6328 New York 10

Sharon Springs, NY 13459

$229,000D

3 bd · 1.0 ba · 1,920 sqft · Built 1800 · SingleFamily · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,441/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-444/mo
• Annual: $-5,327/yr
• Cap rate: 3.97%
• Cash-on-cash: -8.31%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $64,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $229k.
• At list price, monthly cash flow is $-444 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (28.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (37.1% below list).
• It's been on market 194 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (37.1% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#945 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, crime F, amenities F.
• Cobleskill-Richmondville Central School District (town): math 53% / reading 52% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: George D Ryder Elementary School (378 students, 44% FRL); William H Golding Middle School (math 36% / reading 47%, grade F, #394 of 729 statewide, top 55%, 345 students, 48% FRL); Cobleskill-Richmondville High School (math 98% / reading 70%, grade A, #409 of 1,100 statewide, top 39%, 474 students, 48% FRL).
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 194 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1800 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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?