46 Church St

Nassau, NY 12123

$259,000D+

3 bd · 1.5 ba · 1,920 sqft · Built 1827 · SingleFamily · Active · 223 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,742/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$607
• HOA: −$0
• Vac / Maint / Mgmt: −$366
• Net cashflow: $-589/mo
• Annual: $-7,067/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.83%
• DSCR: 0.61
• 1% rule: 0.67%
• Cash to close: $72,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $259k.
• At list price, monthly cash flow is $-589 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (40.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (32.7% below list).
• It's been on market 223 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (40.2% below list) — sets the bar for cash-flow.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#570 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A-; Watch: amenities F, commute F, health & safety D-.
• East Greenbush Central School District (suburban): math 68% / reading 71% proficiency, ranked #132 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Donald P Sutherland School (math 47% / reading 72%, grade B-, #745 of 2,108 statewide, top 39%, 232 students, 33% FRL); Howard L Goff School (math 61% / reading 73%, grade A-, #101 of 729 statewide, top 15%, 978 students, 28% FRL); Columbia High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,252 students, 27% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1827 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $70k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $259k implies a 147% 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.
• Climate carrying-cost: severe flood risk; major wildfire 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 223 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1827 — 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.
• 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?
• 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?