51 Eddy St

Greenwich, NY 12834

$159,000C-

4 bd · 1.5 ba · 1,844 sqft · Built 1900 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,474/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$590
• HOA: −$0
• Vac / Maint / Mgmt: −$309
• Net cashflow: $-260/mo
• Annual: $-3,121/yr
• Cap rate: 4.33%
• Cash-on-cash: -7.01%
• DSCR: 0.69
• 1% rule: 0.93%
• Cash to close: $44,520

Investor read

• This is a 4-bed/1.5-bath single-family listed at $159k.
• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (20.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (7.3% below list).
• It's been on market 30 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (20.9% below list) — sets the bar for cash-flow.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#507 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, employment A-; Watch: health & safety D, amenities F, commute F.
• Greenwich Central School District (town): math 59% / reading 60% proficiency, ranked #266 of 755 in NY (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenwich Elementary School (math 44% / reading 64%, grade C, #908 of 2,108 statewide, top 46%, 466 students, 37% FRL); Greenwich Junior-Senior High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 429 students, 32% FRL).
• Zoned-school proficiency averages 73% at this address vs 60% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Greenwich Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 4.0% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 106 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$43k 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?
• Built in 1900 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.