26 Squire Ln

Sleepy Hollow Lake, NY 12015

$399,000D

3 bd · 2.0 ba · 1,333 sqft · Built 1988 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,250/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$665
• HOA: −$192
• Vac / Maint / Mgmt: −$682
• Net cashflow: $-382/mo
• Annual: $-4,583/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.10%
• DSCR: 0.82
• 1% rule: 0.81%
• Cash to close: $111,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $399k. Condition is rated good.
• At list price, monthly cash flow is $-382 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (18.5% below list).
• It's been on market 18 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $325k (18.5% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($3k loan paydown + $24k appreciation (5.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Coxsackie-Athens Central School District (town): math 43% / reading 56% proficiency, ranked #384 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edward J Arthur Elementary School (math 44% / reading 64%, grade C, #908 of 2,108 statewide, top 46%, 184 students, 40% FRL); Coxsackie-Athens Middle School (math 22% / reading 46%, grade F, #497 of 729 statewide, top 69%, 364 students, 41% FRL); Coxsackie-Athens High School (math 87% / reading 82%, grade A, #379 of 1,100 statewide, top 36%, 365 students, 0% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% vs local median 2.3% in Sleepy Hollow Lake — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.