1372 (1370) Kinderhook Rd

Chittenango, NY 13037

$199,900B

3 bd · 1.5 ba · 1,498 sqft · Built 1970 · SingleFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,468/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$429
• HOA: −$0
• Vac / Maint / Mgmt: −$518
• Net cashflow: $472/mo
• Annual: $5,669/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• 1% rule: 1.23%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 98 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#296 in NY, #4,790 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living A; Watch: amenities F, commute F.
• Chittenango Central School District (rural): math 61% / reading 64% proficiency, ranked #192 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 73 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 9.1% vs local median 4.2% in Chittenango — 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 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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 A-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?
• 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.