4606 Verona St

Vernon, NY 13476

$139,900C-

3 bd · 1.0 ba · 1,640 sqft · Built 1900 · SingleFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$302
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-55/mo
• Annual: $-656/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• 1% rule: 0.89%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-55 ($-656/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (11.3% below list).
• It's been on market 33 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (11.3% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($967 loan paydown + $5k appreciation (3.4% local appreciation)).
• Location reads 65/100 on livability (#685 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety C-, amenities F, commute F.
• Sherrill City School District (rural): math 38% / reading 53% proficiency, ranked #439 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vernon-Verona-Sherrill Middle School (math 22% / reading 49%, grade F, #473 of 729 statewide, top 66%, 278 students, 46% FRL); Vernon-Verona-Sherrill Senior High School (math 92% / reading 50%, grade B+, #701 of 1,100 statewide, top 64%, 563 students, 36% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 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.
• 3 sale attempts since 7y 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.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k 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 33 days. Have you received any prior offers? Is the seller open to a 11% 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 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?
• 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.