2 N Montgomery

Athens, NY 12015

$279,995A

3 bd · 1.5 ba · 2,609 sqft · Built 1860 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,042/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$404
• HOA: −$0
• Vac / Maint / Mgmt: −$1,689
• Net cashflow: $4,481/mo
• Annual: $53,772/yr
• Cap rate: 25.50%
• Cash-on-cash: 68.59%
• DSCR: 4.05
• 1% rule: 2.87%
• Cash to close: $78,399

Investor read

• This is a 3-bed/1.5-bath single-family listed at $280k.
• At list price, monthly cash flow is $4k ($54k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $280k).
• It's been on market 17 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($2k loan paydown + $17k appreciation (5.9% local appreciation)).
• Location reads 63/100 on livability (#785 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools F, amenities F, commute F.
• Coxsackie-Athens Central School District (town): math 43% / reading 56% proficiency, ranked #384 of 590 in NY (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 97 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $50k; list at $280k implies a 460% gain — meaningful room to come down on a strong offer.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.