4132 Rockwell St

Hadley, NY 12835

$184,000C-

2 bd · 1.0 ba · 1,265 sqft · Built 1950 · SingleFamily · Active · 274 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,227/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $-110/mo
• Annual: $-1,323/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• 1% rule: 0.67%
• Cash to close: $51,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $184k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (33.3% below list).
• It's been on market 274 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (33.3% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#974 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B; Watch: schools F, amenities F, commute F.
• Hadley-Luzerne Central School District (rural): math 41% / reading 57% proficiency, ranked #396 of 590 in NY (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 1,132 units permitted in Saratoga County in 2024 (378 in 5+ unit buildings).
• Saratoga County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$32k 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 274 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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 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?
• 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.