15 Peer St

Chenango Bridge, NY 13901

$71,250B

4 bd · 1.0 ba · 1,428 sqft · Built 1961 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,812/mo
• Mortgage (P&I): −$374
• Tax + insurance: −$119
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $939/mo
• Annual: $11,266/yr
• Cap rate: 22.10%
• Cash-on-cash: 56.47%
• DSCR: 3.51
• 1% rule: 2.54%
• Cash to close: $19,950

Investor read

• This is a 4-bed/1.0-bath single-family listed at $71k.
• At list price, monthly cash flow is $939 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $71k).
• It's been on market 29 days — a 2% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $492 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#505 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment B+; Watch: amenities F, commute F, health & safety D-.
• Chenango Valley Central School District (suburban): math 47% / reading 57% proficiency, ranked #339 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chenango Bridge Elementary School (math 47% / reading 55%, grade C-, #1,047 of 2,108 statewide, top 50%, 376 students, 40% FRL); Chenango Valley Middle School (math 26% / reading 58%, grade D-, #379 of 729 statewide, top 54%, 370 students, 41% FRL); Chenango Valley High School (math 92%, 499 students, 37% FRL).
• Market conditions: 92 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 22.1% vs local median 4.0% in Chenango Bridge — 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.
• This rent runs 39% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1961 — 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.