499 Corbin Rd

Oxford, NY 13830

$180,000D-

3 bd · 2.0 ba · 1,344 sqft · Built 1984 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,214/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $-227/mo
• Annual: $-2,730/yr
• Cap rate: 4.78%
• Cash-on-cash: -5.42%
• DSCR: 0.76
• 1% rule: 0.67%
• Cash to close: $50,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (32.6% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $121k (32.6% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#766 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety D, amenities F, commute F.
• Oxford Academy And Central School District (rural): math 36% / reading 42% proficiency, ranked #533 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oxford Academy Primary School (math 32% / reading 42%, grade F, #1,519 of 2,108 statewide, top 74%, 288 students, 54% FRL).
• Market conditions: 26 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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.