899 Conklin Rd

Binghamton, NY 13903

$105,000A

3 bd · 1.0 ba · 1,500 sqft · Built 1940 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,585/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$754
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $-53/mo
• Annual: $-639/yr
• Cap rate: 10.95%
• Cash-on-cash: 16.62%
• DSCR: 1.74
• 1% rule: 1.51%
• Cash to close: $29,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-53 ($-639/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (9.0% below list).
• Meets the 1% rule at list price ($2k rent vs $105k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $96k (9.0% below list) — sets the bar for cash-flow.
• In year one you build about $11k of equity ($726 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#174 in NY, #2,710 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Susquehanna Valley Central School District (rural): math 48% / reading 57% proficiency, ranked #330 of 590 in NY (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: F P Donnelly School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 295 students, 48% FRL).
• Watch-outs: property tax is 2.9% of price; flood insurance adds $460/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.9% vs local median 6.4% in Binghamton — 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

• 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?
• Built in 1940 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.