5575 State Route 28

Newport, NY 13416

$69,900B+

2 bd · 1.0 ba · 1,090 sqft · Built 2016 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $307/mo
• Annual: $3,685/yr
• Cap rate: 11.56%
• Cash-on-cash: 18.83%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($483 loan paydown + $3k appreciation (3.9% local appreciation)).
• Location reads 62/100 on livability (#867 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D-, amenities F.
• West Canada Valley Central School District (rural): math 54% / reading 57% proficiency, ranked #296 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 16 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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.
• 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: roof — The roof appears to be damaged and possibly leaking, as indicated by the satellite image showing water damage on the ground below.
• Major: exterior siding — The exterior siding is peeling and in need of repainting.
• Major: fencing — The fencing is in poor condition and overgrown with vegetation.
• Major: flooring — The interior flooring appears to be carpeted and in need of replacement or cleaning.
• Major: interior walls — The interior walls are bare and show signs of water damage, as indicated by the satellite image showing water damage on the ground below.
• Major: HVAC system — The HVAC system appears to be old and in need of replacement.