3079 Wingert Rd

Boonville, NY 13309

$240,000D

3 bd · 1.0 ba · 2,352 sqft · Built 1940 · SingleFamily · Active · 221 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-507/mo
• Annual: $-6,081/yr
• Cap rate: 3.76%
• Cash-on-cash: -9.05%
• DSCR: 0.60
• 1% rule: 0.53%
• Cash to close: $67,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-507 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (37.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (46.9% below list).
• It's been on market 221 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (46.9% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#146 in NY, #2,225 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Adirondack Central School District (rural): math 41% / reading 54% proficiency, ranked #426 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Adirondack Middle School (math 17% / reading 42%, grade F, #550 of 729 statewide, top 77%, 279 students, 55% FRL); Adirondack High School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 360 students, 58% FRL) — zoned schools average 56% FRL vs 39% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 61% at this address vs 48% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Adirondack Central School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 204 units permitted in Oneida County in 2024 (68 in 5+ unit buildings).
• Oneida County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $39k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$41k 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 221 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.
• 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.