3764 E Prospect Ave

Vernon, NY 13476

$35,000B

4 bd · 1.0 ba · 1,908 sqft · Built 1840 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,368/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $839/mo
• Annual: $10,071/yr
• Cap rate: 35.07%
• Cash-on-cash: 102.76%
• DSCR: 5.57
• 1% rule: 3.91%
• Cash to close: $9,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $35k. Condition is rated poor.
• At list price, monthly cash flow is $839 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 29 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($242 loan paydown + $1k appreciation (3.4% local appreciation)).
• Location reads 65/100 on livability (#685 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety C-, schools D+, amenities F.
• Sherrill City School District (rural): math 38% / reading 53% proficiency, ranked #439 of 590 in NY (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 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.
• 2 sale attempts since 3y ago 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 (3.4% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Vines and debris cover the exterior, indicating neglect.
• Major: Roof — No visible damage, but the overall condition suggests potential issues.
• Major: Flooring — No visible flooring, but the condition of the exterior suggests neglect.
• Major: Interior walls/paint — No visible interior, but the exterior suggests neglect.
• Major: Windows — No visible windows, but the exterior suggests neglect.
• Major: HVAC/mechanicals — No visible systems, but the exterior suggests neglect.