142 S Main St

Central Bridge, NY 12035

$206,500D+

4 bd · 2.5 ba · 2,664 sqft · Built 1870 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,499/mo
• Mortgage (P&I): −$1,083
• Tax + insurance: −$405
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-304/mo
• Annual: $-3,642/yr
• Cap rate: 4.53%
• Cash-on-cash: -6.30%
• DSCR: 0.72
• 1% rule: 0.73%
• Cash to close: $57,820

Investor read

• This is a 4-bed/2.5-bath single-family listed at $206k.
• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (27.4% below list).
• It's been on market 64 days — a 6% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (27.4% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (6.1% local appreciation)).
• Location reads 59/100 on livability (#1,038 in NY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Schoharie Central School District (rural): math 39% / reading 46% proficiency, ranked #476 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Schoharie Elementary School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 347 students, 52% FRL); Schoharie High School (math 42% / reading 47%, grade F, #1,032 of 1,100 statewide, top 95%, 465 students, 46% FRL).
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $33k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $206k implies a 80% gain — meaningful room to come down on a strong offer.
• By year 3, 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 64 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1870 — 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 F 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?