425 Larchmont Ave

Utica, NY 13502

$195,000C

3 bd · 1.0 ba · 1,344 sqft · Built 1926 · SingleFamily · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$288
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $270/mo
• Annual: $3,238/yr
• Cap rate: 7.95%
• Cash-on-cash: 5.93%
• DSCR: 1.26
• 1% rule: 1.03%
• Cash to close: $54,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 100 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#104 in NY, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, crime F.
• Utica City School District (urban): math 33% / reading 38% proficiency, ranked #562 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: General Herkimer Elementary School (math 29% / reading 42%, grade F, #1,566 of 2,108 statewide, top 74%, 597 students, 76% FRL); John F Kennedy Middle School (math 27% / reading 35%, grade F, #534 of 729 statewide, top 73%, 695 students, 77% FRL); Thomas R Proctor High School (math 86% / reading 62%, grade B+, #659 of 1,100 statewide, top 60%, 2,675 students, 76% FRL) — zoned schools at 76% FRL track the district average.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 150 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $195k implies a 67% gain — meaningful room to come down on a strong offer.
• This rent runs 41% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 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?
• 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.