4555 State Route 79

Burdett, NY 14818

$174,900C+

3 bd · 1.5 ba · 1,860 sqft · Built 1890 · SingleFamily · Active · 481 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,762/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$335
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $139/mo
• Annual: $1,674/yr
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• 1% rule: 1.01%
• Cash to close: $48,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 481 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($1k loan paydown + $9k 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: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 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.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $45k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 481 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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 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.