3347 County Route 57

Minetto, NY 13126

$119,900B-

2 bd · 1.0 ba · 861 sqft · Built 1894 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,490/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$273
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $275/mo
• Annual: $3,302/yr
• Cap rate: 9.05%
• Cash-on-cash: 9.84%
• DSCR: 1.44
• 1% rule: 1.24%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 18 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-2.2%/yr); year-one equity from $829 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#554 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: amenities F, commute F, health & safety D-.
• Fulton City School District (town): math 29% / reading 43% proficiency, ranked #554 of 590 in NY (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Volney Elementary School (math 22% / reading 42%, grade F, #1,646 of 2,108 statewide, top 80%, 317 students, 51% FRL); Fulton Junior High School (math 15% / reading 34%, grade F, #611 of 729 statewide, top 88%, 500 students, 62% FRL); G Ray Bodley High School (math 83% / reading 86%, grade A, #379 of 1,100 statewide, top 36%, 976 students, 57% FRL).
• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+19.2%/yr); 168 active listings in the ZIP; 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.
• 4 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $53k; list at $120k implies a 126% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.2% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 9.0% vs local median 4.4% in Minetto — 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

• Built in 1894 — 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?
• 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.