6 West St

Morris, NY 13808

$140,000D+

2 bd · 1.5 ba · 1,668 sqft · Built 1790 · SingleFamily · Active · 635 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,102/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$291
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $-154/mo
• Annual: $-1,850/yr
• Cap rate: 5.45%
• Cash-on-cash: -3.02%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.5-bath single-family listed at $140k.
• At list price, monthly cash flow is $-154 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (21.3% below list).
• It's been on market 635 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (21.3% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($968 loan paydown + $3k appreciation (1.9% local appreciation)).
• Location reads 51/100 on livability (#1,167 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A; Watch: health & safety C-, housing D+, amenities F.
• Morris Central School District (rural): math 55% / reading 45% proficiency, ranked #464 of 755 in NY (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1790 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 16y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; list at $140k implies a 89% gain — meaningful room to come down on a strong offer.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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 635 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1790 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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.