106 Garden City Dr

Mattydale, NY 13211

$259,900D

3 bd · 2.0 ba · 1,098 sqft · Built 1940 · Other · Pending · 235 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,764/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$882
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $-851/mo
• Annual: $-10,215/yr
• Cap rate: 2.36%
• Cash-on-cash: -14.04%
• DSCR: 0.38
• 1% rule: 0.68%
• Cash to close: $72,772

Investor read

• This is a 3-bed/2.0-bath other listed at $260k.
• At list price, monthly cash flow is $-851 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (28.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (32.1% below list).
• It's been on market 235 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (32.1% below list) — sets the bar for 1% rule.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#360 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, amenities F.
• North Syracuse Central School District (suburban): math 45% / reading 50% proficiency, ranked #402 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.6% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 7 sale attempts since 6y 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 $155k; list at $260k implies a 68% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.4% vs local median 5.5% in Mattydale — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 235 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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?
• 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?
• 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?