4409 State Route 228

Jacksonville, NY 14805

$120,000C

4 bd · 2.0 ba · 2,160 sqft · Built 1880 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$408
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $123/mo
• Annual: $1,475/yr
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• 1% rule: 1.22%
• Cash to close: $33,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 65 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($830 loan paydown + $2k appreciation (1.8% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Trumansburg Central School District (rural): math 53% / reading 60% proficiency, ranked #275 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Trumansburg Elementary School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 389 students, 36% FRL); Russell I Doig Middle School (math 38% / reading 53%, grade D+, #337 of 729 statewide, top 47%, 302 students, 40% FRL); Charles O Dickerson High School (math 92% / reading 95%, grade A+, #131 of 1,100 statewide, top 13%, 281 students, 36% FRL).
• Watch-outs: property tax is 3.6% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.