217 Brittany Ter #217

Beaver Dam Lake, NY 12575

$189,000F

3 bd · 2.0 ba · 1,344 sqft · Built 2012 · Condo · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,249/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$667
• Vac / Maint / Mgmt: −$472
• Net cashflow: $-196/mo
• Annual: $-2,357/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.45%
• DSCR: 0.80
• 1% rule: 1.19%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath condo listed at $189k. Condition is rated fair.
• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (15.0% below list).
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 61 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (15.0% 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 71/100 on livability (#413 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Washingtonville Central School District (suburban): math 44% / reading 60% proficiency, ranked #288 of 590 in NY (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Little Britain Elementary School (math 27% / reading 47%, grade F, #1,519 of 2,108 statewide, top 74%, 429 students, 27% FRL); Washingtonville Middle School (math 21% / reading 50%, grade F, #473 of 729 statewide, top 66%, 900 students, 35% FRL); Washingtonville Senior High School (math 92% / reading 89%, grade A+, #231 of 1,100 statewide, top 21%, 1,318 students, 29% FRL).
• Watch-outs: HOA is 30% of rent.
• Market conditions: 45 active listings in the ZIP; 1,746 units permitted in Orange County in 2024 (1,265 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.0% vs local median 1.7% in Beaver Dam Lake — 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 61 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn appearance and dated design.
• Moderate: Bathtub and fixtures — Worn appearance.
• Moderate: Exterior siding — Weathered appearance.
• Moderate: Front porch — Some wear visible.
• Moderate: Hardwood floors — Worn appearance.
• Moderate: Paint — Faded appearance in some areas.