41 Spring St

Waverly, NY 14892

$110,000C

3 bd · 1.0 ba · 1,442 sqft · Built 1949 · SingleFamily · Active · 218 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,274/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$457
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-27/mo
• Annual: $-326/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• 1% rule: 1.16%
• Cash to close: $30,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $-27 ($-326/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (4.4% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 218 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($761 loan paydown + $3k appreciation (2.8% 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.
• Waverly Central School District (town): math 41% / reading 46% proficiency, ranked #480 of 590 in NY (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 4.5% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 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 12y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 4.6% in Waverly — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1949 — 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.
• 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.