5440 Wilkinson Rd

Burdett, NY 14841

$65,000B+

3 bd · 1.0 ba · 1,040 sqft · Built 1900 · SingleFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,461/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$184
• HOA: −$0
• Vac / Maint / Mgmt: −$517
• Net cashflow: $1,419/mo
• Annual: $17,031/yr
• Cap rate: 33.52%
• Cash-on-cash: 97.24%
• DSCR: 5.33
• 1% rule: 3.79%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• It's been on market 81 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($449 loan paydown + $4k appreciation (5.6% local appreciation)).
• Location reads 58/100 on livability (#1,048 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living A-; Watch: health & safety D, schools D-, crime F.
• Watkins Glen Central School District (town): math 42% / reading 46% proficiency, ranked #472 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 52 units permitted in Schuyler County in 2024 (0 in 5+ unit buildings).
• Schuyler County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.