7933 Steuben St

Holland Patent, NY 13354

$239,900D

5 bd · 1.0 ba · 2,575 sqft · Built 1840 · SingleFamily · Pending · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,379/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $-594/mo
• Annual: $-7,124/yr
• Cap rate: 3.32%
• Cash-on-cash: -10.60%
• DSCR: 0.53
• 1% rule: 0.57%
• Cash to close: $67,172

Investor read

• This is a 5-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-594 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (43.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (42.5% below list).
• It's been on market 92 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (43.7% below list) — sets the bar for cash-flow.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#599 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, cost of living A-; Watch: health & safety C-, crime D-, amenities F.
• Holland Patent Central School District (rural): math 44% / reading 63% proficiency, ranked #303 of 590 in NY (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: General William Floyd Elementary School (315 students, 29% FRL); Holland Patent Middle School (math 29% / reading 56%, grade D-, #373 of 729 statewide, top 52%, 285 students, 44% FRL); Holland Patent Central High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 409 students, 44% FRL).
• Zoned-school proficiency averages 67% at this address vs 54% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Holland Patent Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$41k 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?
• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1840 — 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 A-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?
• 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?
• 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?