11 Highview Ave

Callicoon, NY 12723

$449,000D

3 bd · 1.5 ba · 2,536 sqft · Built 1900 · SingleFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,426/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$702
• HOA: −$0
• Vac / Maint / Mgmt: −$509
• Net cashflow: $-1,140/mo
• Annual: $-13,679/yr
• Cap rate: 3.25%
• Cash-on-cash: -10.88%
• DSCR: 0.52
• 1% rule: 0.54%
• Cash to close: $125,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $449k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (44.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (46.0% below list).
• It's been on market 70 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $243k (46.0% below list) — sets the bar for 1% rule.
• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Location reads 55/100 on livability (#1,135 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools C-, crime F, amenities F.
• Sullivan West Central School District (rural): math 45% / reading 47% proficiency, ranked #436 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 739 units permitted in Sullivan County in 2024 (5 in 5+ unit buildings).
• Sullivan County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$77k 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?
• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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?
• 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.