5174 State Route 227

Burdett, NY 14818

$35,000C-

4 bd · 1.0 ba · 2,520 sqft · Built 1900 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,744/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$366
• Net cashflow: $1,056/mo
• Annual: $12,667/yr
• Cap rate: 42.48%
• Cash-on-cash: 129.26%
• DSCR: 6.75
• 1% rule: 4.98%
• Cash to close: $9,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($242 loan paydown + $2k appreciation (5.2% local appreciation)).
• Location reads 58/100 on livability (#1,048 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: health & safety D, schools D-, crime F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.