59 Country Club Dr

Florida, NY 10921

$285,000D-

1 bd · 1.0 ba · 1,020 sqft · Built 1975 · Townhouse · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,100/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$458
• HOA: −$165
• Vac / Maint / Mgmt: −$441
• Net cashflow: $-459/mo
• Annual: $-5,503/yr
• Cap rate: 4.36%
• Cash-on-cash: -6.90%
• DSCR: 0.69
• 1% rule: 0.74%
• Cash to close: $79,800

Investor read

• This is a 1-bed/1.0-bath townhouse listed at $285k.
• At list price, monthly cash flow is $-459 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (28.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (26.3% below list).
• It's been on market 26 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (28.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#304 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Florida Union Free School District (town): math 63% / reading 66% proficiency, ranked #162 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Golden Hill Elementary (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 319 students, 34% FRL); S S Seward Institute (math 62% / reading 57%, grade C+, #851 of 1,100 statewide, top 80%, 390 students, 31% FRL) — zoned schools average 32% FRL vs 16% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 39 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 3 sale attempts since 28y 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.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.4% vs local median 2.1% in Florida — 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

• 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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.