102 Mechanic St

Antwerp, NY 13608

$169,900D

4 bd · 1.5 ba · 1,661 sqft · Built 1870 · SingleFamily · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,419/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$252
• HOA: −$0
• Vac / Maint / Mgmt: −$298
• Net cashflow: $-22/mo
• Annual: $-268/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.97
• 1% rule: 0.83%
• 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 $-22 ($-268/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 $142k (16.5% below list).
• It's been on market 155 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (16.5% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $1k appreciation (0.8% local appreciation)).
• Location reads 58/100 on livability (#1,064 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Indian River Central School District (rural): math 33% / reading 50% proficiency, ranked #502 of 590 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Antwerp Primary School (math 24% / reading 34%, grade F, #1,729 of 2,108 statewide, top 84%, 185 students, 54% FRL); Indian River Middle School (math 26% / reading 50%, grade F, #442 of 729 statewide, top 61%, 672 students, 60% FRL); Indian River High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 781 students, 49% FRL) — zoned schools average 55% FRL vs 28% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 42% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Indian River Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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 155 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1870 — 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?
• 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?
• 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.