144 Main St E

East Randolph, NY 14772

$149,500D+

4 bd · 2.0 ba · 3,080 sqft · Built 1855 · SingleFamily · Active · 261 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,425/mo
• Mortgage (P&I): −$784
• Tax + insurance: −$394
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $-52/mo
• Annual: $-619/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• 1% rule: 0.95%
• Cash to close: $41,860

Investor read

• This is a 4-bed/2.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-52 ($-619/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (4.7% below list).
• It's been on market 261 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (8.1% local appreciation)).
• Location reads 60/100 on livability (#987 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment D, crime F.
• Randolph Central School District (rural): math 46% / reading 57% proficiency, ranked #370 of 590 in NY (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1855 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 128 units permitted in Cattaraugus County in 2024 (21 in 5+ unit buildings).
• Cattaraugus County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $41k; list at $150k implies a 265% gain — meaningful room to come down on a strong offer.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k 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 261 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1855 — 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.
• 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?