875 NY RT 43

East Nassau, NY 12168

$123,000B-

3 bd · 1.0 ba · 1,386 sqft · Built 1852 · SingleFamily · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,481/mo
• Mortgage (P&I): −$645
• Tax + insurance: −$324
• HOA: −$0
• Vac / Maint / Mgmt: −$311
• Net cashflow: $201/mo
• Annual: $2,408/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• 1% rule: 1.20%
• Cash to close: $34,440

Investor read

• This is a 3-bed/1.0-bath single-family listed at $123k.
• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• It's been on market 84 days — a 6% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (6.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($850 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#1,099 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A-, cost of living B; Watch: schools D+, crime D-, amenities F.
• Berlin Central School District (rural): math 45% / reading 50% proficiency, ranked #412 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price; built in 1852 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.3% vs local median 2.1% in East Nassau — 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

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1852 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.