37 Harper St

Stamford, NY 12167

$229,000D

3 bd · 2.0 ba · 1,430 sqft · Built 1987 · SingleFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,847/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$624
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-366/mo
• Annual: $-4,391/yr
• Cap rate: 4.38%
• Cash-on-cash: -6.85%
• DSCR: 0.70
• 1% rule: 0.81%
• Cash to close: $64,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $229k. Condition is rated good.
• At list price, monthly cash flow is $-366 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (28.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (19.4% below list).
• It's been on market 137 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (28.2% below list) — sets the bar for cash-flow.
• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (5.2% local appreciation)).
• Location reads 67/100 on livability (#574 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: employment C-, schools D-, amenities F.
• Stamford Central School District (rural): math 40% / reading 35% proficiency, ranked #675 of 755 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 72 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 38% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 137 days. Have you received any prior offers? Is the seller open to a 28% 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.
• Schools are D-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.