15571 State Highway 23

Davenport Center, NY 13751

$179,000D

3 bd · 1.5 ba · 1,762 sqft · Built 1900 · SingleFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$273
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-202/mo
• Annual: $-2,419/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.83%
• DSCR: 0.79
• 1% rule: 0.71%
• Cash to close: $50,120

Investor read

• This is a 3-bed/1.5-bath single-family listed at $179k.
• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (28.6% below list).
• It's been on market 35 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (28.6% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#1,049 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: employment C-, health & safety C-, schools F.
• Charlotte Valley Central School District (rural): math 35% / reading 45% proficiency, ranked #640 of 755 in NY (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 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 6, 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• Schools are F-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?
• 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.