541 Maple Grove Ave

Herkimer, NY 13350

$179,900D

2 bd · 1.5 ba · 1,350 sqft · Built 1910 · SingleFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,571/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $-174/mo
• Annual: $-2,094/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.16%
• DSCR: 0.82
• 1% rule: 0.87%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (12.7% below list).
• It's been on market 37 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $149k (17.1% below list) — sets the bar for cash-flow.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#392 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, crime D, employment D.
• Herkimer Central School District (town): math 46% / reading 47% proficiency, ranked #455 of 590 in NY (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Herkimer Elementary School (math 51% / reading 48%, grade D, #1,085 of 2,108 statewide, top 56%, 517 students, 71% FRL); Herkimer High School (math 44% / reading 48%, grade D-, #1,023 of 1,100 statewide, top 93%, 579 students, 61% FRL) — zoned schools average 66% FRL vs 46% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $65k; list at $180k implies a 177% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$31k 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 37 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?