861 Snydertown Rd

Claverack-Red Mills, NY 12521

$579,000C

3 bd · 2.0 ba · 1,498 sqft · Built 1930 · Other · Active · 285 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,838/mo
• Mortgage (P&I): −$3,036
• Tax + insurance: −$643
• HOA: −$0
• Vac / Maint / Mgmt: −$1,226
• Net cashflow: $932/mo
• Annual: $11,189/yr
• Cap rate: 8.23%
• Cash-on-cash: 6.90%
• DSCR: 1.31
• 1% rule: 1.01%
• Cash to close: $162,120

Investor read

• This is a 3-bed/2.0-bath other listed at $579k.
• At list price, monthly cash flow is $932 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $579k).
• It's been on market 285 days — a 12% lower offer ($510k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $510k (12.0% below list) — sets the bar for market timing.
• In year one you build about $62k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Taconic Hills Central School District (rural): math 53% / reading 51% proficiency, ranked #335 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 136 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $320k; list at $579k implies a 81% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $162k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$100k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.2% vs local median 3.9% in Claverack-Red Mills — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 285 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.
• 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.