103 Meredith Ave

Nedrow, NY 13120

$184,900C-

5 bd · 1.0 ba · 1,516 sqft · Built 1890 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,572/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$331
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $-58/mo
• Annual: $-702/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• 1% rule: 0.85%
• Cash to close: $51,772

Investor read

• This is a 5-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-58 ($-702/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (15.0% below list).
• It's been on market 94 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (15.0% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (8.1% local appreciation)).
• Location reads 71/100 on livability (#415 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment C-, amenities F, commute F.
• Onondaga Central School District (rural): math 54% / reading 61% proficiency, ranked #261 of 590 in NY (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wheeler Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 233 students, 54% FRL); Onondaga Senior High School (math 62% / reading 67%, grade B-, #776 of 1,100 statewide, top 73%, 327 students, 50% FRL) — zoned schools average 52% FRL vs 30% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, 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 94 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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?
• 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.