18 Burdick Ave

Edmeston, NY 13335

$200,000D+

3 bd · 1.5 ba · 1,728 sqft · Built 1900 · SingleFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,443/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$252
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-161/mo
• Annual: $-1,935/yr
• Cap rate: 5.33%
• Cash-on-cash: -3.46%
• DSCR: 0.85
• 1% rule: 0.72%
• Cash to close: $56,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (27.9% below list).
• It's been on market 39 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (27.9% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (7.7% local appreciation)).
• Location reads 68/100 on livability (#563 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+, employment B; Watch: health & safety C-, crime F, amenities F.
• Edmeston Central School District (rural): math 60% / reading 55% proficiency, ranked #312 of 755 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 133 units permitted in Otsego County in 2024 (10 in 5+ unit buildings).
• Otsego County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $200k implies a 330% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 39 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• Schools are B-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?
• Crime grade is F 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?
• 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.