2393 State Route 80

Springfield Center, NY 13475

$10,000D+

2 bd · 2.0 ba · 936 sqft · Built 1800 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $921/mo
• Mortgage (P&I): −$52
• Tax + insurance: −$17
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $659/mo
• Annual: $7,902/yr
• Cap rate: 85.32%
• Cash-on-cash: 282.23%
• DSCR: 13.56
• 1% rule: 9.21%
• Cash to close: $2,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $10k.
• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($921 rent vs $10k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $369 of equity ($69 loan paydown + $300 appreciation (3.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Van Hornesville-Owen D Young Central School District (rural): math 40% / reading 50% proficiency, ranked #567 of 755 in NY (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1800 — 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.
• 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.
• 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.