64 St Charles St St

Johnson City, NY 13790

$195,000D+

1 bd · 1.0 ba · 1,844 sqft · Built 1880 · Other · Active · 273 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,307/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $-322/mo
• Annual: $-3,858/yr
• Cap rate: 4.31%
• Cash-on-cash: -7.07%
• DSCR: 0.69
• 1% rule: 0.67%
• Cash to close: $54,600

Investor read

• This is a 1-bed/1.0-bath other listed at $195k.
• At list price, monthly cash flow is $-322 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (29.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (33.0% below list).
• It's been on market 273 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (33.0% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 76/100 on livability (#238 in NY, #3,739 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Johnson City Central School District (suburban): math 38% / reading 41% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.5%/yr); 99 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Current owner paid $70k; list at $195k implies a 179% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% vs local median 6.2% in Johnson City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 273 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.
• Crime grade is F 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?
• 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.