321 Hill Ave

Endicott, NY 13760

$195,000D-

3 bd · 1.0 ba · 1,280 sqft · Built 1930 · Other · Active · 340 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,503/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $-310/mo
• Annual: $-3,724/yr
• Cap rate: 4.38%
• Cash-on-cash: -6.82%
• DSCR: 0.70
• 1% rule: 0.77%
• Cash to close: $54,600

Investor read

• This is a 3-bed/1.0-bath other listed at $195k.
• At list price, monthly cash flow is $-310 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (28.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (22.9% below list).
• It's been on market 340 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (28.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#438 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, amenities D, crime F.
• Union-Endicott Central School District (suburban): math 43% / reading 57% proficiency, ranked #387 of 590 in NY (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 213 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y 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.
• Current owner paid $58k; list at $195k implies a 233% gain — meaningful room to come down on a strong offer.
• Cap rate 4.4% vs local median 5.5% in Endicott — 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 340 days. Have you received any prior offers? Is the seller open to a 28% 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?
• 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?