905 Midline Rd

Hagaman, NY 12010

$349,999D

4 bd · 1.5 ba · 2,206 sqft · Built 1967 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$542
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-939/mo
• Annual: $-11,267/yr
• Cap rate: 3.07%
• Cash-on-cash: -11.50%
• DSCR: 0.49
• 1% rule: 0.52%
• Cash to close: $98,000

Investor read

• This is a 4-bed/1.5-bath single-family listed at $350k.
• At list price, monthly cash flow is $-939 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (47.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (48.0% below list).
• It's been on market 20 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (48.0% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#534 in NY) — a middle-class / working-renter tenant base. Strengths: crime A, housing A, health & safety A; Watch: amenities F, commute F.
• Broadalbin-Perth Central School District (rural): math 50% / reading 62% proficiency, ranked #286 of 590 in NY (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Broadalbin-Perth Elementary School (math 44% / reading 57%, grade D+, #1,053 of 2,108 statewide, top 50%, 897 students, 39% FRL); Broadalbin-Perth Junior-Senior High School (math 58% / reading 69%, grade B-, #810 of 1,100 statewide, top 74%, 796 students, 0% FRL).
• Market conditions: 165 active listings in the ZIP; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$60k 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?
• Built in 1967 — 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?
• 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.