829 Depot ST St

Burke, NY 12917

$99,900B

3 bd · 2.0 ba · 1,413 sqft · Built 1900 · SingleFamily · Pending · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $246/mo
• Annual: $2,953/yr
• Cap rate: 9.25%
• Cash-on-cash: 10.56%
• DSCR: 1.47
• 1% rule: 1.24%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 143 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($691 loan paydown + $9k appreciation (9.4% local appreciation)).
• Location reads 62/100 on livability (#859 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: health & safety C-, crime F, amenities F.
• Malone Central School District (town): math 27% / reading 29% proficiency, ranked #581 of 590 in NY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Flanders Elementary School (math 17% / reading 27%, grade F, #1,923 of 2,108 statewide, top 92%, 201 students, 51% FRL); Malone Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 500 students, 52% FRL); Franklin Academy High School (math 82% / reading 70%, grade A-, #623 of 1,100 statewide, top 57%, 719 students, 47% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 124 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $22k; list at $100k implies a 344% gain — meaningful room to come down on a strong offer.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• 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?
• 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.