109 County Route 28

Altmar, NY 13302

$49,900B+

2 bd · None ba · 500 sqft · Built 2006 · SingleFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $946/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $368/mo
• Annual: $4,416/yr
• Cap rate: 15.14%
• Cash-on-cash: 31.60%
• DSCR: 2.41
• 1% rule: 1.89%
• Cash to close: $13,972

Investor read

• This is a 2-bed/?-bath single-family listed at $50k. Condition is rated poor.
• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($946 rent vs $50k).
• It's been on market 69 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#1,077 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D, schools F.
• Altmar-Parish-Williamstown Central School District (rural): math 31% / reading 31% proficiency, ranked #573 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 172 units permitted in Oswego County in 2024 (27 in 5+ unit buildings).
• Oswego County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 13y 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.
• Current owner paid $25k; list at $50k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 15.1% vs local median 3.2% in Altmar — 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 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and damage
• Major: roof — Missing shingles and visible damage
• Major: flooring — Exposed subflooring and uneven surfaces
• Major: interior walls/paint — Peeling paint and visible damage