120 Gilmore Ave

Port Dickinson, NY 13901

$149,900D

2 bd · 1.0 ba · 1,170 sqft · Built 1954 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,296/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$387
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $-149/mo
• Annual: $-1,790/yr
• Cap rate: 5.10%
• Cash-on-cash: -4.27%
• DSCR: 0.81
• 1% rule: 0.86%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (13.5% below list).
• It's been on market 26 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (17.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#119 in NY, #1,948 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F.
• Chenango Valley Central School District (suburban): math 47% / reading 57% proficiency, ranked #339 of 590 in NY (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Port Dickinson Elementary School (408 students, 39% FRL); Chenango Valley Middle School (math 26% / reading 58%, grade D-, #379 of 729 statewide, top 54%, 370 students, 41% FRL); Chenango Valley High School (math 92%, 499 students, 37% FRL).
• Watch-outs: property tax is 2.6% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 340 units permitted in Broome County in 2024 (269 in 5+ unit buildings).
• Broome County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade 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?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.