29 Brookside Way

Elizabethtown, NY 12950

$149,900D+

4 bd · 2.5 ba · 1,968 sqft · Built 1990 · SingleFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,585/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$499
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-33/mo
• Annual: $-401/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• 1% rule: 1.06%
• Cash to close: $41,972

Investor read

• This is a 4-bed/2.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $-33 ($-401/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (3.9% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 165 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (5.5% local appreciation)).
• Location reads 61/100 on livability (#893 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: crime D-, amenities F, commute F.
• Watch-outs: property tax is 3.5% of price.
• Market conditions: 9 active listings in the ZIP; 218 units permitted in Essex County in 2024 (63 in 5+ unit buildings).
• Essex County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $80k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• 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.