6964 13 Fillmore Ave

Perry, NY 14427

$99,900B

3 bd · 1.5 ba · 1,296 sqft · Built 1900 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,177/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$50
• Vac / Maint / Mgmt: −$247
• Net cashflow: $189/mo
• Annual: $2,270/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• 1% rule: 1.18%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $100k. Condition is rated average.
• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($691 loan paydown + $731 appreciation (0.7% local appreciation)).
• Location reads 72/100 on livability (#348 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Perry Central School District (rural): math 53% / reading 63% proficiency, ranked #272 of 590 in NY (top 46%) — 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: 16 active listings in the ZIP; 83 units permitted in Wyoming County in 2024 (0 in 5+ unit buildings).
• Wyoming County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 8.6% vs local median 4.2% in Perry — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.