1934 Morton Hill Rd

Roscoe, NY 12776

$109,000B+

3 bd · 1.5 ba · 1,350 sqft · Built 1900 · SingleFamily · Active · 286 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,932/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$406
• Net cashflow: $773/mo
• Annual: $9,276/yr
• Cap rate: 14.80%
• Cash-on-cash: 30.39%
• DSCR: 2.35
• 1% rule: 1.77%
• Cash to close: $30,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $109k. Condition is rated poor.
• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• It's been on market 286 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($754 loan paydown + $7k appreciation (6.1% local appreciation)).
• Location reads 56/100 on livability (#1,100 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing B; Watch: crime F, amenities F, commute F.
• Roscoe Central School District (rural): math 35% / reading 35% proficiency, ranked #689 of 755 in NY (top 91%) — 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: 39 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $20k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.8% vs local median 1.3% in Roscoe — 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 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Peeling paint
• Major: interior walls — Peeling paint
• Major: flooring — Worn and in need of replacement
• Major: bathroom fixtures — Dirty and in need of repairs
• Major: kitchen cabinets — Worn and outdated
• Unknown: HVAC system — No visible damage