109-111 Green St

Herkimer, NY 13350

$124,500B

4 bd · 3.0 ba · 9,250 sqft · Built 1919 · SingleFamily · Active · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,518/mo
• Mortgage (P&I): −$653
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $339/mo
• Annual: $4,065/yr
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $34,860

Investor read

• This is a 4-bed/3.0-bath single-family listed at $124k. Condition is rated fair.
• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 337 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($861 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#392 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, crime D, employment D.
• Herkimer Central School District (town): math 46% / reading 47% proficiency, ranked #455 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Herkimer Elementary School (math 51% / reading 48%, grade D, #1,085 of 2,108 statewide, top 56%, 517 students, 71% FRL); Herkimer High School (math 44% / reading 48%, grade D-, #1,023 of 1,100 statewide, top 93%, 579 students, 61% FRL) — zoned schools average 66% FRL vs 46% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $76k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.6% vs local median 5.5% in Herkimer — 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 337 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 1919 — 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 D 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Significant discoloration and wear
• Major: interior paint — Significant wear and tear
• Major: landscaping — Overgrown vegetation