11 Flagg St

Whitesboro, NY 13492

$29,500D+

6 bd · 1.0 ba · 1,995 sqft · Built 1886 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,947/mo
• Mortgage (P&I): −$155
• Tax + insurance: −$77
• HOA: −$0
• Vac / Maint / Mgmt: −$409
• Net cashflow: $1,306/mo
• Annual: $15,669/yr
• Cap rate: 59.41%
• Cash-on-cash: 189.70%
• DSCR: 9.44
• 1% rule: 6.60%
• Cash to close: $8,260

Investor read

• This is a 6-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $204 of loan paydown is wiped out by about $885 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#326 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Whitesboro Central School District (suburban): math 68% / reading 61% proficiency, ranked #174 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westmoreland Road Elementary School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 365 students, 52% FRL); Whitesboro Middle School (math 58% / reading 62%, grade B, #157 of 729 statewide, top 22%, 474 students, 40% FRL); Whitesboro High School (math 94%, 938 students, 34% FRL) — zoned schools average 42% FRL vs 22% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 59.4% vs local median 5.0% in Whitesboro — 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

• Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.