204 Glebe St

Johnstown, NY 12095

$99,900A-

1 bd · 1.0 ba · 1,708 sqft · Built 1900 · SingleFamily · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,595/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$249
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $487/mo
• Annual: $5,843/yr
• Cap rate: 12.14%
• Cash-on-cash: 20.89%
• DSCR: 1.93
• 1% rule: 1.60%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 112 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#168 in NY, #2,603 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime D-, amenities D-.
• Johnstown City School District (town): math 35% / reading 47% proficiency, ranked #509 of 590 in NY (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnstown Junior-Senior High School (math 45% / reading 49%, grade D-, #1,007 of 1,100 statewide, top 93%, 675 students, 51% FRL) — zoned schools average 51% FRL vs 34% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 112 units permitted in Fulton County in 2024 (50 in 5+ unit buildings).
• Fulton County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.1% vs local median 4.8% in Johnstown — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Chipped and peeling in multiple areas.
• Major: Flooring — Worn and showing signs of age.
• Major: Landscaping — Overgrown and needs trimming and landscaping improvements.
• Moderate: Siding — Weathered and some discoloration visible.
• Minor: Roof — Appears intact but aged and may need inspection for minor issues.