230 County Highway 20

South Edmeston, NY 13411

$139,000D

3 bd · 2.0 ba · 1,649 sqft · Built 1835 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,222/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-73/mo
• Annual: $-870/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.24%
• DSCR: 0.90
• 1% rule: 0.88%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $-73 ($-870/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (12.1% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (12.1% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Unadilla Valley Central School District (rural): math 26% / reading 38% proficiency, ranked #571 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Unadilla Valley Elementary School (math 12% / reading 32%, grade F, #1,923 of 2,108 statewide, top 92%, 465 students, 27% FRL) — zoned schools average 27% FRL vs 49% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1835 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y 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 (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k 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 1835 — 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.
• 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.