69 Gipp Rd

Westmere, NY 12203

$359,900F

3 bd · 1.0 ba · 1,386 sqft · Built 1952 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,690/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$537
• HOA: −$0
• Vac / Maint / Mgmt: −$565
• Net cashflow: $-299/mo
• Annual: $-3,587/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• 1% rule: 0.75%
• Cash to close: $100,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $360k.
• At list price, monthly cash flow is $-299 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (25.3% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $269k (25.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#477 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, health & safety A; Watch: amenities F, commute F, cost of living D-.
• Guilderland Central School District (suburban): math 61% / reading 68% proficiency, ranked #166 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Guilderland Elementary School (math 62% / reading 67%, grade B, #591 of 2,108 statewide, top 31%, 475 students, 22% FRL); Farnsworth Middle School (math 42% / reading 68%, grade B-, #212 of 729 statewide, top 29%, 1,151 students, 24% FRL); Guilderland High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 1,462 students, 23% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.9%/yr); 127 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 675 units permitted in Albany County in 2024 (451 in 5+ unit buildings).
• Albany County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 26y 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 $182k; list at $360k implies a 98% gain — meaningful room to come down on a strong offer.
• Cap rate 5.3% vs local median 4.1% in Westmere — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 39% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1952 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.