10472 County Highway 23

Unadilla, NY 13839

$60,000B+

3 bd · 1.0 ba · 1,181 sqft · Built 1900 · SingleFamily · Pending · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,137/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$207
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $376/mo
• Annual: $4,515/yr
• Cap rate: 15.15%
• Cash-on-cash: 31.62%
• DSCR: 2.41
• 1% rule: 1.89%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 132 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($415 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#950 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Sidney Central School District (town): math 44% / reading 47% proficiency, ranked #462 of 590 in NY (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sidney Elementary School (math 41% / reading 50%, grade D-, #1,271 of 2,108 statewide, top 60%, 527 students, 52% FRL); Sidney Middle School (math 32% / reading 42%, grade F, #448 of 729 statewide, top 63%, 171 students, 53% FRL); Sidney High School (math 92% / reading 75%, grade A, #409 of 1,100 statewide, top 39%, 336 students, 48% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.1% vs local median 5.5% in Unadilla — 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 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-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?
• 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.