970 State Route 26

DeRuyter, NY 13072

$165,000C-

7 bd · 4.0 ba · 5,644 sqft · Built 1847 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,494/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$314
• Net cashflow: $40/mo
• Annual: $481/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $46,200

Investor read

• This is a 7-bed/4.0-bath single-family listed at $165k. Condition is rated fair.
• At list price, monthly cash flow is $40 ($481/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (9.4% below list).
• It's been on market 66 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (9.4% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#900 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Georgetown-South Otselic Central School District (rural): math 40% / reading 30% proficiency, ranked #692 of 755 in NY (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1847 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Built in 1847 — 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?
• 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: roof — Significant water stains and potential leaks
• Major: siding — Peeling and chipping paint
• Major: flooring — Worn-out and in need of replacement
• Major: HVAC unit — Appears old and may need replacement
• Major: interior walls — Significant wear and tear, requiring repainting