607 Post St

Boonville, NY 13309

$169,900C-

4 bd · 1.5 ba · 2,084 sqft · Built 1900 · SingleFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,382/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $-22/mo
• Annual: $-261/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• 1% rule: 0.81%
• Cash to close: $47,572

Investor read

• This is a 4-bed/1.5-bath single-family listed at $170k.
• At list price, monthly cash flow is $-22 ($-261/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (18.6% below list).
• It's been on market 34 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (18.6% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#146 in NY, #2,225 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Adirondack Central School District (rural): math 41% / reading 54% proficiency, ranked #426 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $56k; list at $170k implies a 204% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.1% vs local median 3.6% in Boonville — 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?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.