405 Bozenkill Rd

Altamont, NY 12009

$212,500D+

1 bd · 1.0 ba · 852 sqft · Built 1955 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,744/mo
• Mortgage (P&I): −$1,114
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$366
• Net cashflow: $-70/mo
• Annual: $-838/yr
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• 1% rule: 0.82%
• Cash to close: $59,500

Investor read

• This is a 1-bed/1.0-bath single-family listed at $212k.
• At list price, monthly cash flow is $-70 ($-838/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (17.9% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $174k (17.9% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#387 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Berne-Knox-Westerlo Central School District (rural): math 54% / reading 57% proficiency, ranked #275 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $92k; list at $212k implies a 131% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.9% vs local median 2.9% in Altamont — 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

• 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?
• Built in 1955 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.