372 Seneca Rd. Rd

North Hornell, NY 14843

$179,900C-

3 bd · 1.5 ba · 1,662 sqft · Built 1875 · SingleFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,700/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$455
• HOA: −$0
• Vac / Maint / Mgmt: −$357
• Net cashflow: $-55/mo
• Annual: $-663/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.32%
• DSCR: 0.94
• 1% rule: 0.94%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $-55 ($-663/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (5.5% below list).
• It's been on market 62 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (4.0% local appreciation)).
• Location reads 67/100 on livability (#579 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools C-, crime D-, amenities F.
• Hornell City School District (town): math 33% / reading 49% proficiency, ranked #519 of 590 in NY (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.5% of price; built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 59 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Steuben County in 2024 (0 in 5+ unit buildings).
• Steuben County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $15k; list at $180k implies a 1099% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 35% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1875 — 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 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.