1435 State Route 17c

Waverly, NY 13734

$198,900D

3 bd · 1.5 ba · 1,496 sqft · Built 1955 · SingleFamily · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,276/mo
• Mortgage (P&I): −$1,043
• Tax + insurance: −$347
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-382/mo
• Annual: $-4,589/yr
• Cap rate: 3.99%
• Cash-on-cash: -8.24%
• DSCR: 0.63
• 1% rule: 0.64%
• Cash to close: $55,692

Investor read

• This is a 3-bed/1.5-bath single-family listed at $199k.
• At list price, monthly cash flow is $-382 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (34.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (35.9% below list).
• It's been on market 50 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (35.9% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $13k appreciation (6.6% local appreciation)).
• Location reads 67/100 on livability (#569 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F, employment F.
• Tioga Central School District (rural): math 51% / reading 56% proficiency, ranked #322 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tioga Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 348 students, 46% FRL); Tioga Middle School (math 42% / reading 52%, grade D+, #315 of 729 statewide, top 45%, 264 students, 50% FRL); Tioga Senior High School (math 95%, 276 students, 0% FRL).
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 139 units permitted in Tioga County in 2024 (65 in 5+ unit buildings).
• Tioga County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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.
• Current owner paid $124k; list at $199k implies a 60% gain — meaningful room to come down on a strong offer.
• By year 3, 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

• 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 50 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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.