77 W 7th St

Oswego, NY 13126

$239,900D-

2 bd · 2.0 ba · 1,596 sqft · Built 1948 · SingleFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,632/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$378
• HOA: −$0
• Vac / Maint / Mgmt: −$343
• Net cashflow: $-347/mo
• Annual: $-4,164/yr
• Cap rate: 4.56%
• Cash-on-cash: -6.20%
• DSCR: 0.72
• 1% rule: 0.68%
• Cash to close: $67,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-347 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (25.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (32.0% below list).
• It's been on market 48 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (32.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#265 in NY, #4,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime F, commute F.
• Oswego City School District (town): math 39% / reading 51% proficiency, ranked #465 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 4.6% vs local median 8.8% in Oswego — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 48 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.