13 Cedar St

Morrisville, NY 13408

$149,900D

3 bd · 1.0 ba · 1,004 sqft · Built 1955 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,119/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$322
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $-224/mo
• Annual: $-2,689/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.41%
• DSCR: 0.71
• 1% rule: 0.75%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (25.4% below list).
• It's been on market 18 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (26.4% below list) — sets the bar for cash-flow.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (6.2% local appreciation)).
• Location reads 74/100 on livability (#291 in NY, #4,741 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: schools C-, amenities F, commute F.
• Morrisville-Eaton Central School District (rural): math 59% / reading 72% proficiency, ranked #177 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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.
• Current owner paid $88k; list at $150k implies a 69% gain — meaningful room to come down on a strong offer.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.