48 County Route 41a

Pulaski, NY 13142

$117,600C

3 bd · 2.0 ba · 1,820 sqft · Built 1988 · SingleFamily · Pending · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,438/mo
• Mortgage (P&I): −$617
• Tax + insurance: −$466
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $53/mo
• Annual: $636/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• 1% rule: 1.22%
• Cash to close: $32,928

Investor read

• This is a 3-bed/2.0-bath single-family listed at $118k.
• At list price, monthly cash flow is $53 ($636/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• It's been on market 56 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($813 loan paydown + $10k appreciation (8.1% local appreciation)).
• Location reads 74/100 on livability (#302 in NY, #4,860 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D-, commute F.
• Pulaski Central School District (rural): math 44% / reading 58% proficiency, ranked #377 of 590 in NY (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pulaski Elementary School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 427 students, 54% FRL); Pulaski Middle-High School (math 46% / reading 63%, grade C-, #912 of 1,100 statewide, top 85%, 517 students, 46% FRL).
• Watch-outs: property tax is 4.3% of price.
• Market conditions: 65 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $90k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.8% vs local median 4.3% in Pulaski — 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 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.