1308 New York 302

Scotchtown, NY 12566

$389,000D

3 bd · 1.5 ba · 1,506 sqft · Built 1942 · SingleFamily · Active · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,264/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$648
• HOA: −$0
• Vac / Maint / Mgmt: −$475
• Net cashflow: $-900/mo
• Annual: $-10,795/yr
• Cap rate: 3.52%
• Cash-on-cash: -9.91%
• DSCR: 0.56
• 1% rule: 0.58%
• Cash to close: $108,920

Investor read

• This is a 3-bed/1.5-bath single-family listed at $389k.
• At list price, monthly cash flow is $-900 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (33.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (41.8% below list).
• It's been on market 364 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (41.8% below list) — sets the bar for 1% rule.
• In year one you build about $34k of equity ($3k loan paydown + $31k appreciation (8.0% local appreciation)).
• Location reads 68/100 on livability (#515 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, cost of living D, schools F.
• Pine Bush Central School District (rural): math 38% / reading 45% proficiency, ranked #468 of 590 in NY (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 83 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• By year 2, paydown + projected appreciation supports a ~$54k 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 364 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• Built in 1942 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.