717 Pat Farley Rd

Gilbertsville, NY 13843

$62,500B+

4 bd · 1.5 ba · 2,216 sqft · Built 1880 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,385/mo
• Mortgage (P&I): −$328
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $562/mo
• Annual: $6,741/yr
• Cap rate: 17.08%
• Cash-on-cash: 38.52%
• DSCR: 2.71
• 1% rule: 2.22%
• Cash to close: $17,500

Investor read

• This is a 4-bed/1.5-bath single-family listed at $62k.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($432 loan paydown + $6k appreciation (9.3% local appreciation)).
• Location reads 62/100 on livability (#892 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment B; Watch: health & safety C-, schools D+, crime D-.
• Unadilla Valley Central School District (rural): math 26% / reading 38% proficiency, ranked #571 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.4% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 151 units permitted in Chenango County in 2024 (96 in 5+ unit buildings).
• Chenango County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (9.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1880 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.