298 Old Albany Post Rd

Lake Mohegan, NY 10524

$300,000C

2 bd · 1.0 ba · 1,004 sqft · Built 1940 · SingleFamily · Pending · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,537/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$866
• HOA: −$333
• Vac / Maint / Mgmt: −$743
• Net cashflow: $22/mo
• Annual: $267/yr
• Cap rate: 6.60%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• 1% rule: 1.18%
• Cash to close: $84,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $22 ($267/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• It's been on market 121 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#417 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• Lakeland Central School District (suburban): math 60% / reading 70% proficiency, ranked #149 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Van Cortlandtville School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 575 students, 32% FRL); Lakeland-Copper Beech Middle School (math 38% / reading 66%, grade C+, #241 of 729 statewide, top 35%, 1,247 students, 29% FRL); Lakeland High School (math 94% / reading 77%, grade A, #366 of 1,100 statewide, top 33%, 942 students, 0% FRL).
• Watch-outs: property tax is 2.7% of price; flood insurance adds $56/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $165k; list at $300k implies a 82% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 3.3% in Lake Mohegan — 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 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?