322 E Canal St · Canastota, NY 13032

$179,900

2 bd · 1.0 ba · 1,243 sqft · SingleFamily public records · 89 Days on market

Built 1929 8,712 sqft lot Est $208k · 13% under

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +13.5/15.0
• Appreciation +10.0/10.0
• Cash flow +7.4/30.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0

Listing remarks

Great Canastota home with many updates! New Kitchen with Quartz countertops and stainless steel appliances, just painted inside and out, new roof, new windows, new hot water heater, gleaming hardwood floors, great front porch and screened in area overlooking the back yard and so much charm! Must see, just move right in and enjoy. Well insulated with a newer furnace, 2 good sized bedrooms up stairs and one small bedroom/office on the first floor with eat in kitchen area, with dining room and living rooms full of natural light.

Key facts

• Quartz countertops
• New kitchen
• New hot water heater

Tags

• NEW KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW ROOF
• NEW WINDOWS
• NEW HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (28.4% below list).
• Recommended offer: $129k (28.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.5% in Canastota — 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.

Location & tenants

• Location reads 73/100 on livability (#332 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment D+, amenities F, commute F.
• Canastota Central School District (town): math 39% / reading 48% proficiency, ranked #473 of 590 in NY (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 53 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 137 units permitted in Madison County in 2024 (46 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Madison County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,725 (28.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 4.77%
• Cash-on-cash: -5.44%
• DSCR: 0.76
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $207,581
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3517 Seneca Tpke	0.61mi	3/1.0 (+1)	1,248 (+0%)	3mo	$215,000	$172	63
118 Macarthur Pl	0.34mi	3/1.0 (+1)	1,142 (-8%)	5mo	$152,000	$133	62
311 First St	0.39mi	2/2.0	1,232 (-1%)	22mo	$248,400	$202	58
108 Frances St	0.50mi	3/1.0 (+1)	1,266 (+2%)	13mo	$220,000	$174	58
302 N Main St	0.45mi	3/1.5 (+1)	1,344 (+8%)	3mo	$215,000	$160	56
117 Prospect St	0.45mi	3/1.5 (+1)	1,302 (+5%)	10mo	$205,000	$157	56
322 N Main St	0.51mi	2/2.0	1,348 (+8%)	4mo	$180,000	$134	55
4 Maple Ave	0.54mi	3/2.0 (+1)	1,408 (+13%)	3mo	$235,000	$167	41
407 Delano Ave	0.54mi	3/1.5 (+1)	1,092 (-12%)	12mo	$215,000	$197	38
240 Rosewood Cir	0.51mi	3/2.0 (+1)	1,402 (+13%)	10mo	$275,000	$196	37
234 W Hickory St	0.70mi	3/1.5 (+1)	1,326 (+7%)	17mo	$186,500	$141	35
106 Pleasant St	0.63mi	3/1.0 (+1)	1,373 (+10%)	17mo	$95,000	$69	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.66×
• Total profit: $83,450
• Equity at exit: $162,068

10-year hold

• IRR: 18.6%
• Equity multiple: 6.11×
• Total profit: $257,228
• Equity at exit: $349,506

Cash invested: $50,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13032

• Home prices YoY: 5.7%
• Active inventory: 53
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,287 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$227 /mo · $2,724/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-228

Break-even live

Break-even rent $1,576

Max offer price $139,546

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
137 S Peterboro St Canastota, NY	1.0	1.0	900	$1,195	$1.33	21d	1	0.26mi
3166B Seneca Tpke Canastota, NY	1.0	1.0	1100	$1,675	$1.52	21d	1	1.33mi

Listing history 4 events

1. 2025-07-29
   status Pending
2. 2025-06-02
   status Pending
3. 2025-04-25
   historical Active Under Contract
4. 2025-03-04
   listed $179,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,724 · $227/mo
• Projected year-2 tax: $2,882 · $240/mo
• Expected delta: +$158/yr (+$13/mo · 5.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,447
• − Mortgage interest: −$10,077
• − Property taxes: −$2,724
• − Insurance: −$900
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$5,233
• Taxable loss: −$5,959
• Est. tax savings @ 24.0%: +$1,430
• After-tax cash flow: $-1,311/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Canastota Central School District
• NCES district ID: 3606390
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 48% ▲ 8.00%
• Median HH income: $50,825
• Composite: 37.44/100
• National rank: #4413
• State rank: #473 of 590 in NY

Livability — Canastota

• Score: 73/100
• State rank: #332
• US rank: #5485

Category grades

Amenities F Commute F Cost of living A Crime C Employment D+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canastota, NY
• City population: 12,964
• Population (ZIP): 12,964

Population outlook (Madison County) Hauer SSP2

• Today (2025): 69,528 people
• By 2030: 66,599 · -4.2%
• By 2040: 59,814 · -14.0%
• By 2050: 52,842 · -24.0%
• By 2075: 39,167 · -43.7%
• By 2100: 28,442 · -59.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 5% Iranian 5% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 2% French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.1) · D 43.5% · R 56.5%
• 2008→2024 swing: -13.9pp toward R · 2008: 0.9pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+10.6 2016: R+15.9 2012: D+0.3 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.44%
• Current HPI: 251.5471
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

4 events — show timeline

• 2025-07-29 Pending — CNYIS
• 2025-06-02 Pending — CNYIS
• 2025-04-25 Contingent — CNYIS
• 2025-03-04 Listed $179,900 CNYIS

Property tax history

+0.9%/yr

Latest (2025): $2,724 · +1.7% YoY. Source: county tax records.