143 &149 County Highway 29

Hobart, NY 13739

$96,500C-

4 bd · 2.5 ba · 1,454 sqft · Built 1930 · SingleFamily · Active · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,198/mo
• Mortgage (P&I): −$506
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$881
• Net cashflow: $2,649/mo
• Annual: $31,790/yr
• Cap rate: 39.24%
• Cash-on-cash: 117.65%
• DSCR: 6.23
• 1% rule: 4.35%
• Cash to close: $27,020

Investor read

• This is a 4-bed/2.5-bath single-family listed at $96k.
• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $96k).
• It's been on market 176 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($667 loan paydown + $7k appreciation (7.3% local appreciation)).
• Location reads 60/100 on livability (#968 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: schools D, crime F, amenities F.
• Jefferson Central School District (rural): math 30% / reading 30% proficiency, ranked #723 of 755 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 66 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 39.2% vs local median 1.3% in Hobart — 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 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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 D-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.