603 Clinton St

Fayetteville, NY 13066

$210,000D

2 bd · 1.0 ba · 1,278 sqft · Built 1863 · SingleFamily · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$655
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-255/mo
• Annual: $-3,062/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.21%
• DSCR: 0.77
• 1% rule: 0.90%
• Cash to close: $58,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $-255 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (21.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (9.5% below list).
• It's been on market 45 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (21.5% 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 $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#71 in NY, #1,067 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Fayetteville-Manlius Central School District (suburban): math 79% / reading 81% proficiency, ranked #49 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Fayetteville Elementary School (math 77% / reading 82%, grade A, #188 of 2,108 statewide, top 11%, 464 students, 23% FRL); Wellwood Middle School (math 68% / reading 78%, grade A, #72 of 729 statewide, top 10%, 652 students, 0% FRL); Fayetteville-Manlius Senior High School (math 98% / reading 84%, grade A+, #201 of 1,100 statewide, top 18%, 1,416 students, 0% FRL) — zoned schools at 8% FRL track the district average.
• Watch-outs: property tax is 3.2% of price; built in 1863 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $210k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 4.8% vs local median 3.1% in Fayetteville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 45 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1863 — 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 A-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?
• 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.