3118 King St

Endwell, NY 13760

$170,000D

3 bd · 1.0 ba · 1,024 sqft · Built 1954 · SingleFamily · Active · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-171/mo
• Annual: $-2,048/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.30%
• DSCR: 0.81
• 1% rule: 0.81%
• Cash to close: $47,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-171 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (17.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (19.0% below list).
• It's been on market 176 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (19.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#303 in NY, #4,992 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime D-, amenities F, commute F.
• Maine-Endwell Central School District (suburban): math 54% / reading 60% proficiency, ranked #278 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Homer Brink School (math 68% / reading 71%, grade A-, #447 of 2,108 statewide, top 24%, 731 students, 32% FRL); Maine-Endwell Middle School (math 31% / reading 57%, grade D, #363 of 729 statewide, top 50%, 564 students, 39% FRL); Maine-Endwell Senior High School (math 98% / reading 90%, grade A+, #124 of 1,100 statewide, top 12%, 728 students, 36% FRL).
• Zoned-school proficiency averages 69% at this address vs 57% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Maine-Endwell Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 217 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 5.1% vs local median 4.0% in Endwell — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 176 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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.
• Schools are A-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?