155 Lee Hollow Rd

Andes, NY 13753

$148,000D

1 bd · 1.0 ba · 1,342 sqft · Built 1926 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,079/mo
• Mortgage (P&I): −$776
• Tax + insurance: −$386
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-310/mo
• Annual: $-3,715/yr
• Cap rate: 3.78%
• Cash-on-cash: -8.96%
• DSCR: 0.60
• 1% rule: 0.73%
• Cash to close: $41,440

Investor read

• This is a 1-bed/1.0-bath single-family listed at $148k.
• At list price, monthly cash flow is $-310 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $93k (37.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (27.1% below list).
• It's been on market 42 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (37.0% below list) — sets the bar for cash-flow.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#1,096 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing B+; Watch: schools D+, crime D+, employment D.
• Delaware Academy Central School District At Delhi (rural): math 57% / reading 57% proficiency, ranked #284 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.6% of price; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $110k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.8% vs local median 3.1% in Andes — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 42 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 D 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?