234 Wilcox Rd

Stamford, NY 13786

$199,000F

4 bd · 3.0 ba · 2,400 sqft · Built 1850 · SingleFamily · Active · 227 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,337/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$532
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-519/mo
• Annual: $-6,228/yr
• Cap rate: 3.16%
• Cash-on-cash: -11.18%
• DSCR: 0.50
• 1% rule: 0.67%
• Cash to close: $55,720

Investor read

• This is a 4-bed/3.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-519 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (45.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (32.8% below list).
• It's been on market 227 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (45.9% below list) — sets the bar for cash-flow.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (7.9% local appreciation)).
• Location reads 67/100 on livability (#574 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: employment C-, schools D-, amenities F.
• Stamford Central School District (rural): math 40% / reading 35% proficiency, ranked #675 of 755 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.7% of price; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 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.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.2% vs local median 5.3% in Stamford — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 227 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Built in 1850 — 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?
• 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?
• 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?