / reading 72%, grade A, #404 of 1,100 statewide, top 37%, 1,538 students, 39% FRL) — zoned schools average 39% FRL vs 19% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 84% at this address vs 60% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the South Colonie Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $70k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.1% vs local median 2.6% in Niskayuna — 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 1930 — 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 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.