203 Eleanor St

Horseheads, NY 14845

$125,000B

3 bd · 3.5 ba · 1,684 sqft · Built 1900 · MultiFamily · Pending · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$783
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $853/mo
• Annual: $10,232/yr
• Cap rate: 18.90%
• Cash-on-cash: 45.02%
• DSCR: 3.00
• 1% rule: 2.32%
• Cash to close: $35,000

Investor read

• This is a 3-bed/3.5-bath multifamily listed at $125k.
• At list price, monthly cash flow is $853 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• It's been on market 115 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#494 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: crime D+, health & safety D, amenities F.
• Horseheads Central School District (suburban): math 44% / reading 58% proficiency, ranked #347 of 590 in NY (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Center Street School (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 280 students, 55% FRL); Horseheads Middle School (math 29% / reading 50%, grade F, #418 of 729 statewide, top 59%, 572 students, 36% FRL); Horseheads Senior High School (math 95% / reading 98%, grade A+, #59 of 1,100 statewide, top 6%, 1,142 students, 27% FRL) — zoned schools average 39% FRL vs 24% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 91 units permitted in Chemung County in 2024 (63 in 5+ unit buildings).
• Chemung County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.9% vs local median 5.1% in Horseheads — 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

• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?