1564 State Highway 8

Gilbertsville, NY 13809

$54,000B+

1 bd · 1.0 ba · 768 sqft · Built 1954 · SingleFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $870/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$62
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $342/mo
• Annual: $4,104/yr
• Cap rate: 13.89%
• Cash-on-cash: 27.14%
• DSCR: 2.21
• 1% rule: 1.61%
• Cash to close: $15,120

Investor read

• This is a 1-bed/1.0-bath single-family listed at $54k.
• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($870 rent vs $54k).
• It's been on market 37 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($373 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#892 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment B; Watch: health & safety C-, schools D+, crime D-.
• Gilbertsville-Mount Upton Central School District (rural): math 40% / reading 35% proficiency, ranked #666 of 755 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $35k; list at $54k implies a 55% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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 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 D 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.
• 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.