2111 State Route 165

East Worcester, NY 12043

$51,000D-

3 bd · 1.0 ba · 1,240 sqft · Built 1935 · SingleFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-378/mo
• Annual: $-4,537/yr
• Cap rate: 4.02%
• Cash-on-cash: -8.10%
• DSCR: 0.64
• 1% rule: 0.64%
• Cash to close: $56,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $51k.
• At list price, monthly cash flow is $-378 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $51k).
• It's been on market 177 days — a 12% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (12.0% below list) — sets the bar for market timing.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (9.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Cobleskill-Richmondville Central School District (town): math 53% / reading 52% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 5.9% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 35 units permitted in Schoharie County in 2024 (0 in 5+ unit buildings).
• Schoharie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $17k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$34k 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 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1935 — 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?
• 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?
• 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.