2165 Red Kill Rd

Fleischmanns, NY 12406

$335,500D

2 bd · 1.5 ba · 936 sqft · Built 1971 · SingleFamily · Pending · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,707/mo
• Mortgage (P&I): −$1,759
• Tax + insurance: −$559
• HOA: −$0
• Vac / Maint / Mgmt: −$569
• Net cashflow: $-180/mo
• Annual: $-2,157/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.30%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $93,940

Investor read

• This is a 2-bed/1.5-bath single-family listed at $336k. Condition is rated fair.
• At list price, monthly cash flow is $-180 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (19.3% below list).
• It's been on market 118 days — a 9% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (19.3% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.5% local appreciation)).
• Location reads 62/100 on livability (#834 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: schools F, crime D-, amenities F.
• Margaretville Central School District (rural): math 30% / reading 25% proficiency, ranked #734 of 755 in NY (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 11 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.
• By year 8, paydown + projected appreciation supports a ~$35k 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 118 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1971 — 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 F-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 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?

Repairs flagged (vision-AI assessment)

• Major: Exposed kitchen framing — Structural integrity compromised
• Major: Missing kitchen cabinets — Aesthetic and functional deficit
• Major: Exposed roof rafters — Structural integrity compromised
• Major: Missing roof shingles — Weather protection compromised
• Major: Weathered siding — Aesthetic and weather protection compromised
• Major: Missing window coverings — Aesthetic and security compromised